Home / Questions / Eloquent Media Ltd. completed the following transactions: Sept. 14, 2010Provided services
Eloquent Media Ltd. completed the following transactions:
Sept. 14, 2010Provided services to Inga Corporation on account, $3,000, terms 30 days.
Oct. 14, 2010Accepted a 90-day, 8% note from Inga Corporation to settle its account.
Dec. 31, 2010Accrued interest on the note from Inga Corporation. (Round to the nearest dollar.)
Jan. 12, 2011Received amount due from Inga Corporation.
Record entries for the above transactions. (Use a 365-day year.)
20) Compute the unknowns for the following transactions dealing with interest on notes receivable. Use a 365-day year. Round answers to the nearest dollar.
PrincipalInterestDurationInterestMaturity
RateValue
a.$10,00010%120 days________________
b.$25,00012%________$2,515________
c.________6%180 days$2,959________
d.$50,000________60 days$493________
e.$36,0009%________________$36,710
21) Smart-T has just signed up for a BK Trust debit card machine (interact) which charges a 1% fee. On March 15th Smart-T has debit card transactions totaling $15,550. Record the journal entry for this day's sales.
22) Smart-T has just sold their accounts receivables of $260,000 to Colleen Collect Inc for 95% of their balance. Prepa
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