Homework Answers
ANSWER
| Balance Sheet | Income Statement | |||||
| Date | Assets | Liabilities | Stockholders' Equity | Revenue | Expenses | Net Income |
| Note 1 | ||||||
| April 1 (current year) | +30000 | |||||
| April 1 (current year) | -30000 | |||||
| December 31 (current year) | +2250 | +2250 | +2250 | +2250 | ||
| March 31 (next year) | +33000 | +750 | +750 | |||
| March 31 (next year) | -32250 | |||||
| Note 2 | ||||||
| August 1 (current year) | +30000 | +30000 | ||||
| December 31 (current year) | +1500 | -1500 | +1500 | -1500 | ||
| January 31 (next year) | -31800 | -31500 | -300 | +300 | -300 | |
Working:
The journal entries will be:
| Date | General Journal | Debit | Credit |
| Note 1 | |||
| Apr. 1 | Notes receivable | 30000 | |
| Accounts receivable | 30000 | ||
| Dec. 31 | Interest receivable ($30000 x 10% x 9/12) | 2250 | |
| Interest revenue | 2250 | ||
| Mar. 31 | Cash | 33000 | |
| Notes receivable | 30000 | ||
| Interest receivable | 2250 | ||
| Interest revenue ($30000 x 10% x 3/12) | 750 | ||
| Note 2 | |||
| Aug. 1 | Cash | 30000 | |
| Notes payable | 30000 | ||
| Dec. 31 | Interest expense ($30000 x 12% x 5/12) | 1500 | |
| Interest payable | 1500 | ||
| Jan. 31 | Notes payable | 30000 | |
| Interest payable | 1500 | ||
| Interest expense ($30000 x 12% x 1/12) | 300 | ||
| Cash | 31800 | ||
_____________________________________________
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