On may 22, jarrett company borrows $7,500 from fairmont financing, signing a 90-day, 8%, $7,500 note. what is the journal entry needed to record the transaction by jarrett company? multiple choice debit cash $7,500; credit notes payable $7,500. debit notes receivable $7,500; credit cash $7,500. debit cash $7,650; credit notes payable $7,650. debit cash $7,500; credit accounts payable $7,500. debit accounts payable $7,500; credit notes payable $7,500.

Yang corporation starts a foreign subsidiary on january 1 by investing 20,000 rand. yang owns all of the shares of the subsidiary’s common stock. the foreign subsidiary generates 40,000 rand of net income throughout the year and pays no dividends. the rand is the foreign subsidiary’s functional currency. currency exchange rates for 1 rand are as follows: lo 10-3 january $0.25 = 1 rand average for the 0.28 = 1 december 0.31 = 1 in preparing consolidated financial statements, what translation adjustment will yang report at the end of the current year? a. $400 positive (credit). b. $1,000 positive (credit). c. $1,400 positive (credit). d. $2,400 positive (credit). hoyle, joe ben; hoyle, joe ben. advanced accounting (page 513). mcgraw-hill higher education. kindle edition.