Sheridan Company receives a $14000, 3-month, 8% promissory note from Carla Vista Company in settlement of an open accounts receivable. What entry will Sheridan Company make upon receiving the note?

Answers

Answer 1

Answer and Explanation:

The journal entry to record while receiving the note is shown below:

Notes receivable  Dr. $14,000

          To Accounts receivable $14,000

(Being receiving of the note is recorded)

Here the note receivable is debited as it increased the assets and credited the account receivable as it decreased the assets

The same is to be considered


Related Questions

Kitchel told Parker that he needed a couple of weeks to think about his proposal. How should Parker handle this

Answers

Answer: Parker should close the deal quickly

Explanation:

Giving Kitchel so much time to go over the proposal is not ideal because in that time events could happen that would ensure Kitchel stayed with their current supplier such as the current supplier finding out and offering better terms thereby enticing Kitchel to stay.

It is imperative therefore that Parker close the deal as quickly as possible. He can do this by offering time conscious incentives that require that Kitchel order fast, he could even go meet Kitchel in person and press his claim and even hit hard at the weakness of Richmond's current supplier by stating that he would deliver things ahead of schedule.

If You-Will-Never-Pay-It-Off Loan Company lends you $50 on Monday, and you have to pay $60 after a week, what nominal rate of interest (APR) are they charging

Answers

Answer:

the annual percentage rate is 1040%

Explanation:

The computation of the nominal rate of interest is shown below:

As we know that

Future value = Present value × (1 + rate of interest)^number of years  

$60 = $50 × (1 + rate of interest)^1

1 + rate of interest = ($60 ÷ $50)

rate of interest is

= (1.2- 1 ) × 100

= 20%

Now the annual percentage rate is

= 20% × 52

= 1040%

hence, the annual percentage rate is 1040%

The year-end financial statements of Rally Company for the current year, report total revenues of $19,829 million, accounts receivable of $1,272 million at the current year-end, and $1,19 million for the prior year-end. The company's accounts receivable turnover for the year is:_______.
a. 18.3 times.
b. 18.9 times.
c. 19.5 times.
d. 20.0 times.
e. none of these are correct.

Answers

Answer:

16.1 times

Explanation:

Calculation for the company's accounts receivable turnover for the year

Using this formula

Accounts Recievable Turnover = Total Revenues/Average accounts receivables

Let plug in the formula

Accounts Receivable Turnover = $19,829/[($1,272+$1,198)/2]

Accounts Receivable Turnover =$19,829/$1,235

Accounts Receivable Turnover = 16.1 times

Therefore The company's accounts receivable turnover for the year is: 16.1 times

Under the provisions of the Investment Advisers Act of 1940, if an adviser takes custody of customer funds or securities, account statements MUST be sent to the customer:

Answers

Answer:

Quarterly

Explanation:

According to the provisions of the Investment Advisers Act of 1940, in the case when an advisor takes the customer custody in term of funds or securities so the account statement must be sent to the customer on the a quarterly basis i.e. four times in a year. Here four times means every three months

therefore as per the given situation, the quarterly is the answer

When Patricia sells her Apple stock at the same time that Brian purchases the same amount of Apple stock, Apple receives:_____________.
a. nothing.
b. only the market value of the common stock.
c. the dollar value of the transaction.
d. the dollar amount of the transaction, less brokerage fees.

Answers

Answer:

When Patricia sells her Apple stock at the same time that Brian purchases the same amount of Apple stock, Apple receives:_____________.

a. nothing.

Explanation:

The activities of investors on the Stock Exchange market do not affect the corporation, whose stocks are being traded.  The corporation does not get any money nor does it incur any cost.  Patricia may get a capital gain from the sale and not the corporation.  When Brian purchases Apple stock it is purchased from another investor and not directly from the corporation unless it is an initial public offer.

Other Questions
what does terminal velocity mean ? please help Why was it difficult to keep the native Americans at the missions I need the correct answer please!!! Pls answer this! I will give you Brainliest!!! Write each phrase or sentence as an algebraic expression or equation. DO NOT use a calculator. Do not write an inequality. 1. 6 more than y2. times a number3. 5 less than the product of 10 and c4. 14 more than 6 times t5.The sum of x and y is 186. A number minus 12 is 7 Holly and Ethan decide to sell some of their books at a flea market. The booth rental costs $15, and they will sell each book for $1.50. How many books will Holly and Ethan need to sell to make a profit of exactly $30? About the Diary of Anne frank Do you think that wishes can come true or be granted? CAN ANYONE PLZ ANSWER MY LAST QUESTION?????????!!!!!!!!!!!!!!!! What is the molarity of a solution prepared by diluting 43.72 ml of 1.005 M aqueous K2CR2O7 to 500 ml If given the choice which political party would you join? Please give 5 details in your response. * The unique shape that a mineral grows into is called its which statement shows that Eleanor roosevelt disagreed with the D.A.R about Marion Anderson Why do many of the Caribbeans move from the rural areas to the cities?educationjobssafetyhospitals The sum of two numbers is 58. The difference between the same two numbers is 6. Find the two numbers, and then find the PRODUCT of the two numbers. Explain how the government of New Zealand protects its citizens and enforces laws without a written Constitution.Please answer quick!!! PLEASEE HELP.!! ILL GIVE BRAINLIEST.!! *EXTRA POINTS* DONT SKIP:(( PLZ HELP! THIS IS THE LAST QUESTION! 75 PTS!! negative six plus a numberis less than or equal to fifteen If the Earth is getting warmer, why is it still so cold in some places?