Business, 13.02.2020 19:55, Brainly264

Sheffield Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $21,500 cash to Manny Lopez on a 12-month, 12% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $59,400, 90-day, 10% note. 16 Received a $62,400, 180 day, 12% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. A) Journalize the transactions for Elburn Supply Co.
B) Record the collection of the Lopez note at its maturity in 2018.

Answers: 1

Show answers

Other questions on the subject: Business

Business, 21.06.2019 23:00, rosie20052019

Which of the following statements about the relationship between economic costs and accounting costs is true? multiple choice accounting costs are equal to or greater than economic costs. accounting costs must always equal economic costs. accounting costs are always greater than economic costs. accounting costs are always less than or equal to economic costs.

Answers: 2

continue

Business, 22.06.2019 10:20, christianconklin22

The following information is for alex corp: product x: revenue $12.00 variable cost $4.50 product y: revenue $44.50 variable cost $9.50 total fixed costs $75,000 what is the breakeven point assuming the sales mix consists of two units of product x and one unit of product y?

Answers: 3

continue

Business, 22.06.2019 11:30, jennybee12331

Money from an allowance or job is known as .

Answers: 3

continue

Business, 22.06.2019 11:50, chas8495

True or flase? a. new technological developments can us adapt to depleting sources of natural resources. b. research and development funds from the government to private industry never pay off for the country as a whole; they only increase the profits of rich corporations. c. in order for fledgling industries in poor nations to thrive, they must receive protection from foreign trade. d. countries with few natural resources will always be poor. e. as long as real gdp (gross domestic product) grows at a slower rate than the population, per capita real gdp increases.

Answers: 2

continue

Do you know the correct answer?

Sheffield Supply Co. has the following transactions related to notes receivable during the last 2 mo...