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On December 1, Milton Company borrowed $460,000, at 9% annual interest, from the Tennessee National Bank....
On September 1, Kennedy Company loaned $115,000, at 12% annual interest, to a customer Interest and...
On September 1, Kennedy Company loaned $115,000, at 12% annual interest, to a customer Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? Multiple Choice Debit Cash, $4,600; credit Interest Revenue. 54,600. Debit interest Receivable, 4600, credit interest Revenue, $4,600. o Debit interest Expense, $4,600; credit...
Borrower Company borrowed $100,000 from Bank B on May 1 of Year 1. The annual interest...
Borrower Company borrowed $100,000 from Bank B on May 1 of Year 1. The annual interest rate on the loan is 12%. Borrower Company will repay the entire loan, both principal and accrued interest, after one year on April 30 of Year 2. So, Borrower Company will pay NO CASH to Bank B between May 1 of Year 1 and April 30 of Year 2. Which ONE of the following is included in the books of Borrower Company to record...
Leonard Fournette Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual...
Leonard Fournette Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual interest rate note payable on November 1, 2017. Fournette maintains their accounting records on a calendar year ending December 31, and prepares adjusting journal entries only at year-end. The journal entry to record payment of the note to Jaguar National Bank on May 1, 2018 would include
On January 1, Year 1. Stratton Company borrowed $250,000 on a 10-year, 9% installment note payable....
On January 1, Year 1. Stratton Company borrowed $250,000 on a 10-year, 9% installment note payable. The terms of the note require Stratton to pay 10 equal payments of $38.955 each December 31 for 10 years. The required general journal entry to record the payment on the note on December 31, Year 2 is: Multiple Choice Debit Notes Payable $22.500, debit interest Expense $16,455; credit Cash $38,955. Debit interest Expense $22,500; debit Notes Payable $16,455; credit Cash $38,955. Multiple Choice...
On September 1, Sapphire Company loaned $120,000, at 10% annual interest, to a customer. $12,000 of...
On September 1, Sapphire Company loaned $120,000, at 10% annual interest, to a customer. $12,000 of interest and and $120,000 principal will be collected when the loan matures one year from the issue date. $4,000 of interest had been earned by December 31. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Sapphire would need to make on December 31, the calendar year-end?
On September 1, Sapphire Company loaned $120,000, at 10% annual interest, to a customer. $12,000 of...
On September 1, Sapphire Company loaned $120,000, at 10% annual interest, to a customer. $12,000 of interest and and $120,000 principal will be collected when the loan matures one year from the issue date. $4,000 of interest had been earned by December 31. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Sapphire would need to make on December 31, the calendar year-end?
Brief Exercise 10-4 Fischer Company borrowed $47,280 from National bank on August 1 for three months;...
Brief Exercise 10-4 Fischer Company borrowed $47,280 from National bank on August 1 for three months; 5% interest is payable the first of each month, starting September 1. Fischer's year end is September 30 and the company records adjusting entries only at that time. Your answer is correct. Prepare a journal entry to record the receipt of the bank loan on August 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
Question 38 2 pts Rotten Company borrowed $50,000 from the bank by signing a 6%, 3-month...
Question 38 2 pts Rotten Company borrowed $50,000 from the bank by signing a 6%, 3-month note on September 1. Principal and interest are payable to the bank on December 1. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on September 30 would be T А 1 debit Cash, $750; credit Interest Payable. $750 debit Interest Expense, $3,000; credit Interest Payable, $3,000 debit Note Payable, $3,000 credit Cash, $3,000 debit Interest...
Question 2 0.56/1 Romez Limited borrowed $ 68,640 from National bank on July 1 for three...
Question 2 0.56/1 Romez Limited borrowed $ 68,640 from National bank on July 1 for three months: 5% nterestis payable the first of each month, starting August 1 Rome's year end is August 31 and the company records adjusting entries only at that time Your answer is partially correct Prepare a journal entry to record the receipt of the bank loan on July 1.(Credit account titles are automatically indented when the amount is entered. Do not indent manually Date Account...
On September 1, Kennedy Company loaned $115,000, at 12% annual interest, to a customer Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? Multiple Choice Debit Cash, $4,600; credit Interest Revenue. 54,600. Debit interest Receivable, 4600, credit interest Revenue, $4,600. o Debit interest Expense, $4,600; credit...
Borrower Company borrowed $100,000 from Bank B on May 1 of Year 1. The annual interest rate on the loan is 12%. Borrower Company will repay the entire loan, both principal and accrued interest, after one year on April 30 of Year 2. So, Borrower Company will pay NO CASH to Bank B between May 1 of Year 1 and April 30 of Year 2. Which ONE of the following is included in the books of Borrower Company to record...
Leonard Fournette Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual interest rate note payable on November 1, 2017. Fournette maintains their accounting records on a calendar year ending December 31, and prepares adjusting journal entries only at year-end. The journal entry to record payment of the note to Jaguar National Bank on May 1, 2018 would include
On January 1, Year 1. Stratton Company borrowed $250,000 on a 10-year, 9% installment note payable. The terms of the note require Stratton to pay 10 equal payments of $38.955 each December 31 for 10 years. The required general journal entry to record the payment on the note on December 31, Year 2 is: Multiple Choice Debit Notes Payable $22.500, debit interest Expense $16,455; credit Cash $38,955. Debit interest Expense $22,500; debit Notes Payable $16,455; credit Cash $38,955. Multiple Choice...
Brief Exercise 10-4 Fischer Company borrowed $47,280 from National bank on August 1 for three months; 5% interest is payable the first of each month, starting September 1. Fischer's year end is September 30 and the company records adjusting entries only at that time. Your answer is correct. Prepare a journal entry to record the receipt of the bank loan on August 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
Question 38 2 pts Rotten Company borrowed $50,000 from the bank by signing a 6%, 3-month note on September 1. Principal and interest are payable to the bank on December 1. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on September 30 would be T А 1 debit Cash, $750; credit Interest Payable. $750 debit Interest Expense, $3,000; credit Interest Payable, $3,000 debit Note Payable, $3,000 credit Cash, $3,000 debit Interest...
Question 2 0.56/1 Romez Limited borrowed $ 68,640 from National bank on July 1 for three months: 5% nterestis payable the first of each month, starting August 1 Rome's year end is August 31 and the company records adjusting entries only at that time Your answer is partially correct Prepare a journal entry to record the receipt of the bank loan on July 1.(Credit account titles are automatically indented when the amount is entered. Do not indent manually Date Account...
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