pedrojsq271
18.10.2019 •
Business
During 2015, lebron corporation accepts the following notes receivable.a. on april 1, lebron provides services to a customer on account. the customer signs a four-month, 9% note for $7,000.b. on june 1, lebron lends cash to one of the company’s vendors by accepting a six-month, 10% note for $11,000.c. on november 1, lebron accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $6,000.required: record the acceptance of each of the notes receivableon april 1, lebron provides services to a customer on account. the customer signs a four-month, 9% note for $7,000. record the transaction.on june 1, lebron lends cash to one of the company’s vendors by accepting a six-month, 10% note for $11,000. record the transaction.on april 1, lebron provides services to a customer on account. the customer signs a four-month, 9% note for $7,000. record the transaction.on june 1, lebron lends cash to one of the company’s vendors by accepting a six-month, 10% note for $11,000. record the transaction.on november 1, lebron accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $6,000. record the transaction
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Ответ:
The journal entries are as follows:
(a) On April 1, 2015
Notes receivable A/c Dr. $7,000
To Service revenue $7,000
(To record provide services to customer on account)
(b) On June 1, 2015
Notes receivable A/c Dr. $11,000
To Cash $11,000
(To record company lends to one of the vendors)
(c) On November 1, 2015
Notes receivable A/c Dr. $6,000
To Accounts Receivables $6,000
(To record accepts payment for prior services)
Ответ:
D. 689. 42
Explanation:
The equation to calculate the total including the initial principal plus interest is
, where the following is true:
A= Total (principal plus interest)
P= Principal ($500)
R= Rate (5.5% in decimals = 0.055)
n= Compound (Annually -- 1 year)
t= Time in years (6 years)