On December 1, Christy Co. accepted a 60-day, 6%, $1,000 note due January 30. On December 31, the appropriate year-end adjusting entry was made. On January 30, the note was honored and paid in full. The entry to record receipt of payment on January 30 (assuming no reversing entry was made) would include a credit to: (Check all that apply.)

Answer:

Entry for the repayment involve a Debit of Note Payable of $1,060 and a Credit of Cash of $1,060.

Explanation:

By January 30 , 2 months interest would have expired and the journal entries are as follows :

December 31

Interest expense $30 (debit)

Note Payable $30 (credit)

January 30

Interest expense $30 (debit)

Note Payable $30 (credit)

Thus the repayment will be at the carrying cost of the note payable as follows :

Note Payable $1,060 (debit)

Cash $1,060 (credit)

Conclusion :

Entry for the repayment involve a Debit of Note Payable of $1,060 and a credit of Cash of $1,060.

You are a vendor representative with a new line of fashion watches showing it to a new buyer. The costume jewelry buyer says she would like to buy the line but has too many lines of fashion watches in her assortment already that are not selling. She continues to complain that her worst-selling brand of watches will not help her out with any markdown allowances or take any of the merchandise back. She states that she is no longer buying any more merchandise from this line and will have to wait until it sells before she can bring in a new line of watches. What might you suggest or negotiate?

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