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B. $52,500 C. $48,500 D. $47,500 A $20,000, 9%, 3-month note payable was issued on November...
The journal entry to pay off a 6 month note payable issued on October 1, 2019,...
The journal entry to pay off a 6 month note payable issued on October 1, 2019, where the correct adjusting journal entry was recorded on December 31, and due on April 1, 2020 would include a: A. Credit to notes payable B. Debit to interest payable C. Credit to interest expense D. Debit to cash
A $20,000, 3-month, 8% note payable was issued on November 1, 2015. The amount of accrued...
A $20,000, 3-month, 8% note payable was issued on November 1, 2015. The amount of accrued interest on December 31, 2015 is
Fly Away Inc. borrowed $120,000 on October 1 by signing a note payable to Avenue One...
Fly Away Inc. borrowed $120,000 on October 1 by signing a note payable to Avenue One Bank. The interest expense for each month is $600. The loan agreement requires Fly Away Inc. to pay interest on December 31. 1. 2. Make Fly Away Inc.'s adjusting entry to accrue interest expense and interest payable at October 31, at November 30, and at December 31. Date each entry and include its explanation. Post all three entries to the Interest Payable account. You...
On November 1, Bahama Cruise Lines borrows $3 million and issues a six-month, 6% note payable....
On November 1, Bahama Cruise Lines borrows $3 million and issues a six-month, 6% note payable. Interest is payable at maturity. Record the issuance of the note and the appropriate adjustment for interest expense at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) For this assignment...
Quick Trips Cheap Inc. borrowed $97,000 on October 1 by signing a note payable to Metro...
Quick Trips Cheap Inc. borrowed $97,000 on October 1 by signing a note payable to Metro One Bank. The interest expense for each month is $445. The loan agreement requires Quick Trips Cheap Inc. to pay interest on December 31. 1. Make Quick Trips Cheap Inc.'s adjusting entry to accrue interest expense and interest payable at October 31, at November 30, and at December 31. Date each entry and include its explanation. 2. Post all three entries to the Interest...
On September 1, Sky Mountain Co borrowed $51,000 on a 8% , 9-month note payable to...
On September 1, Sky Mountain Co borrowed $51,000 on a 8% , 9-month note payable to Coast National Bank. Given no previous adjusting entries have been recorded, Sky Mountain's adjusting entry four months later at December 31 would include a Multiple Choice debit to Interest Expense of $4.080 debit to Interest Expense of $1.020 debit to Interest Expense of $3,060 debit to Interest Expense of $1360 Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares...
On November 1, 2021, New Morning Bakery signed a $204,000, 6%, six-month note payable with the...
On November 1, 2021, New Morning Bakery signed a $204,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022. New Morning Bakery should record which of the following adjusting entries at December 31, 2021? (Do not round your intermediate calculations.) Multiple Choice Debit Interest Expense and credit Cash, $2,040. Debit Interest Expense and credit Interest Payable, $2,040. Debit Interest Expense and credit Cash, $6,120. Debit Interest Expense and credit Interest...
A $40,000, four-month, 6.5% note payable was issued on October 1, 2015. Which of the following...
A $40,000, four-month, 6.5% note payable was issued on October 1, 2015. Which of the following would be included in the journal entry required on the note's maturity date by the borrower? a debit to Interest expense for $217 a debit to Interest payable for $217 a credit to Cash for $40,000 a credit to Note payable for $40,867
July 1 Orcas ab issued a $180,000.13%, month note. Interest is payable at maturity. What is...
July 1 Orcas ab issued a $180,000.13%, month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30 On September 30
On July 1, Orcas Lab issued a $320,000, 12%, 8-month note. Interest is payable at maturity....
On July 1, Orcas Lab issued a $320,000, 12%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30? December 31 September 30
Fly Away Inc. borrowed $120,000 on October 1 by signing a note payable to Avenue One Bank. The interest expense for each month is $600. The loan agreement requires Fly Away Inc. to pay interest on December 31. 1. 2. Make Fly Away Inc.'s adjusting entry to accrue interest expense and interest payable at October 31, at November 30, and at December 31. Date each entry and include its explanation. Post all three entries to the Interest Payable account. You...
Quick Trips Cheap Inc. borrowed $97,000 on October 1 by signing a note payable to Metro One Bank. The interest expense for each month is $445. The loan agreement requires Quick Trips Cheap Inc. to pay interest on December 31. 1. Make Quick Trips Cheap Inc.'s adjusting entry to accrue interest expense and interest payable at October 31, at November 30, and at December 31. Date each entry and include its explanation. 2. Post all three entries to the Interest...
On September 1, Sky Mountain Co borrowed $51,000 on a 8% , 9-month note payable to Coast National Bank. Given no previous adjusting entries have been recorded, Sky Mountain's adjusting entry four months later at December 31 would include a Multiple Choice debit to Interest Expense of $4.080 debit to Interest Expense of $1.020 debit to Interest Expense of $3,060 debit to Interest Expense of $1360 Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares...
July 1 Orcas ab issued a $180,000.13%, month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30 On September 30
On July 1, Orcas Lab issued a $320,000, 12%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30? December 31 September 30
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