Describe the recording procedures for the issuance, retirement, and payment of interest for installment notes.
What will be an ideal response?
At issuance, the proceeds from a note must be recognized in the appropriate asset account and the debt must be recognized as a note payable. Each payment includes accrued interest expense plus a portion of the principal amount borrowed. Interest payments are recorded with a debit to Interest Expense, a debit to Notes Payable for the principal paid, and a credit to Cash for the amount of the total payment. The retirement of a note is recognized with a debit to Notes Payable and a credit to Cash (or other asset).
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The basis used in computing unit cost for the process costing system is made up of certain specific jobs worked on during the fiscal year
Indicate whether the statement is true or false
The percentage of people contacted in a survey who complete a questionnaire is called the ________ rate.
A. sample B. expectancy C. population D. response E. qualitative
Which of the following is a disadvantage of a just-in-time management system?
A) It results in a decrease in production space. B) It increases the inventory cost. C) The risk of the inventory becoming obsolete is very high. D) The users of this system sometimes lose sales because of little or no inventory buffers.
Might-E Mart LLC was formed in New Jersey. Might-E Mart's members are Oscar, who is a citizen of New Jersey, and Peri, who is a citizen of New York. For federal diversity jurisdictional purposes, Might-E is a citizen of
A. all states. B. New Jersey and New York. C. New Jersey only. D. no state.