Schoolwork3878 Schoolwork3878

15-11-2019
Business

contestada

On January 1, Year 1, Burrows, Inc. received $8,900 and agreed to pay $10,000 on January 1, Year 3. The market rate of interest is 6% compounded annually. Assuming Notes Payable includes the accrued interest through year-end December 31, Year 2, the journal entry to record the payment of this note on January 1, Year 3 includes a ______.

Respuesta :

jepessoa jepessoa

17-11-2019

Answer:

The correct journal entries should be:

January 1, Year 3

Dr Notes Payable account 10,000

Cr Cash account 10,000

Explanation:

Since Cash account is an asset, it should be credited when it decreases.

Since Notes Payable account is a liability, it should be debited when it decreases.

Answer Link

Otras preguntas

Unlike exocrine glands, endocrine glands _______. A.) release secretions outside the body. B.) release digestive enzymes. C.) release secretions directly into t

if the temperature of an object is 335K,how would his be expressed on the celsius scale ?

What do these lines from Sir Gawain and the Green Knight reveal about the character of Sir Gawain? That no host under heaven is hardier of will, Nor better brot

Ben has a cell phone plan that provides 200 free minutes each month for a flat rate of $39. For any minutes over 200, Ben is charged $0.35 per minute. Which of

There is a sales tax of $8 on an item that costs $82 before tax. A second item costs $123 before tax. What is the sales tax on the second item?

Infrequent participation in physical activity can lead to ______. A.) high blood pressure during exercise. B.) muscle strain and soreness after exercise. C.)

Given that Rubidium has two isotopes, 85Rb and 87Rb. Calculate the average atomic mass of rubidium. Note that 85Rb has an atomic mass of 84.912 amu and occurs a

Causes of climate change?

What is the primary distinction between modern communism and socialism? A.) Karl Marx conceptualized socialism as a response to capitalism, but communism only c

A grocer wants to make a 10-pound mixture of cashews and peanuts that he can sell for $3.29 per pound. If cashews cost $5.60 per pound and peanuts cost $2.30 pe