Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. in the trial balance for march, you see that notes

In the trial balance for March, you see that Notes Receivable-Fast Feet Co. has a...

60.1K

Verified Solution

Question

Accounting

In the trial balance for March, you see that Notes Receivable-Fast Feet Co. has a negative balance of $105, which would seem to indicate that Fast Feet paid too much. Looking back through the journal entries for March, you find that on March 19 the accounting intern recorded receipt of $2,730 in payment of this note receivable. Further investigation reveals that on November 19, 20Y7, this note receivable was received from Fast Feet Co. for $2,625. You can find no additional information about this note in the accounting records. Assume a 360 day year. Using the preceding information, compute the term and the interest rate of the note receivable from Fast Feet. 1. Term of the note: fill in the blank a74760fdbffd012_1 days 2. Interest rate of the note: fill in the blank a74760fdbffd012_2 %

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In a mass spectrometer, a positive ion with charge q=1.602x10-19 coulombs is accelerated by a potential difference...

Physics
Q

What are the methods of energy conservation in electrical drives

Electrical Engineering
Q

Figure shows a hemispherical shell of mass M and radius R and a concentric shell...

Physics
Q

At the Royal Dragon Chinese restaurant, a slip in the fortune cookies indicates a dollar...

Basic Math
Q

Convert the fraction to a decimal 3 4

Calculus
Q

The information you convey to customers about the product/ service you offer must be truthful,...

Accounting
Q

a. Amira, the owner of a music equipment shop wanted to have a sales budget...

Accounting
Q

QUESTION: What are the IDENTIFY CHARACTERISTICS of successful strategic plans? Instructions: (1). Must Use...

Accounting
Q

On January 1, a company purchased 3%, 20-year corporate bonds for $69,033,776 as an investment....

Accounting
Q

analyze the effects of the SECs data breach disclosure requirement on financial reporting, based on...

Accounting
Q

7. Calculate the future value of $1.000 in 10 years assuming an interest rate of...

Finance
Q

Which of the following is regarded as contributed capital? share capital retained earnings earned capital...

Accounting