Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note, along with interest at 9%, is due on July 1, 2021. On February 28, 2021, Selkirk discounted the note at Unionville Bank. The bank’s discount rate is 12%.

Required:
Prepare the journal entries required on February 28, 2021, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale.

Answers

Answer 1

A journal entry is a format used in accounting to record transactions. The amount we owe someone else that we must get in the future is known as notes receivable.

What is Notes receivable?

Notes receivable are claims for which official documents of credit, like promissory notes, are issued as proof of debt. In most cases, the credit instrument has a minimum term of 30 days and imposes an interest payment obligation on the debtor.

Given the following information:

Note receivable $15,000

Rate of interest 9%

Discount rate    12%

Period              2 months

Preparing journal entry to record accrued interest

To prepare the journal entry, we must first calculate the interest. We can compute interest by multiplying the notes receivable, the interest rate, and the period, i.e.

Interest = Notes receivable × Rate of interest × Period

Interest = 15000 × 0.09 × 2/12

Interest = 225

Now we can prepare the journal entry

Date                          Particulars              Debit ($)               Credit($)

February 28, 2016     Interest receivable        250

                                          Interest                                    250

                           To record accrued interest  

Preparing the journal entry to record discounting

To begin preparing the Journal entry, we must first calculate the necessary data.

We can calculate the cash as the difference between Maturity Value and Discount. That is,

Cash = Maturity Value – Discount

The value of Maturity is unknown. We can compute it as the sum of the receivable notes and interest. That is,

Maturity Value = Notes receivable + Interest

Interest =Notes receivable × Rate of interest × Period

= $15,000 × 0.1 × 6/12

= $1,500 × 0.5

= $750

​Maturity Value = Notes receivable + Interest

= $15,000 + $750

=  $15,750

Discount =Maturity Value × Discount rate × Period

= $15,750 × 0.12 ×  4/12

= $1,890 × 0.33

= $630

Finally, we can calculate cash

Cash = Maturity Value – Discount

= $15,750 − $630

= $15,120

Loss on sale = Cash – Notes receivable - Interest

= $15,120 − $15,000 − $250

= $130

Finally, we can prepare our journal entry.

Date                        Particulars                   Debit ($)            Credit($)

February 28,2016     Cash                            15,120

                              Loss on sale                      130

                              Notes receivable                                               15,000

                                  Interest                                                  250

                       (To record discounting)  

Thus, Cash & Loss are debited, & Notes Receivable & Interest are credited.

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Related Questions

Multiply. What is the value of the first partial product?


26 × 107

please i need this answered asap i am being timed anyone please! its 5th grade math

Answers

The value obtained after calculating the first partial product of 26 × 107 is, 214

What is the partial product?

It is a mathematical technique, by which we do a multiplication operation by doing the sub-parts of the multiplier and then we do separately multiplication, after that we add both the results.

Given numbers,

26×107

Two sub-parts (26) of multiplier

26 = 2×13

First partial multiplier = 2

Second partial multiplier = 13

First partial product = 2×107 =214

Hence, First partial product 214

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4 1/8 - 2 3/8 what is the answer to which question

Answers

Answer:

7/4

Step-by-step explanation:

4 1/8=33/8

2 3/8=19/8

-----------------

33/8-19/8=14/8=7/4

Prob 5. Suppose that the number of cans of soda pop filled in a day at a bottling plant is a random variable with an espected valefiance of 1.,00. (a) Use Markov's inequality to obtain an upper bound on the probability that the plant will fill more than 11,000 cans on a particular day. (b) Use Chebyshev's inequality to obtain a lower bound on the probability that the plant will fill between 9,000 and 11,000 cans on a particular day.

Answers

The lower bound on the probability that the plant will fill between 9,000 and 11,000 cans on a particular day is at least 1 - 1/10 = 9/10.

What is probability ?

A probability is a number that reflects the chance or likelihood that a particular event will occur.

(a) P(X > 11,000) ≤ E[X] / 11,000

Where X is the random variable representing the number of cans filled in a day, and E[X] = 1,000 is the expected value.

So, P(X > 11,000) ≤ 1,000 / 11,000 = 1/11

(b) P(|X - E[X]| ≥ kσ) ≤ 1/k^2

Where X is the random variable representing the number of cans filled in a day, E[X] = 1,000 is the expected value, and σ is the standard

As we know that for any random variable X, E[X^2] >= (E[X])^2

therefore Var(X) = E[X^2] - (E[X])^2 >= 0.

so the standard deviation of X is

σ = √(Var(X)) = √(1000) = 31.62

We can choose k = (11000-9000)/(2*31.62) = 3.16

so P(|X - E[X]| ≥ 3.16σ) = P(|X - 1000| ≥ 10000) ≤ 1/3.16^2= 1/10

Therefore, the lower bound on the probability that the plant will fill between 9,000 and 11,000 cans on a particular day is at least 1 - 1/10 = 9/10.

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Robert is purchasing shirts for his weekend soccer team. The shirts he wants to buy are normally $12 each but are on sale for $5 off. His team has a total of 9 players. How much will he spend to buy the shirts?

Answers

Answer:

$63

Step-by-step explanation:

12-5=7

9*7= 63

Answer:

$63 Is the answer.

Step-by-step explanation:

$12 - $5 = $7
$7 x $9 = $63

Tolerance The height and radius of a right circular cylinder are equal, so the cylinder's volume is The volume is to be calculated with an error of no more than 1of the true value. Find approximately the greatest error that can be tolerated in the measurement of expressed as a percentage of

Answers

The greatest error that can be tolerated in the measurement of expressed as [tex]\frac{1}{3}%h[/tex]%h.

The given data is the height and radius of a right circular cylinder are equal.

[tex]$$\begin{aligned}V & =\pi h^3 \\\frac{d V}{d h} & =3 \pi h^2 \\d V & =3 \pi h^2 d h\end{aligned}$$[/tex]

A differentiable function is a function in one variable in calculus such that its derivative exists at each point in its entire domain. The tangent line to the graph of a differentiable function is always non-vertical at each interior point in its domain.

A differentiable function does not have any break, cusp, or angle.

Find the derivative of V in terms of h. Then multiply both sides by dh.

The maximum percentage error of the volume is 1%.

[tex]$$\begin{aligned}0.01 \pi h^3 & =3 \pi h^2 d h \\\frac{0.01}{3} h & =d h \\\frac{1}{300} h & =d h\end{aligned}$$[/tex]

The maximum percentage error of the volume is 1% which means

dV=0.01=0.01[tex]\pi[/tex][tex]h^{3}[/tex]. Substitute this into the equation and then solve for

dh.

The maximum error in the height is then [tex]\frac{1}{300}h=\frac{1}{3}[/tex]%h.

Therefore, the greatest error that can be tolerated in the measurement of expressed as [tex]\frac{1}{3}%h[/tex]%h

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Line L1 has the equation x - 10y = 10.

Express the equation of L1 in slope-intercept form.​

Answers

Answer:

[tex]y = \frac{1}{10}x - 1[/tex]

Step-by-step explanation:

Pre-Solving

We are given the equation x - 10y = 10.

We want to write it in slope-intercept form.

Slope-intercept form is given as y=mx+b, where m is the slope and b is the value of y at the y intercept, hence the name.

Solving

Notice how in slope-intercept form, only y is on one side.

This is because the equation is basically solved for y in slope-intercept form.

So, we should solve the equation for y.

Start by subtracting x from both sides.

x - 10y = 10

-x           -x

_______________

-10y = -x + 10

Now, divide both sides by -10 to isolate y.

-10y = -x + 10

÷10    ÷10

_______________

[tex]y = \frac{1}{10}x - 1[/tex]

Does changing the compound inequality x > −3 and x < 3 from “and” to “or” change the solution set? explain.

Answers

Changing the compound inequality x > −3 and x < 3 from “and” to “or” will change the solution set

What is compound inequality?

A sentence having two inequality statements connected by the words "or" or "and" is referred to as a compound inequality.

The conjunction "and" denotes the simultaneous truth of both statements in the compound sentence. It is when the solution sets for the various statements cross over or intersect.

The conjunction "or" means that the entire compound sentence is true as long as either statement is true. When "or" appears in a compound inequality, a disjunction is created.

Hence changing “and” to “or” changes the solution set

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please help please due soon ty sm easy!

Answers

The angle measure used to create each section of the circle graph are (a) 90  (2) 195  (3) 72

How to find the measure of the angles?

The given parameters that will help us to find the angles are:

Total number of  surveyors = 500Number that use train = 125Number that use Airplane = 275Number that use Boat = 100

The measure of the angles are:

1)  number that use train =125/500 * 360 = 90⁰

2) Degree of people airplane is 275/500 *360 = 198⁰

3) Number that use boat = 100/500 * 360 = 72⁰

In conclusion the measurement of the angles for the three means are 90 degrees, 198 degree and 72 degrees respectively

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Find m
I don’t get it

Answers

(8x-12)° + (3x + 5)° =180°11x -7=18011x =180+711x = 187x = 187÷ 11x =17m < r = m < p =(3x + 5)° = ( 3×17+5)° = (56)°

Determine if the following system of equations has no solutions, infinitely many solutions or exactly one solution.
-5x + y = -3
-10x + 2y = -6
infinitely many solutions
no solutions
one solution

Answers

This system of equations has infinitely many solutions.

What is Equation?

An equation is a mathematical statement that two expressions are equal. It can be written using numbers, symbols, and mathematical operations such as addition, subtraction, multiplication, and division. Equations can also be used to describe relationships between known values, like a line of best fit for data points. Equations are used in many areas of mathematics, such as geometry and calculus, to help solve problems or to describe physical phenomena.

This can be determined by looking at the coefficients of the variables. Since the coefficients of x in each equation are the same and the coefficients of y in each equation are different, this indicates that the equations are not equivalent and therefore, have infinitely many solutions.

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Which equation represents a circle with the endpoints of its diameter at (4, –11) and (12, –9)?

Answers

Answer:

Out of all possible choices you've shown, I'd say the best answer would be D

Step-by-step explanation:

which one do i chooose?

Answers

Refer to the image attached.

Answer:

4

Step-by-step explanation

for a rectangle you have to lengths and 2 width so you will have to have 2w+2 and then times 4w+3 which should equal 56

How can you add 3/10 and 2/5

Answers

Answer:

7/10

Step-by-step explanation:

steps linked below

My guy, you find the common denominator. Which in this case is 10.
Multiply the numerator and the denominator of 2/5 by 2, and you get 4/10.
Add 3/10 by 4/10, and you get 7/10.

2*3^20-5*3^19/(-9)^9

Answers

The given expression is:

(23^20-53^19)/(-9)^9

This is a mathematical expression that involves multiple operations. The first step is to understand the order of operations, or PEMDAS (Parentheses, Exponents, Multiplication and Division, and Addition and Subtraction)

Parentheses: The expression does not contain any parentheses, so we can move on to the next step.

Exponents: The first term, 23^20, contains an exponent. The exponent operator (^) has higher precedence than the multiplication operator (), so we will simplify the exponent first. 3^20 is equal to 3 raised to the power of 20, which is equal to 3 * 3 * 3 * ... * 3 (20 times) = 59,049. Therefore, the first term is now 2 * 59,049.

The second term 5*3^19 also contains an exponent, so we simplify it in the same way as the first term. 3^19 is equal to 3 * 3 * 3 * ... * 3 (19 times) = 7,29,043. Therefore, the second term is now 5 * 7,29,043.

Multiplication and Division: After simplifying the exponents, we can see that the expression contains both multiplication and division. Since division has the same precedence as multiplication, we can simplify the expression from left to right.

The first term 2 * 59,049 is the product of 2 and 59,049. Multiplying these two numbers gives us 118,098.

The second term 5 * 7,29,043 is the product of 5 and 7,29,043. Multiplying these two numbers gives us 36,45,215.

The third term is the division of two terms. We have (23^20-53^19) / (-9)^9

Subtraction : Now we have the subtraction of two terms (118,098 - 36,45,215)

Now we have the division of two terms (-35,27,117) / (-9)^9. In this step, we are dividing the subtraction with -9 raised to the power of 9

The final step is to simplify the division. -9^9 is equal to -9 * -9 * -9 * -9 * -9 * -9 * -9 * -9 * -9 = -3486784401.

So the final expression is -35,27,117/-3486784401.

The expression is a very large negative number divided by a very large negative number, which results in a very small positive number.

Due to covid-19 pandemic, the number of available seats in a hall was reduced from 125 to 93. Calculate the percentage decrease in the number of available seats.​

Answers

Answer: To calculate the percentage decrease in the number of available seats, we can use the following formula:

(original value - new value) / original value * 100

In this case, the original value is 125 (the number of available seats before the reduction) and the new value is 93 (the number of available seats after the reduction). Plugging these values into the formula:

(125 - 93) / 125 * 100 = 32 / 125 * 100 = 0.256 * 100 = 25.6

So, there is a 25.6% decrease in the number of available seats.

Step-by-step explanation:

Which function represents the graph of f (x) = 1/2 (3)^x

Answers

On solving the provided question, we can say that from the graphs the function = [tex]f(x) = 1/2 (3)^x[/tex], it represents a half parabola

what is function?

The subject of mathematics includes quantities and their variations, equations and related structures, shapes and their locations, and places where they can be found. The term "function" refers to the relationship between a set of inputs, each of which has an associated output. A connection between inputs and outputs in which each input leads to a single, distinct result is known as a function. Each function is given a domain and a codomain, or scope. Usually, f is used to denote functions (x). input is an x. There are four main types of functions accessible. based on the following factors: on functions, one-to-one functions, many-to-one functions, inside functions, and on functions.

from the graphs

the function = [tex]f(x) = 1/2 (3)^x[/tex]

it represents a half parabola

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Given the function, f(x) = square root 3x + 3 + 2, choose the correct transformation(s)

Answers

The correct transformation is Horizontal Compression, Left 1 , Up 2.

What is transformation?

An operation that manipulates a polygon or other two-dimensional object on a plane or coordinate system is known as a transformation.

The shape in two dimensions before any alteration is known as a pre-image or inverse image. The shape after transformation is the image.

Given: [tex]f(x)=\sqrt{3x+3} +2[/tex]

The parent function of given function is square root function.

[tex]f(x)=\sqrt{x}[/tex]

Shift 1 unit left

[tex]f(x)=\sqrt{(x+1)}[/tex]

Horizontal Compression

[tex]f(x)=\sqrt{3(x+1)}[/tex]

Vertical up by 2 units

[tex]f(x)=\sqrt{3x+3}+2[/tex]

Hence, the parent function [tex]f(x)=\sqrt{x}[/tex], horizontally shrink by a factor of 3 , shift 1 unit to the left, shift 2 units upwards.

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Question: Given the function,[tex]f(x)=\sqrt{3x+3} +2[/tex], choose the correct transformation(s).

Vertical Compression, Left 1 , Up 2Horizontal Compression, Left 1 , Up 2Vertical Stretch, Left 3 , Up 2Horizontal Stretch, Left 3 , Up 2

how can I Write an expression to show 4 thirds times the product of 2 and 1 third.

Answers

Answer:

as: 4/3 * (2 * 1/3)

Step-by-step explanation:

Note: parentheses, 2 and 1/3 are being multiplied together first, before being multiplied by 4/3.

49 679 find the quotient ​

Answers

The quotient of the given answer is 0.

Define quotient and remainder.

The divisor is the integer that divides a given number. The quotient is the sum that we arrive at as a result. The residual is the number that the divisor leaves after partially dividing the original integer.

Define Fraction.

Any number of equal parts is represented by a fraction, which also represents a portion of a whole. A fraction, such as one-half, eight-fifths, or three-quarters, indicates how many components of a particular size there are when stated in ordinary English.

On dividing 49 by 679 we will get quotient 0 and remainder 49

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Jacqueline, Kimberly, and Julia collect mechanical pencils. Kimberly owns two less than three times the number of mechanical pencils Jacqueline owns. Julia owns three less mechanical pencils than Jacqueline. Together, the three collectors own a total of 100 mechanical pencils. How many mechanical pencils does Kimberly own? Build a guess and check table, to create an equation. Solve the equation. Show all work. Enter only a number for Kimberly's mechanical pencils.

Answers

The number of mechanical pencils Kimberly own are 61.

What is arithmetic?

In general, the term "arithmetic" (which comes from the Greek word "arithmos," "number") refers to the fundamental concepts of number theory, arts of mensuration (measurement), and numerical computation (that is, the processes of addition, subtraction, multiplication, division, raising to powers, and extraction of roots).

Given:

Jacqueline, Kimberly, and Julia collect mechanical pencils.

Kimberly owns two less than three times the number of mechanical pencils Jacqueline owns.

Julia owns three less mechanical pencils than Jacqueline.

Together, the three collectors own a total of 100 mechanical pencils.

We have to find the number of mechanical pencils Kimberly own.

Let the mechanical pencils of Jacqueline is x.

As Kimberly owns two less than three times the number of mechanical pencils Jacqueline owns.

⇒  The mechanical pencils of Kimberly are 3x - 2

As Julia owns three less mechanical pencils than Jacqueline.

⇒  The mechanical pencils of  Julia are x - 3

The three collectors own a total of 100 mechanical pencils.

⇒  x + (3x - 2) + (x - 3) = 100

                         5x - 5 = 100

                              5x = 105

                                x = 21

⇒ Mechanical pencils does Kimberly own are 3(21) - 2 = 63 - 2 = 61.

Hence, the number of mechanical pencils Kimberly own are 61.

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Find the curvature of r(t) = (3t, t^2, t^3) at the point (3, 1, 1).

Answers

The curvature of r(t) at the point (3,1,1) is 2/3

The curvature of a space curve is given by the formula:

k(t) = |r'(t) x r''(t)| / |r'(t)|^3 where,

r(t) is the position vector of the curver'(t) is the first derivative of r(t) r''(t) is the second derivative of r(t).

r(t) = (3t, t^2, t^3)

r'(t) = (3, 2t, 3t^2)

r''(t) = (0, 2, 6t)

So we can substitute these in the above formula:

k(t) = |(3, 2t, 3t^2) x (0, 2, 6t)| / |(3, 2t, 3t^2)|^3

By cross-product, we get

k(t) = |(6t, -6, -6t^2)| / |(3, 2t, 3t^2)|^3

Now substituting the point (3,1,1) we get

k(t) = |(6(1), -6, -6(1)^2)| / |(3, 2(1), 3(1)^2)|^3 = 6/9 = 2/3

So the curvature of r(t) at the point (3,1,1) is 2/3

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4. The collection of elderly full-time students currently
enrolled at your college

Answers

Therefore , the solution to the given problem of combination comes out to be  1,2,3,4, 5,6,7,8,9 .

What exactly is combination?

Combinations are a method for determining an event overall results where the results' sequence is immaterial. Combinations will be calculated and use the formulae nCr = n! / r! * (n - r)!, were n includes the number of items and r represents the number of things being picked at a time.

Here,

Given: (14) 9,10, 11,12,.., 25

= A group of natural integers between 9 and 25.

(18)

The lowercase letter x follows d and comes before j in the alphabet.

e, f,g, h, I

(22)

the collection of natural numbers below 10.

1,2,3,4, 5,6,7,8,9 .

Therefore, 1, 2, 3, 4, 5, 6, 7, 8, and 9 are the answers to the given combination problem.

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A bag contains 1 green, 4 red, and 5 yellow balls. Two balls, are selected at random. Find the probability of each selection. Express your answers as a percent. Show your work for credit. 20. P (2 red) 21. P (I red and 1 yellow) 22. P (I green and 1 yellow) 23. P (2 green) 24. P (2 yellow and I red)

Answers

The probability of getting 2 reds will be 13.3%.

The probability of a red and a yellow will be 22.2%.

How to calculate the probability?

Probability simply means the chance that a particular thing or event will happen. It is the occurence of likely events. It is simply the area of mathematics that deals with the numerical estimates of the chance that an event will occur or that a particular statement is true

From the information the bag contains 1 green, 4 red, and 5 yellow balls. Two balls, are selected at random.

The probability of getting 2 reds will be:

= 4/10 × 3/9

= 12/90

= 13.3%

The probability of a red and a yellow will be:

= 4/10 × 5/9

= 20/90

= 22.2%

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Select the table that represents a linear function. (Graph them if necessary.)
OA. x 0 1 2 3
y 0136
OB. x 0 1 2 3
y 0149
OC. XO 1 2 3
y 13 9 5 1
OD. x 012 3
y 5797
SUBMIT

Answers

Answer:

Step-by-step explanation:

The table that represents a linear function is ob x 0 1 2 3 y 0149

1. Determine the intervals of the domain over which the function is
continuous.
Select the correct choice below and, if necessary, fill in the answer
box to complete your choice.
OA. The function is continuous on
(Type your answer in interval notation.)
B. The function is not continuous.
10 B AB
br
26-
20-
45
40-
5-
2
50
10
15
20
25
-~
2
-10
4 6
8
X
10

Answers

The given function is continuous over the domain [-3,-2].

If a function f is continuous throughout its whole domain, it is referred to as a continuous function. A point in the domain of a function f at which the function is not continuous is known as the point of discontinuity of the function. is a perpetual function. The only non-zero number in the domain is 2.

Every polynomial function on R and every rational function on its domain are both continuous. Proof. On R, the identity function g(x) = x and the constant function f(x) = 1 are both continuous.

Either a discrete or continuous domain is possible. A discrete function would have x-values that can stand on their own with no surrounding interval.

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Use the Distributive Property to rewrite each algebraic expression.


15(2 + r)

Answers

Using the distributive property, the algebraic expression 15(2 + r) can be rewritten as: 30 + 15r.

How to Use the Distributive Property to Rewrite an Algebraic Expression?

To use the distributive property to rewrite an algebraic expression, you need to multiply the value outside the parentheses by each value inside the parentheses.

For example, if you have the expression "a(b + c)", you would use the distributive property to rewrite it as "ab + ac".

15(2 + r) (given)

15 * 2 + 15 * r

30 + 15r

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Find the sum of the first 7 terms of the
following series, to the nearest integer.

10,4, 8/5,…

Answers

The required sum of the 7 terms in the geometric sequence is 16.6.

What is geometric progression?

Geometric progression is a sequence of series whose ratio with adjacent values remains the same.

Here,
Given geometric series,
10, 4, 8/5 . . . . . .  

Common ratio = 4 / 10 = 2/5

first term = 10

the sum of the first seven terms is given as,
S₇ = a[r⁶ - 1] / r - 1
S₇ = 10[{2/5}⁶ - 1] / {2/5 - 1}
S₇ = 16.6

Thus, the required sum of the 7 terms in the geometric sequence is 16.6.

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Which of the following dot plots would most likely have the highest standard
deviation?

Answers

Option A is the dot plots which would most likely have the highest standard

deviation.

What is Standard deviation?

This is referred to as the measure of the amount of variation or dispersion of a set of values and the one with a higher standard deviation will usually have its average points farther away from the mean which is located at the center while those with a lower  standard deviation will usually have its average points closer to the mean.

From the options provided , option A has a lot of points on 2 and 14 which are further way from the center (mean) and is therefore the reason why it was chosen as the correct choice.

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HOW FAR FROM HOME PLATE
TO SECOND BASE?
The catcher at home plate often needs
to make a quick throw to second base.
According to the measurements shown on
the baseball diamond, the exact distance
is √16,200 feet. How far is that in decimal
form? (Round to the nearest hundredth.)
(Please hurry)

Answers

16200= 127.279 so 127.28 feet :)

Y=-(x+3)^2-3
vertex form to standard form please help

Answers

Therefore , the solution of the given problem of equation comes out to be the vertex (h,k) is  (3,3).

Equation explained

An expression is a mathematical representation of two equal variables , one on each end of a "equals" sign. Typical issues can be resolved using equations. We commonly look to pre algebra for solutions to problems in real life. The fundamental concepts of mathematics are covered in pre-algebra lessons.

Here,

use the vertex form y=a(x-h)2+k to get the values of a, h, and k.

Given : a =1

h=3

k=−3

Discover the vertex (h,k) (3,3).

So, we discovered the vertex of given equation.

Therefore , the solution of the given problem of equation comes out to be the vertex (h,k) is  (3,3).

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