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

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

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

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

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

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939960

Have any Question? 


Related Questions in Accounting Basics

Quantity sold400 units selling price per unit 600 total

Quantity Sold 400 units Selling Price per unit $600 Total variable Costs $160,000 Fixed Costs $50,000 Target Income $90,000 Calculate the following: 1- Contribution margin per unit 2- Total contribution margin 3- Break-e ...

Assignment 1 -scf-indirect method and net cash flow from

Assignment 1 - (SCF-Indirect Method, and Net Cash Flow from Operating Activities, Direct Method) Comparative balance sheet accounts of Marcus Inc. are presented below. MARCUS INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF ...

Practice questionsconsider a business where you have had

Practice questions: Consider a business where you have had work experience or any other organisation with which you are familiar. What aspects of the business do you think are important which are not shown in the financi ...

Valuation of accounts receivablesbulldiscuss the primary

Valuation of Accounts Receivables • Discuss the primary advantages and disadvantages of applying the direct write-off and the allowance method of writing off accounts. Even though the direct write-off method is not accep ...

Practice questionsexplain the main items you would expect

Practice questions: Explain the main items you would expect to find on the profit and loss account of a limited company which are not present on the profit and loss account of a sale trader.

Completing the accounting cycle from journal entries to

Completing the accounting cycle from journal entries to post-closing trial balance with an optional worksheet. On December 1, Bob Wonder began an auto repair shop, Wonder's Quality Automotive. The following transactions ...

Enter the given transactions in the bank account in ajays

Enter the given transactions in the bank account in Ajay's ledger 1 The owner started her business with a capital contribution of N$25 000 which she deposited in the business' bank account 3. Purchased stationary, N$140 ...

What are the roles of accounting and ethics in accounting

What are the roles of accounting and ethics in accounting within a business organization? To better illustrate your point, consider using an example (like something that you have experienced at work) that you think relat ...

Problem-ccc has decided to carry and sell t-shirts with its

Problem- CCC has decided to carry and sell t-shirts with its logo printed on them. Journalize and post the following entries. You may need to create additional T accounts. Note that we will work a whole year's worth of p ...

The project -this project gives a companys starting balance

The project - This project gives a company's starting balance sheet, and lists 18 transactions. Center Company January 1, 2017, Balance Sheet Cash 800,000 Accounts receivable 700,000 Less: Allowance for doubtful accounts ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate