Scott Distributors has the following transactions related to notes receivable during the last two months of the year. Dec. 1 Loaned $16,000 cash to E. Kinder on a 1-year, 6% note.
16 Sold goods to J. Jones, receiving a $4,800, 60-day, 7% note.
31 Accrued interest revenue on all notes receivable.
Instructions:
Journalize the transactions for Trent Distributors.

Dec 1

Dr Notes Receivable 16,000

Cr Cash 16,000

Dec 16

Dr Notes Receivable 4,800

Cr Sales Revenue 4,800

Dec. 31

Dr Interest Receivable 94

Cr Interest Revenue 94

Explanation:

Preparation of Scott Distributors Journal entry

Since we are told that on Dec. 1 Scott Distributors was tend to Loaned tha amount of $16,000 cash to E. Kinder which was on a 1-year, 6% note this means the transaction will be recorded as:

Dec 1

Dr Notes Receivable 16,000

Cr Cash 16,000

Since we were told that Scott Distributors Sold goods to J. Jones by receiving a sum of $4,800, 60-day, 7% note this means the transaction will be recorded as :

Dec 16

Dr Notes Receivable 4,800

Cr Sales Revenue 4,800

The Accrued interest revenue on all notes receivable transactions will be recorded as:

Dec. 31

Dr Interest Receivable 94

Cr Interest Revenue 94

Computation of interest revenue for E. Kinder note and J. Jones

E.kinder=

The amount of $16,000 *0.06*30/360

= $80

Jones note=

The amount of 4,800 *0.07×15/360

= 14

Total accrued interest (80+14)

$94

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

answer; swot analysis;