Sheridan company receives a $27000, 3-month, 8% promissory note from pharoah company in settlement of an open accounts receivable. what entry will sheridan company make upon receiving the note?

Note Receivable debit 27,000

Account receivable credit 27,000

Explanation:

It will write-off the account and transfer the balance of Pharoah Company account to the notes receivable to represent the change in the conditions.

The interest will be accrued once times past. They are not relevant at the moment of recording the note in the accounting.

The interest entries will be done at end of the month, end of the accounting cycle or at the moment of honor the note.

the investment was $14,174.196

explanation:

a lump sum means that the father of the example made one deposit and leave it be.

we need to know the value of a capital that generated at 4.05% per year during 28 years the sum of $48,613.24

now clearing the formula to solve for capital we got:

and we reach the answer investment = $14,174.20

answer(b); ; ; the quantitative or qualitative variable for which the experimenter wishes to determine how its value is affected by the explanatory variable;