Homework Answers
Solution:
| Journal Entries - Willette Company | |||
| Date | Particulars | Debit | Credit |
| 31-Dec | Interest expense Dr ($120,000*10%*3/12) | $3,000.00 | |
| To Interest payable | $3,000.00 | ||
| (To record interest accrued on note) | |||
Add Answer to:
Solve Journal entry please!
Required information Kn On October 1, Willette Company borrowed $120 000 cash...
On October 1. Eder Fabrication borrowed $66 million and issued a nine-month, 8% promissory note. Interest...
On October 1. Eder Fabrication borrowed $66 million and issued a nine-month, 8% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (if no entry is required for a transaction/event, select "No lournal entry required in the first account fleld. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the issuance...
On October 1, Eder Fabrication borrowed $84 million and issued a nine-month, 15% promissory note. Interest...
On October 1, Eder Fabrication borrowed $84 million and issued a nine-month, 15% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December reporting period. (If no entry is required for a transaction/event, select "No journal your answers in whole dollers.) I entry required" in the first account field. Enter View transaction list Journal entry worksheet Record the issuance of the note. Note:...
Ontario Resources, a natural energy supplier, borrowed $80.6 million cash on November 1, 2021. to fund...
Ontario Resources, a natural energy supplier, borrowed $80.6 million cash on November 1, 2021. to fund a geological Survey. The loan was made by Quebec Banque under a short-term financing arrangement Ontario Resources issued a 9-month, 129 promissory note with interest payable at maturity. Ontario Resources' fiscal period is the calendar year Required: 1. Prepare the journal entry for the issuance of the note by Ontario Resources 2. & 3. Prepare the appropriate adjusting entry for the note by Ontario...
On October 1, Eder Fabrication borrowed $63 million and issued a nine-month, 10% promissory note. Interest...
On October 1, Eder Fabrication borrowed $63 million and issued a nine-month, 10% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note 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 whole dollars.) View transaction list Journal entry worksheet Record the issuance...
Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2016, to...
Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2016, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1,...
Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1, 2021, to...
Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1, 2021, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1,...
On October 1, Eder Fabrication borrowed $52 million and issued a nine-month promissory note. Interest was...
On October 1, Eder Fabrication borrowed $52 million and issued a nine-month promissory note. Interest was discounted at issuance at a 10% discount rate. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No ournal entry required" in the first account field. Enter your answers in whole dollars.) We were unable to transcribe...
Ontario Resources, a natural energy supplier, borrowed $79.0 million cash on November 1, 2021. to fund...
Ontario Resources, a natural energy supplier, borrowed $79.0 million cash on November 1, 2021. to fund a geological survey. The loan was made by Quebec Banque under a short-term financing arrangement. Ontario Resources issued a 6-month, 12% promissory note with interest payable at maturity, Ontario Resources fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Ontario Resources 2. & 3. Prepare the appropriate adjusting entry for the note by Ontario...
Knowledge Check 01 On February 1, Armstrong, Inc., borrowed $200,000 cash from First Bank under a...
Knowledge Check 01 On February 1, Armstrong, Inc., borrowed $200,000 cash from First Bank under a noncommitted short-term line of credit arrangement and issued a three-month, 12% promissory note. Prepare the appropriate journal entry dated May 1 for the payment of principal and interest made at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $19 million cash to fund...
On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $19 million cash to fund a geological Survey. The loan was made by Nevada BancCorp under a noncommitted short-term line of credit arrangement Quantum issued a nine-month, 12% promissory note. Interest was payable at maturity. Quantum's fiscal period is the calendar year Required: 1. Prepare the journal entry for the issuance of the note by Quantum Technology 2. & 3. Prepare the appropriate adjusting entry for the note by...
On October 1. Eder Fabrication borrowed $66 million and issued a nine-month, 8% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (if no entry is required for a transaction/event, select "No lournal entry required in the first account fleld. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the issuance...
On October 1, Eder Fabrication borrowed $84 million and issued a nine-month, 15% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December reporting period. (If no entry is required for a transaction/event, select "No journal your answers in whole dollers.) I entry required" in the first account field. Enter View transaction list Journal entry worksheet Record the issuance of the note. Note:...
Ontario Resources, a natural energy supplier, borrowed $80.6 million cash on November 1, 2021. to fund a geological Survey. The loan was made by Quebec Banque under a short-term financing arrangement Ontario Resources issued a 9-month, 129 promissory note with interest payable at maturity. Ontario Resources' fiscal period is the calendar year Required: 1. Prepare the journal entry for the issuance of the note by Ontario Resources 2. & 3. Prepare the appropriate adjusting entry for the note by Ontario...
On October 1, Eder Fabrication borrowed $63 million and issued a nine-month, 10% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note 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 whole dollars.) View transaction list Journal entry worksheet Record the issuance...
Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2016, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1,...
Blanton Plastics, a household plastic product manufacturer, borrowed $28 million cash on October 1, 2021, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) L&T Bank's receivable on October 1,...
On October 1, Eder Fabrication borrowed $52 million and issued a nine-month promissory note. Interest was discounted at issuance at a 10% discount rate. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No ournal entry required" in the first account field. Enter your answers in whole dollars.) We were unable to transcribe...
Ontario Resources, a natural energy supplier, borrowed $79.0 million cash on November 1, 2021. to fund a geological survey. The loan was made by Quebec Banque under a short-term financing arrangement. Ontario Resources issued a 6-month, 12% promissory note with interest payable at maturity, Ontario Resources fiscal period is the calendar year. Required: 1. Prepare the journal entry for the issuance of the note by Ontario Resources 2. & 3. Prepare the appropriate adjusting entry for the note by Ontario...
On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $19 million cash to fund a geological Survey. The loan was made by Nevada BancCorp under a noncommitted short-term line of credit arrangement Quantum issued a nine-month, 12% promissory note. Interest was payable at maturity. Quantum's fiscal period is the calendar year Required: 1. Prepare the journal entry for the issuance of the note by Quantum Technology 2. & 3. Prepare the appropriate adjusting entry for the note by...
Most questions answered within 3 hours.
-
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 41 minutes ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 1 hour ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 2 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 2 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 3 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 5 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 5 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 5 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 5 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 5 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 5 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 5 hours ago