2TransactionNote: Enter debits before credits.e.3M&R Company has earned $300 in interest revenue from investments for theyear ended December 31. The interest revenue will be received on January 15following the company's year-end.Record entry45General JournalClear entry6< Prev**********2 3Debitof 6CreditView general journalNext >

Adjusting entries are those journal entries which are recorded by the business at the end of…

Answered: 2 Transaction M&R Company has earned…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Current Attempt in Progress Carla Vista Distributors has the following transactions related to notes receivable during the last month of the year. Dec. 1 Loaned $11,520 cash to J. Cash on a 1-year, 5% note. 16 Sold goods to W. Jennings, receiving a $9,600, 60-day, 6% note. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Carla Vista Distributors. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
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Task 2: Evaluate the company's efficiency in collecting its accounts receivable during the fiscal year ended 31 December 2021. Use the company's information from its annual reports: Receivables as of 31 December 2020 $4,468,392 $4,972,722 $45,349,943 Receivables as of 31 December 2021 Sales revenue for year ended 31 December 2021 1. Calculate the company's number of days of sales outstanding (DSO) for the fiscal year ended 31 December 2021. (Use the average receivables to calculate the ratio). Not Accounting receivable Average Day's sales in receivable = 154; 2. Interpret the calculated ratio. 3. Assume that the industry average DSO ratio is 60 days. Based on this information and the subject company's DSO ratio, critically evaluate the company's credit policy and its implications.
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Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Step 1 In the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate = APR 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate ✕ 12 The…
Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.) ss attached thanks 4y1 4
Task 2: Evaluate the company's efficiency in collecting its accounts receivable during the fiscal year ended 31 December 2021. Use the company's information from its annual reports: Receivables as of 31 December 2020 Receivables as of 31 December 2021 $4,468,392 $4,972,722 $45,349,943 Sales revenue for year ended 31 December 2021 1. Calculate the company's number of days of sales outstanding (DSO) for the fiscal year ended 31 December 2021. (Use the average receivables to calculate the ratio). Net = 2.37 = Accounting receivable: Average Day's sales in receivable = 154. 2. Interpret the calculated ratio. 3. Assume that the industry average DSO ratio is 60 days. Based on this information and the subject company's DSO ratio, critically evaluate the company's credit policy and its implications.
Entries for discounted note payable A business issued a 60-day note for $48,000 to a bank. The note was discounted at 7%. Assume a 360 days in a year. Question Content Area a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. blank Account Debit Credit - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. blank Account Debit Credit - Select - - Select - - Select - - Select -
Subject: accounting
Complete accrued interest payable and journal entry 1-2 Dec 31 please and thank you 1-record the accrued interest expense 2-record the payment of note at maturity on February 5th
Monthly Payment of Interest-Bearing Note Payable A business issued, and recorded, a 5-year Note Payable on August 1. The following Journal Entry will be made by the business on August 31, when making the first payment. A (debit/credit) will (debit/credit) will (debit/credit) will A A In this problem, Notes Payable appears in the (increase/decrease) the Interest Expense account. (increase/decrease) the Notes Payable account. (increase/decrease) the Cash account. section of the (Financial Statement)

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