Assume that part of accounts and other receivables on Thompson Toys' February 2, 2010, balance sheet is comprised of $43,225,000 of notes receivable. Two notes make up the amount. The first note has a face value of $30,000,000 and bears interest at 7 percent for 90 days. The second note has a face value of $13,225,000 and bears interest at 9 percent for 120 days. Record the journal entry for the collection of the 7 percent note on May 3 and the dishonor of the 9 percent note on June 2. (Omit explanations; assume no interest had been accrued; amounts rounded to nearest dollar.)
Definitions:
Wages
Payments made to employees based on the hours worked or the output produced; it is the price of labor.
Salaries
Fixed regular payments made by employers to employees, typically on a monthly or biweekly basis, in exchange for the professional services rendered.
GDP
The Gross Domestic Product calculates the full monetary or market price of all the finished commodities and amenities created within a country for a particular time window.
GDP Deflator
A yardstick for the cost measures of all new, nationally manufactured, final goods and services in an economy.
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