(a) Note Receivable: Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time. The journal entry for recording the sale of service on March 1 , 2019 .

Question

What is the unit product cost under absorption costing?

Answer 1

Question

Chapter 5, Problem 54BE

To determine

(a)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the sale of service on March 1,2019.

To determine

(b)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The amount of interest that kelsey will receive on December 1,2019.

To determine

(c)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the cash received to pay off the note and interest on December 1,2019.

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Answer 2

Question

Chapter 5, Problem 54BE

To determine

(a)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the sale of service on March 1,2019.

To determine

(b)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The amount of interest that kelsey will receive on December 1,2019.

To determine

(c)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the cash received to pay off the note and interest on December 1,2019.

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Answer 3

Question

Chapter 5, Problem 54BE

To determine

(a)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the sale of service on March 1,2019.

To determine

(b)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The amount of interest that kelsey will receive on December 1,2019.

To determine

(c)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the cash received to pay off the note and interest on December 1,2019.

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Answer 4

Question

Chapter 5, Problem 54BE

To determine

(a)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the sale of service on March 1,2019.

To determine

(b)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The amount of interest that kelsey will receive on December 1,2019.

To determine

(c)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the cash received to pay off the note and interest on December 1,2019.

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 54BE

To determine

(a)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the sale of service on March 1,2019.

To determine

(b)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The amount of interest that kelsey will receive on December 1,2019.

To determine

(c)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the cash received to pay off the note and interest on December 1,2019.

Answer 6

Chapter 5, Problem 54BE

To determine

(a)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the sale of service on March 1,2019.

Answer 7

Chapter 5, Problem 54BE

To determine

(a)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the sale of service on March 1,2019.

Answer 8

To determine

(b)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The amount of interest that kelsey will receive on December 1,2019.

Answer 9

To determine

(b)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The amount of interest that kelsey will receive on December 1,2019.

Answer 10

To determine

(c)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the cash received to pay off the note and interest on December 1,2019.

Answer 11

To determine

(c)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the cash received to pay off the note and interest on December 1,2019.

Answer 12

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Ch. 5 - When is revenue recognized?Ch. 5 - When is a performance obligation satisfied?Ch. 5 - At what amount should sales revenue be recorded...Ch. 5 - Prob. 4DQ Ch. 5 - Prob. 5DQ Ch. 5 - Prob. 6DQ Ch. 5 - Prob. 7DQ Ch. 5 - Prob. 8DQ Ch. 5 - Prob. 9DQ Ch. 5 - Why is the direct write-off method not GAAP?

(a) Note Receivable: Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time. The journal entry for recording the sale of service on March 1 , 2019 .

Solution Summary: The author explains how the journal entry for recording the sale of services is made by debiting 7% Note Receivable and crediting the service revenue.

Concept explainers

(a)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the sale of service on March 1,2019.

(b)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The amount of interest that kelsey will receive on December 1,2019.

(c)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the cash received to pay off the note and interest on December 1,2019.

Chapter 5 Solutions

(a) Note Receivable: Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time. The journal entry for recording the sale of service on March 1 , 2019 .

Solution Summary: The author explains how the journal entry for recording the sale of services is made by debiting 7% Note Receivable and crediting the service revenue.

Concept explainers

(a) Note Receivable: Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time. The journal entry for recording the sale of service on March 1,2019.

(b) Note Receivable: Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time. The amount of interest that kelsey will receive on December 1,2019.

(c) Note Receivable: Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time. The journal entry for recording the cash received to pay off the note and interest on December 1,2019.

Chapter 5 Solutions

(a)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the sale of service on March 1,2019.

(b)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The amount of interest that kelsey will receive on December 1,2019.

(c)

Note Receivable:

Note Receivable is a written document, which can be used for receipt of money in the future in lieu of cash payment in the present time.

The journal entry for recording the cash received to pay off the note and interest on December 1,2019.