On November 19, Nicholson Company receives a $16,800, 60-day, 5% note from a customer as payment on account. What adjusting entry should be made on the December 31 year-end? (Use 360 days a year.)
A. Debit Notes Receivable $42; credit Interest Revenue $42.
B. Debit Interest Revenue $140; credit Interest Receivable $140.
C. Debit Interest Receivable $140; credit Interest Revenue $140.
D. Debit Interest Receivable $98; credit Interest Revenue $98.
E. Debit Notes Receivable $98; credit Interest Receivable $98.
Answer: D
You might also like to view...
When conveying bad news, you should eliminate excess negatives to soften the blow of the news
Indicate whether the statement is true or false.
Ratios used to evaluate the allowance for uncollectibles are
a. Bad Debt Expense to Sales Revenue and the ratio of the Accounts Receivable, Gross to Allowance for Uncollectibles to Accounts. b. Sales Revenue to Bad Debt Expense and the ratio of the Accounts Receivable, Gross to Allowance for Uncollectibles to Accounts. c. Sales Revenue to Bad Debt Expense and the ratio of the Allowance for Uncollectibles to Accounts Receivable, Gross. d. Bad Debt Expense to Sales Revenue and the ratio of the Allowance for Uncollectibles to Accounts Receivable, Gross. e. none of the above.
Use the following selected information from Wheeler, LLC to determine the 2018 and 2017 common size percentages for operating expenses using Net sales as the base. 2018 2017 Net sales$456,600? $372,200? Cost of goods sold 201,400? 133,880? Operating expenses 73,390? 70,730? Net earnings 37,060? 26,310?
A. 44.1% for 2018 and 36.0% for 2017. B. 28.0% for 2018 and 17.0% for 2017. C. 16.1% for 2018 and 19.0% for 2017. D. 122.7% for 2018 and 100.0% for 2017. E. 19.7% for 2018 and 19.7% for 2017.
List the four items found on a checking account deposit slip