Homework Answers
Since borrowings have been made;cash balance(asset) would increase while liability on account of paying such borrowing in two years would increase also.
Journal:
Cash a/c...Dr $62000
To notes payable $62000
Hence the correct option is:
Debit cash and credit notes payable for $62000
Add Answer to:
Catherine, Inc. borrowed $62,000 from a bank, depositing those funds in its bank account and signing...
During the month, a company enters into the following transactions: Borrows $5,250 of cash from the...
During the month, a company enters into the following
transactions:
Borrows $5,250 of cash from the bank by signing a formal
agreement to repay the loan in 2 years.
Buys $5,500 of new equipment on account.
Pays off $3,500 of accounts payable.
Pays off $1,750 of notes payable.
Required:
Show the effect of these transactions on the basic accounting
equation.
Prepare the journal entries that would be used to record the
transactions.
Required A Required B Show the effect of...
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which answer is correct?? On November 1. Lee Corporation borrowed $10,000 by Signing a six-month 5%...
which answer is correct??
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Question 38 2 pts Rotten Company borrowed $50,000 from the bank by signing a 6%, 3-month...
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During the month, a company enters into the following
transactions:
Borrows $5,250 of cash from the bank by signing a formal
agreement to repay the loan in 2 years.
Buys $5,500 of new equipment on account.
Pays off $3,500 of accounts payable.
Pays off $1,750 of notes payable.
Required:
Show the effect of these transactions on the basic accounting
equation.
Prepare the journal entries that would be used to record the
transactions.
Required A Required B Show the effect of...
Notes Payable 1. On May 5, a company borrowed $60,000 from its bank by signing a 90-day, 9% note payable. 2. On September 15, a company borrowed $75,000 from its bank by signing a 60-day, 6% note payable. Determine the maturity date for each note. 1. Prepare journal entries to record the issuance of the notes payable. 2. Prepare journal entries to record the payment of the notes at maturity. Show your work. 1. Issuance Date Account Debit Credit 2....
which answer is correct??
On November 1. Lee Corporation borrowed $10,000 by Signing a six-month 5% bank loan payable. On this date, how should the corporation have recorded this transaction in its accounting records? a debit to Interest Expense for $10,000 and a credit to Cash for $10,000 a debit to Cash for $10,000 and a credit to Bank Loan Payable for $10,000 • a debit to interest Expense for $250, a debit to Cash for $9,750, and a credit...
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...
Thompson Inc. borrowed 199.000 on October 1 by signing ance payable to Neighbourhood One Bank. The rest expense for each month is $330. The loan agreement s Thompson is to pay interest on December 31 1. 2. 3. Make Thompson 's adjusting entry to cou r t expense and interest gyobi Odober 31. November 30 and at December 31 Date each entry and includes explanation Post all three nines to the Payable account. You need to take the balance of...
Aug 15 22 28 29 31 Borrowed $59,000 from the bank, signing a note payable. Performed services on account for clients totaling $17,000. Received $16,000 cash on account from clients. Received and paid a utility bill of $1,900. Paid monthly salaries of $11,500 to employees On August 15, Oscar Roberts borrowed $59,000 from the bank, signing a note payable. (Record debits first, then credits. Selec Journal Entry Accounts and Explanations Date Debit Credit Aug
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, 2018, ABC Company borrowed $900,000 on a bank note for 8 months. The bank discounted the note at 5%. The journal entry to record this loan would include a: 5. A. debit to interest expense for $30,000 B. debit to discount on notes payable for $45,000 C. credit to notes payable for $870,000 D. credit to notes payable for $930,000 E. debit to cash for $870,000
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