On May 1, 2021, a company lends $110,000 to one of its main suppliers and accepts a 12-month, 7% note. Record the acceptance of the note on May 1, 2021, the adjustment on December 31, 2021, and the cash collection on May 1, 2022. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On May 1, 2021, a company lends $110,000 to one of its main suppliers and accepts a 12-month, 7% note. Record the acceptance of the note on ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Which of the following best describes a strategic plan? A. a plan for dealing with a future event that may or may not occur B. a plan reflecting decisions about resource allocations, company priorities, and steps needed to reach strategic goals C.
Answers (1)
According to the law of diminishing marginal utility: A. you should never consume more of something if your marginal utility is decreasing. B.
Answers (1)
The real interest rate tells you a. how fast the real purchasing power of your bank account rises over time b. the number of dollars in your bank account today c. how fast the number of dollars in your bank account rises over time d.
Answers (1)
Which of the following is not a reason for merger and acquisition failures? a. The acquiring company pays a large premium for the common stock of the target company. b. Top executives act in their best interests rather than those of the shareholders.
Answers (1)
A bank reconciliation should be prepared a. to explain any difference between the company's balance per books with the balance per bank b. by the company's bank c. by the person who is authorized to sign checks d.
Answers (1)
New Questions in Business
You look up the phone number of the new pizza hut and repeat the number silently in your head until you find a pad of paper to write it down. the process of actively repeating the number is called
Answers (1)
This simply means a general agreement: a. Consignment c. Conscription b. Consensus d. Continuity
Answers (1)
Building a specific, unique product for one customer is called processing true or false
Answers (1)
Which of the following is the normative answer to the question of why some of the world's states use a federal system? A.
Answers (1)
Wine and Roses, Inc., offers a bond with a coupon of 7.0 percent with semiannual payments and a yield to maturity of 7.75 percent. The bonds mature in 14 years. What is the market price of a $1,000 face value bond?
Answers (1)