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On February 1, 20X1, Mercer Associates assigned $250,000 of its trade accounts receivable to Montoya State Bank as collateral (i.e., security) for a $200,000 loan maturing July 31, 20X1.
The terms of the loan include:
Question 1: During February 20X1, Mercer collected $130,000 on assigned accounts and remitted this amount to Montoya State Bank on February 28, 20X1, along with interest for one month on the note.
Question 2: In the (MS Excel file), prepare the journal entries, in good form, required on Mercer's books to record the events identified
Bramble Corporation’s adjusted trial balance contained the following accounts at December 31, 2017: Retained Earnings $127,100, Common Stock $764,000, Bonds Payable $100,000, Paid-in Capital in Excess of Par-Common Stock $200,700, Goodwill $56,300, A..
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Using the information in the table below, calculate the amount of the unfavorable rate variance.
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