On April 12, Hong Company agrees to accept a 60-day, 8%, $5,700 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date
1 answer
Question:
On April 12, Hong Company agrees to accept a 60-day, 8%, $5,700 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date
Answers
Answer:Interest = Principal Amount × Rate × Number of days / 365Interest = $5,700 * 10% * 60/365Interest = $96.70Cash to be paid = Principal Amount + InterestCash to be paid = $5,700 + $96.70Cash to be paid = $5796.70On the date of maturity, journal entry to make the payment of note payable is given belowDate Account Title & Explanation Debit Credit Note Payable $5,700 Interest Expense $96.70 Cash $5796.70
Similar Solved Questions
1 answer
How are W.E.B DuBios and Booker T. Washington difference? Need help????!!!!!
How are W.E.B DuBios and Booker T. Washington difference?
Need help????!!!!!...
1 answer
Volcanoes form most commonly in regions where one tectonic plate plunges beneath another tectonic plate. How does this process lead to volcano formation? A. The plate plunging downward suddenly turns upward, busting through the surface to form volcanoes. B. The plate plunging downward knocks loose part of the Earth's core, which rises up to form volcanoes at the surface. C. It causes part of the overriding plate to melt into magma, which rises up to form volcanoes at the surface.
Volcanoes form most commonly in regions where one tectonic plate plunges beneath another tectonic plate. How does this process lead to volcano formation? A. The plate plunging downward suddenly turns upward, busting through the surface to form volcanoes. B. The plate plunging downward knocks ...
2 answers
PLEASEEEE PLEASEEE HELP ME!!!!!!!!!!!!!!!! I’m beggin plsss 20 POINTS!!! (Show work) Explanation (optional)
PLEASEEEE PLEASEEE HELP ME!!!!!!!!!!!!!!!! I’m beggin plsss
20 POINTS!!!
(Show work)
Explanation (optional)...
1 answer
Help me be grade grade 9 PLEASE!!! You are a social scientist and political activist who has a thorough knowledge of how Southeast Asian governments have developed through the years. You are were asked by the National Economic Development Authority (NEDA) to give suggestions on how the Philippine government can be restructured to make it more responsive to the needs of the nation, and propel the economy towards progress. Write your recommendations and explanations behind each in an essay. Make
Help me be grade grade 9 PLEASE!!!
You are a social scientist and political activist who has a thorough knowledge of how Southeast Asian governments have developed through the years. You are were asked by the National Economic Development Authority (NEDA) to give suggestions on how the Philippine go...
1 answer
Select the correct answer. Which graph represents the solution to this system of inequalities? y < -x − 3 y > 2x – 4 A. B. C. D.
Select the correct answer. Which graph represents the solution to this system of inequalities? y < -x − 3 y > 2x – 4 A. B. C. D....
1 answer
Clarity the similarities and differences between plough and tractor.
Clarity the similarities and differences between plough and tractor....
1 answer
What energy convertion happens when green plants use energy from the sun to make sugar?
What energy convertion happens when green plants use energy from the sun to make sugar?...
1 answer
Which of these new forms of energy projects will require a hydrologist as an important person on the team for developing the project? A. a waste-to-energy project B. a tidal turbine project C. an algal biofuel project D. Integrated gasification combined cycle project
Which of these new forms of energy projects will require a hydrologist as an important person on the team for developing the project?
A. a waste-to-energy project
B. a tidal turbine project
C. an algal biofuel project
D. Integrated gasification combined cycle project...
1 answer
Which of the following ethnic groups wanted to break from Australia control before world war 1? A. Turks B. Serbs C. Russians D. French
Which of the following ethnic groups wanted to break from Australia control before world war 1?
A. Turks
B. Serbs
C. Russians
D. French...
1 answer
Mr. Sánchez owns a square field. The side lengths are 0.9 kilometers. There are 1,980 prairie dog burrows in the fields. What is the approximate density of prairie dog burrows in burrows per square kilometer?
Mr. Sánchez owns a square field. The side lengths are 0.9 kilometers. There are 1,980 prairie dog burrows in the fields. What is the approximate density of prairie dog burrows in burrows per square kilometer?...
1 answer
Why did the british enact the navigation acts?
Why did the british enact the navigation acts?...
1 answer
Write the equation of the line shown on graph
Write the equation of the line shown on graph...
1 answer
Classify each of the following based on the macroeconomic definitions of saving and investment. 1. Kate borrows money to build a new lab for her engineering firm. 2. Manuel purchases a new condominium in Detroit. 3. Hubert purchases a corporate bond issued by a car company. 4. Poornima purchases stock in Goohoo, an information technology company.
Classify each of the following based on the macroeconomic definitions of saving and investment.
1. Kate borrows money to build a new lab for her engineering firm.
2. Manuel purchases a new condominium in Detroit.
3. Hubert purchases a corporate bond issued by a car company.
4. Poornima purchases...
2 answers
There are a total of 18 socks. If the ratio of purple socks to white socks is 2 to 4, how many of them are white?
There are a total of 18 socks. If the ratio of purple socks to white socks is 2 to 4, how
many of them are white?...
1 answer
An event tag is a code snippet that works directly with a global site tag to track customer actions specified by an advertiser as conversions. Which types of event tags can be created?
An event tag is a code snippet that works directly with a global site tag to track customer actions specified by an advertiser as conversions. Which types of event tags can be created?...
2 answers
A is directly proportional to B. If A is 9, when B is 3, then A is _____, when B is 6.
A is directly proportional to B.
If A is 9, when B is 3, then A is _____, when B is 6....
1 answer
Angeline made a dish with 5 1/3 cups of pasta. One serving is 0.2 cups. How many servings of pasta were in the dish Angeline made?
Angeline made a dish with 5 1/3 cups of pasta. One serving is 0.2 cups. How many servings of pasta were in the dish Angeline made?...
1 answer
Which colony correctly completes the analogy below-Massachusetts" is to refuge of english purtians as __ is to refuge of english catholics
Which colony correctly completes the analogy below-Massachusetts" is to refuge of english purtians as __ is to refuge of english catholics...