User Account

All Pages

What entry does gilliam make at the maturity date

Assignment Help Accounting Basics
Reference no: EM13511648

Gilliam Wholesalers accepts from Perlman Stores a $6,200, 4-month, 9% note dated May 31 in settlement of Perlman's overdue account. The maturity date of the note is September 30. What entry does Gilliam make at the maturity date, assuming Perlman pays the note and interest in full at that time?

Reference no: EM13511648

Questions Cloud

What entry should be made to record the cash sales : The error cannot be located at the present time. What entry should be made to record the cash sales for the day?
Show the adjusting entry assuming december 31 : Show the entries for transaction - Show the adjusting entry assuming December 31 is the last day of the accounting period?
Explain the correct order of the relative energy levels : According to the molecular orbital (MO) theory, when atoms bond to form molecules or molecular ions, their electrons are redistributed into molecular orbitals. What is the correct order of the relative energy levels for the molecular orbitals of t..
Find the tension in each of the three cables : A traffic light weighing 120 N hangs from a cable tied to two other cables fastened to a support. Find the tension in each of the three cables
What entry does gilliam make at the maturity date : The maturity date of the note is September 30. What entry does Gilliam make at the maturity date, assuming Perlman pays the note and interest in full at that time?
Explain a fixed amount of gas at a constant temperature : For a fixed amount of gas at a constant temperature, the volume increases as the pressure what
Can you envision a society without religion : Most nineteenth-century social thinkers assumed that secularization was an irresistible tide that would eventually sweep away all religious activity. Modern sociologists are far less likely to expect religion to fade away. Can you envision a society ..
What is the single equivalent discount : What is the single equivalent discount and what is the net cost to the company
Sociological investigation : New technologies have benefited sociological research by facilitating statistical analysis and encouraging communication among scholars. Can you think of any potential drawbacks these new technologies might have for sociological investigation.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Journalizing the two adjusting entries

(1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. (2) What is the amount of tax expense for July?

  Accounts receivable turnover for organization

Assume an organization has total current assets of $200,000, total current liabilities of $75,000, inventories of $50,000, prepaid expenses of $25,000, net sales of $770,000, and beginning accounts receivable of $42,000 and ending accounts receiva..

  Sony goodwill and segment reporting

Sony Goodwill and Segment Reporting

  Part 1 will require you to evaluate the payroll system for

part 1 will require you to evaluate the payroll system for the skip-rope manufacturing company. part 2 will involve a

  The difference between the balance of a fixed asset account

the difference between the balance of a fixed asset account and the related accumulated depreciation account is

  Straight-line method used to amortizing bond discount

Upton Company issues $3 million, 10-year, 6% bonds at 99, with interest payable on December 31. The straight-line method is used to amortize bond discount.

  Internal rate of return on the investment

The machine would reduce labor and other operating costs by $76,000 per year. The internal rate of return on the investment in the new machine is closest to:

  Generate forecasts of the outlays

What factors are likely to drive an organization's outlays for new capital(such as plant, property and equipment) and for working captial( such as receivables and inventory)? what ratios would you use to help generate forecasts of these outlays?

  Ernings rate of your retirement portfolio is 6 per year

earnings rate of your retirement portfolio is 6 per year. ? you will receive an annual raise on your salary of 3 per

  Consolidated buildings at date of acquisition

Given the probability of the required contingency payment and utilizing a 4% discount rate, the expected present value of the contingency is $5. Compute consolidated buildings at date of acquisition

  Determine the cost recovery deductions for the streetlights

Submit a tax file memorandum with proper citations of all sources: I want to see citations of the court case, a revenue procedure, and a specific section of the IRC.

  Working capital before and after issuing the note

Compute Thorpe's working capital before and after issuing the note. Compute Thorpe's current ratio before and after issuing the note.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd