Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

On March 17, Grady Company agrees to accept a 60-day, 9%, $7,200 note from Alert Company to extend the due date on an overdue account. What is the journal entry needed to record the payment of the note by Alert Company on the maturity date?

a) Debit Cash $7,308; credit Interest Revenue $108; credit Notes Receivable $7,200.

b) Debit Notes Payable $7,200; debit Interest Expense $162; credit Cash $7,362.

c) Debit Notes Payable $7,200; credit Interest Expense $108, credit Cash $7,092.

d) Debit Notes Payable $7,200; debit Interest Expense $108; credit Cash $7,308.

e) Debit Cash $7,308; credit Interest Revenue $108; credit Notes Payable $7,200.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939767

Have any Question? 


Related Questions in Accounting Basics

1 ahn nguyen a vietnamese joint stock company has net

1. Ahn Nguyen, a Vietnamese Joint Stock Company has net income of 52,000 Vietnamese Dong, () and the following items: Depreciation Expense   16,000 Accounts Receivable Increase                    12,000 Inventory Decreas ...

How much did you borrow for your house if your monthly

How much did you borrow for your house if your monthly mortgage payment for a 30 year mortgage at 6.65% APR is $1,600?? A $218,080 B $202,503 C $186,926 D $233,658 E $249,235 F $264,812 Shady Rack Inchas a bond outstandi ...

The trial balance before adjustment for sheffield company

The trial balance before adjustment for Sheffield Company shows the following balances.   Dr. Cr. Accounts Receivable $84,800 Allowance for Doubtful Accounts 2,420 Sales Revenue   $434,200 Using the data above, give the ...

Study guide1 what is the beta of a firm whose equity has an

STUDY GUIDE 1. What is the beta of a firm whose equity has an expected return of 21.30%, the risk-free rate is 7%, and the expected return on the stock market is 18%? 2. Two reasons for the agency problem in modern corpo ...

Question 1the following information relates to the

Question 1 The following information, relates to the imputation credit account (ICA) for Killorglin Park Fair Ltd ("Killorglin Park") for the year ending 31 March 2016. (i) The shareholders as at 31 March 2015 were Donna ...

Task1 create journal entries for the following

Task: 1. Create journal entries for the following transactions. 2. Draw up a T-accounts for each account affected by transactions. 3. Calculate ending balances for all T-accounts. Transactions: March, 1: Student Corp. re ...

Assignmentpigskin must decides how many footballs to

Assignment Pigskin must decides how many footballs to produce each month for 6-month planning horizon. Monthly demand must be satified on time. Set a model to determine the production plan for next 6 months which incurs ...

Assignmentusing a 5 discount rate calculate the net present

Assignment Using a 5% discount rate, calculate the Net Present Value, Payback, Profitability Index, and IRR for each of the investment projects below (note, the inflows are for each year). Based on your calculations rank ...

Discussion forumthis week we shall look at monopolistic

DISCUSSION Forum This week we shall look at Monopolistic Competition. This is where you, as a consumer, spend most of your time. In Monopolistic Competition, there are many companies selling similar but not identical pro ...

Question 1in using the total cost concept of applying the

Question 1 In using the total cost concept of applying the cost-plus approach to product pricing, only profit is covered in the markup. True False Question 2 What is the effect of a stock dividend on the balance sheet? A ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen