On March 1, 2012, Mack Corporation accepted cash of $10,000 and a six-month, $80,000 interest-bearing note from Gee, Inc, as settlement of an account receivable. Mack has a fiscal year-end of July 31st and Gee paid the principle and the interest on time. Select the appropriate journal entry that reflects the acceptance of the note on March 1, 2012?
A) Cash 10,000Notes Receivable 80,000Accounts Receivable 90,000
B) Notes Receivable 90,000 Accounts Receivable 90,000
C) Accounts Receivable 90,000 Notes Receivable 90,000
D) Accounts Receivable 10,000Notes Receivable 80,000Cash 90,000
A
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The financial statement that summarizes the operating, investing, and financing activities of a business over a period of time is the ___________________________________
Fill in the blank(s) with correct word
Variance analysis for overhead normally focuses on
a. efficiency variances for machinery and indirect production costs. b. volume variances for fixed overhead costs. c. the controllable variance as a lump-sum amount. d. the difference between budgeted and applied variable overhead.
If you have ____ to spare, please drop by my office
A) sometime B) some time
Dennis is a promoter for the soon-to-be-incorporated firm of eBroadcast Sports, Inc Dennis signs a contract with Fitz &Geraldo, Accountants, to render their services before eBroadcast Sportsis incorporated and for one year after the in-corporation
eBroadcast Sportsis incorporated. Three months later, after Fitz &Geraldohas continued performing under the contract, the eBroadcast Sportsboard of directors tells the accountants that it is canceling their con¬tract. Fitz &Geraldofiles a suit against Dennis and eBroadcast Sports, alleging breach of contract. Will Fitz & Geraldoprevail?