On June 14,Cool Sports gave a 90-day note payable to Quick Skis,instead of cash payment of an overdue account.The amount of the note was $85,000 at an interest rate of 12%.
Prepare the journal entry on Cool Sports books to record the note payable.
Correct Answer:
Verified
Q58: The difference between the amount received from
Q59: Promissory notes:
A) Are negotiable.
B) Can be transferred
Q60: A combined GST and PST rate of
Q64: Pending lawsuits:
A) Are always considered estimated liabilities.
B)
Q65: On November 16,2015,Williams Industrial gave Phillip Co.a
Q68: On November 16,2015,Source for Sports gave Kinsmen
Q74: Uncertainties such as doubtful accounts
A)Are not provisions
Q75: Provisions must be recorded if
A)The future event
Q78: Discuss how to account for contingent liabilities.
Q79: Discuss the types of estimated liabilities.
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents