QUESTION 3 Jan 31, 2018 a company borrowed a 2% $1000 one-year note payable. Show the...
QUESTION 3 Jan 31, 2018 a company borrowed a 2% $1000 one-year note payable. Show the journal entry for 2019.
Homework Answers
| Account | Debit | Credit |
|---|---|---|
| Notes payable | 1000 | |
| Interest expense | 18.33 | |
| Interest payable | 1.67 | |
| Cash | 1020 |
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QUESTION 3 Jan 31, 2018 a company borrowed a 2% $1000 one-year
note payable. Show the...
QUESTION 2 Jan 31, 2018 a company borrowed a 2% $1000 one-year note payable. Show both...
QUESTION 2 Jan 31, 2018 a company borrowed a 2% $1000 one-year note payable. Show both journal entries for 2018.
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Required information M10-6 Recording a Note Payable [LO 10-2] (The following information applies to the questions...
Required information M10-6 Recording a Note Payable [LO 10-2] (The following information applies to the questions displayed below.) Greener Pastures Corporation borrowed $1,850,000 on November 1, 2018. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2019. (a) The note issued on November 1. (b) The interest accrual on December 31. M10-6 Part 2 2. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event,...
On October 31, 2018, Tucker Co. borrowed $16,000 on a one-year, 12 percent note payable. What amounts would Tucker Co. report for the note payable and the related interest payable on its balance sheet at January 31, 2019, and on its income statement for the year ended January 31, 2019? Start by selecting the accounts and entering the amounts relating to the note payable on the partial balance sheet. Tucker Co. Balance Sheet (partial) January 31, 2019 Assets Liabilities (Partial)...
The Gaynor Company had the following transactions involving notes payable during 2019. 7 Jan. 15 Purchased office equipment from Corporate Outfitters and issued a 180- day, 10 percent note for $21,000. Apr. 10 Borrowed $14,000 at 12 percent from the Guarantee Bank by discounting a 60-day note payable. June 9 Paid the note due Guarantee Bank. July 14 Paid the note due Corporate Outfitters. Prepare the entries in general journal form to record these transactions. (Assume 360 days in a...
On June 1, Edison, Inc. borrowed $24,000 on a one-year Note Payable with an interest rate of 10% per year. It will repay the principal and interest at the end of the one-year period. The company makes accrual adjustments at the end of each month. Prepare the appropriate adjusting journal entry related to the note at the end of the first month. Include the date...omit the explanation. Show your work for all calculated numbers and label your numbers. 1 i-...
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