Zion Architects & Engineers issued on account 120-day, 8% note for $60,000, dated June 13 to Billings Construction company. Calculate and journalize the following: Determine the due date of the note = Determine the maturity value of the note, and = Journalize entries to record: Receipt of the note by Billings Construction Receipt of payment of the note at maturity
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
- Zion Architects & Engineers issued on account 120-day, 8% note for $60,000, dated June 13 to Billings Construction company. Calculate and journalize the following:
- Determine the due date of the note =
- Determine the maturity value of the note, and =
Journalize entries to record:
- Receipt of the note by Billings Construction
- Receipt of payment of the note at maturity
Introduction:
Journals:
Recording of a business transactions in a chronological order.
First step in the preparation of final accounts is recording journals.
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