Preparing Entries Across Two Periods Hatcher Company closes its accounts on December 31 each year. On December 31, 2018, Hatcher accrued $600 of interest income that was earned on an investment but not yet received or recorded (the investment will pay interest of $900 cash on January 31, 2019). On January 31, 2019, the company received the $900 cash as interest on the investment. Prepare journal entries to: a. Accrue the interest earned on December 31, 2018; b. Close the Interest Income account on December 31, 2018 (the account has a year-end balance of $2,400 after adjustments); and c. Record the cash receipt of interest on January 31, 2019.

Answers

Answer 1

Answer and Explanation:

The journal entries are shown below

On Dec. 31, 2018

Interest receivable $600  

         To Interest income $600

(Being accrued interest earned is recorded)  

On Dec. 31, 2018

Interest income $2,400  

            To Retained earnings $2,400

(Being the closing of interest income is recorded)

On Jan. 31, 2019

Cash $900  

         To Interest receivable     $600

         To Interest income          $300

(Being cash receipt of interest is recorded)


Related Questions

Type the correct answer in the box. Spell all words correctly.
Which type of facility layout groups similar machines together so that they carry out specific functions?

In the case of a (blank) layout, similar machines are grouped together to carry out specific functions.

Answers

Answer:

A process layout groups similar activities together according to the functions they perform.

Explanation:

Answer:

process

Explanation:

Plato/Edmentum

Southwestern Bank offers to lend you $50,000 at a nominal rate of 6.9%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Woodburn Bank also offers to lend you the $50,000, but it will charge an annual rate of 8.1%, with no interest due until the end of the year. How much higher or lower is the effective annual rate charged by Woodburn versus the rate charged by Southwestern?a. 1.68% b. 1.98% c. 2.08% d. 1.78% e. 1.88%

Answers

Answer:

0.98%

Explanation:

Note: Options provided is slightly different for this question

EAR = (1+APR/m)^m - 1  

EAR = (1+0.069/12)^12 - 1

EAR = (1.00575)^12 - 1

EAR = 1.07122449517 - 1

EAR = 7.12%

Hence, higher EAR  charged by Woodburn versus the rate charged by Southwestern = (8.1% - 7.12%) = 0.98%

which part of our body is affected by plogue pose?​

Answers

Answer:

spine and shoulders are affected

The spine and the shoulders of our body part are mostly affectd by the plogue pose. It stretches our body muscles.

Plow Pose

It is a stretching exercise which keeps your body fit and flexible.

Doing stretching exercise regularly benefits the body mucles and tendons.

The plow pose is a stretching exercise where one positions his/her body upside down and keeps their feet bend over the head.

This pose affects our spine and also our shoulders.

Learn more about "exercise" here :

https://brainly.com/question/1365564

Where would the equllbrillim price be located, and how much is the equllbrillim price?

Answers

ANSWER:

Hindi ko Kaya anong grade po ba iyan

Answers:

The equilibrium price is located at the intersection of the supply and demand curves.The equilibrium price is $8

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Explanation:

Visually, the two curves cross at (x,y) = (60,8) where x is the quantity and y is the price. This is known as the equilibrium.

In the third row of each table, we have the same pair of values $8 and 60 in that exact order. This leads to finding the equilibrium without using the graph.

Something like the first row wouldn't work because the first table shows $2 and 10, while the second table has that same row showing $12 and 10. There isn't a match.

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Extra info (optional section)

If the price is below equilibrium, then suppliers don't have much incentive to produce. This means they'll produce less. At the same time, demand will increase since price and quantity demanded go in opposite directions. Having more people demand for something that's in short supply is known as a shortage. Think of a bunch of people at a mall and there's a mad rush for one very rare item. If people really wanted that item, then they'll outbid each other to raise the price until it reaches some stable point. This idea is applied on a much larger scale.

If the price is above equilibrium, then suppliers will produce too much goods and demand will be lower. In this case, we have surplus and that will lower the cost of the goods eventually assuming there aren't external forces to keep the price afloat. The price will eventually drift down to equilibrium. An example could be that a store has too many coats and it's getting closer to the warmer spring weather, so they heavily discount the coats. Low demand on the large supply of coats lowers the price of those items.

As you can see, the equilibrium price is effectively a game of tug-of-war between the suppliers and consumers (those who demand and purchase a product). It's the middle ground, so to speak, between the two parties.

Describe the population distribution in Guyana​

Answers

Statistics indicate that Guyana is one of the most lightly populated countries in Latin America and the Caribbean. The World Bank estimated that there were four people per square kilometer in Guyana in 1988, far fewer than the average of twenty people per square kilometer for all of Latin America. However, more than 90 percent of Guyana's population lived along the coast, on a strip constituting only 5 percent of the country's total land area. A more useful figure is the population density per square kilometer of agricultural land, which was estimated at forty-six in 1988. In Latin America as a whole, the average population density on agricultural land was fifty-five per square kilometer.

More than 70 percent of Guyana's coastal population is rural, living on plantations or in villages strung along the coastal road. The villages range in size from several hundred to several thousand inhabitants. The layout of the villages is dictated by the drainage and irrigation systems of the plantations, both active and abandoned. The villages are most heavily concentrated along the estuary of the Demerara River and the eastern environs of Georgetown, near the mouth of the Berbice River close to New Amsterdam, and along the extreme east coast near the Courantyne River.

The pattern of population distribution in Guyana is a product of nineteenth-century economic development, which was based on the cultivation of sugarcane. Because the swampy coast was fertile and sugar production was geared to export, the large sugar estates confined their operations to a narrow coastal strip. Most of the villages had ethnically diverse populations, but usually one ethnic group predominated. The urban population was predominantly African, but it would be misleading to suggest that all Afro-Guyanese were urban. Indeed, the majority of the Afro-Guyanese population was rural. A far greater majority of Indo-Guyanese, however, lived outside the cities. The interior of the country was left mainly to the Amerindians. Even the later exploitation of timber, bauxite, and manganese in the interior failed to effect any sizeable migration.

What is stock? Explain in your own words.

Answers

Answer:Definition: What are stocks? Stocks are securities that represent an ownership share in a company. For companies, issuing stock is a way to raise money to grow and invest in their business. ... When you own stock in a company, you are called a shareholder because you share in the company's profits.

Explanation:

What is moral myopia? Why do you think an advertising professional might experience this phenomenon?

Answers

Answer: See Explanation

Explanation:

Moral myopia occurs when someone is unable to clearly see ethical issues. In this case, people decide not to say anything even though they see the unethical behavior of others.

An advertising professional might experience moral myopia in the sense that such person looks away when he or she sees an unethical act because of fear of losing his or her job and also because of fear of losing a customer.

Skills are abilities that you naturally have.


True

False

Answers

Answer:

False

Explanation:

Skilles = the ability to do something well; expertise.

False.skills are something you have to learn in order to have the ability to do
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