Prepare Journal Entries Without Explanations for the Following Transactions Involving

question 145

Essay

Prepare journal entries without explanations for the following transactions involving notes payable for Gomez Company, whose fiscal year ends June 30..
June 20 Paid a trade account payable with a 90-day, 9 percent $60,000 note. Interest is in addition to the face value.

Gain insight into the historical evolution of business messages and current trends.

Understand the common factors impacting all forms of written communication.

Recognize the distinctions and commonalities between personal and business usage of social media.

Comprehend the evolution and current usage of business letters in professional contexts.

---

Definitions:

Variable Cost

Costs that fluctuate in direct proportion to changes in levels of output or activity within a business.

Fixed Cost

Expenses that do not change in total over a certain range of activity levels or time periods, such as rent, salaries, and equipment leases.

Administrative Expense

Costs associated with the general administration of a business, including salaries of senior executives, legal and financial fees, and other general expenses.

Fixed Cost

Overheads that are not affected by the volume of production or sales, covering rent, employee salaries, and insurance fees.