On November 1, 2017, Kelemen Jewelers accepted a 3-month, 15% note for $6,000 in settlement of an overdue account receivable. The accounting period ends in December. Give the journal entry to record the accrued interest at the year end
What will be an ideal response
Interest Receivable 150
Interest Revenue 150 .Calculations: ($6,000 x 15%) x 2/12 = $150
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In the vertical analysis of a balance sheet, the base for current liabilities is total liabilities
a. True b. False Indicate whether the statement is true or false
Use this information to answer the following question. The selected accounts and balances for Keystone Market appear as follows: Advertising Expense $ 14,000 Common Stock 100,000 Dividends 21,000 Freight-In 7,000 Freight-Out Expense 10,000 Interest Income 24,000 Merchandise Inventory (Jan. 1) 70,000 Merchandise Inventory (Dec. 31) 56,000 Purchases 60,000 Purchases Returns and Allowances 4,000
Rent Expense 9,000 Retained Earnings 40,000 Sales 151,000 Sales Returns and Allowances 19,000 Wages Expense 32,000 Gross margin from sales would be a. $62,000. b. $55,000. c. $74,000. d. $68,000.
The salesperson is trying to convince a prospective buyer to buy his professional hair salon products. The salesperson says, "These products have an advantage over other market products because they are not animal-tested. They use only organic ingredients and are available in five different strengths." The salesperson is using the:
A. alternative-choice close. B. summary-of-benefits close. C. assertive close. D. minor-points close. E. compliment close.
So-called_________laws do not provide, or reflect, a constitutional right to be employed. Instead they restrict the ability of unions to require mandatory membership
Fill in the blank(s) with correct word