Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

Problem

On September 15, Sports World accepted n $75.000, 12% 60-day note dated 9/15/15 and related to a sale transaction to a loyal customer.

1. Prepare Sports World's journal entry to record the receipt of the note receivable.
2. Prepare Sports World's journal entry to record the receipt of cash for the note at maturity.
3. What is the maturity date of the note?

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92813086

Have any Question?


Related Questions in Accounting Basics

Question microsoft word documentbull estimated length five

Question: Microsoft Word document: • Estimated length: five to seven (5-7) pages • 1 inch margins top & bottom; 1 to 1.25 inches on left & right sides • Line spacing: single spacing with double spacing between paragraphs ...

Question - culver corporation reported net sales of 251600

Question - Culver Corporation reported net sales of $251,600, cost of goods sold of $134,100, operating expenses of $50,600, net income of $36,400, beginning total assets of $530,400, and ending total assets of $560,800. ...

Question - given are the data of coopers ltd for the year

Question - Given are the data of Coopers Ltd for the year ended 30th June 2018. Opening stock (1st July 2017) 5,000 units. Units produced 30,000 Units. Units sold 33,000 Units. Closing stock (30th June, 2018) 2,000 Units ...

Question - umatilla bank and trust is considering giving

Question - Umatilla Bank and Trust is considering giving Blossom Company a loan. Before doing so, it decides that further discussions with Blossom Company's accountant may be desirable. One area of particular concern is ...

Question - income conversion rodrigo owns 1 share of

Question - Income Conversion: Rodrigo owns 1 share of Berkshire Hathaway Class A stock that he purchased 50 weeks ago for $250,000. The stock is currently worth $325,000, and Rodrigo wants to sell the stock soon. Rodrigo ...

Question you will perform an environmental scan for your

Question: You will perform an environmental scan for your target company. Choose an organization according to the following: • Current employer • Most recent or former employer • Place of business that you have patronize ...

Question - lopez company purchased goods with the following

Question - Lopez Company purchased goods with the following terms and details: Sales price, $5,000 Terms, 1/10, n/30 Date of sale, March 8 Date of payment, March 19 Returns and allowances (before payment), $200 Shipping, ...

Question - at december 31 2016 grouper corporation reported

Question - At December 31, 2016, Grouper Corporation reported current assets of $384,870 and current liabilities of $206,100. The following items may have been recorded incorrectly. 1. Goods purchased costing $22,150 wer ...

Question - on the last day of the fiscal year a co-worker

Question - On the last day of the fiscal year, a co-worker asks for a check to be cut for $2,000 as a miscellaneous expense for supplies for a project for a VIP customer today. The invoice looks a little different from o ...

Question - what is the present value on january 1 2016 of 7

Question - What is the present value on January 1, 2016, of 7 equal future annual receipts of $30,000 if the first receipt is received on January 1, 2016, and the interest rate is 10% compounded annually?

  • 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

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As