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rate positively ..
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| a debit to cash for $10000 and credit to Bank loan payable for $10000 |
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On November 1. Lee Corporation borrowed $10,000 by Signing a six-month 5%...
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...
Quick Trips Cheap Inc. borrowed $97,000 on October 1 by signing a note payable to Metro...
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...
On November 1, 2021, New Morning Bakery signed a $204,000, 6%, six-month note payable with the...
On November 1, 2021, New Morning Bakery signed a $204,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022. New Morning Bakery should record which of the following adjusting entries at December 31, 2021? (Do not round your intermediate calculations.) Multiple Choice Debit Interest Expense and credit Cash, $2,040. Debit Interest Expense and credit Interest Payable, $2,040. Debit Interest Expense and credit Cash, $6,120. Debit Interest Expense and credit Interest...
Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017, by signing a $57,320, 3-month,...
Brief
Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1,
2017, by signing a $57,320, 3-month, zero-interest-bearing note.
Prepare Ayayai’s November 1, 2017, entry; the December 31, 2017,
annual adjusting entry; and the February 1, 2018, entry. (If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017,...
World Cuisine Restaurant borrowed $100,000 on October 1 by signing a note payable to Town One...
World Cuisine Restaurant borrowed $100,000 on October 1 by signing a note payable to Town One Bank. The interest expense for each month is $625. The loan agreement requires World Cuisine to pay interest on January 2 for October November and December Read the requirements 1. Make World Cuisine Travel's adjusting entry to accrue monthly interest expense at October 31, at November 30, and at December 31, Date each entry and include its explanation (Record debits first, then credits Select...
Fly Away Inc. borrowed $120,000 on October 1 by signing a note payable to Avenue One...
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...
Catherine, Inc. borrowed $62,000 from a bank, depositing those funds in its bank account and signing...
Catherine, Inc. borrowed $62,000 from a bank, depositing those funds in its bank account and signing a formal agreement to repay the loan in two years. What is the correct journal entry for this transaction? Multiple Choice O Debit notes payable and credit cash for $62,000 Credit notes payable and credit cash for $62,000 Debit cash and credit notes payable for $62,000 O Debit notes payable and debit cash for $62,000
On November 30, ABC corporation borrows $79,000 from the bank by signing a 60 day, 8%...
On November 30, ABC corporation borrows $79,000 from the bank by signing a 60 day, 8% note agreement. Round values to 2 decimal places. a) Calculate the maturity date of the note. January 29 b) Calculate the interest that should be accured on this note at December 31st and write the journal entry to record the accrual. Date Description Debit Credit 12/31 Interest Expense Interest Payable to accrue interest on note to bank ToH
Thompson Inc. borrowed 199.000 on October 1 by signing ance payable to Neighbourhood One Bank. The...
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...
A company borrowed money from a bank by signing a three-month note payable in the amount...
A company borrowed money from a bank by signing a three-month note payable in the amount of $15,000 on December 1. The note requires the company to pay interest at an annual rate of 8%. The company records adjusting entries on December 31. The adjusting entry that the company should record for accrued interest on December 31 would include a debit to interest expense for O $100. O $300. O $1,200 O $900. $160.
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...
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...
Brief
Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1,
2017, by signing a $57,320, 3-month, zero-interest-bearing note.
Prepare Ayayai’s November 1, 2017, entry; the December 31, 2017,
annual adjusting entry; and the February 1, 2018, entry. (If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017,...
World Cuisine Restaurant borrowed $100,000 on October 1 by signing a note payable to Town One Bank. The interest expense for each month is $625. The loan agreement requires World Cuisine to pay interest on January 2 for October November and December Read the requirements 1. Make World Cuisine Travel's adjusting entry to accrue monthly interest expense at October 31, at November 30, and at December 31, Date each entry and include its explanation (Record debits first, then credits Select...
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...
Catherine, Inc. borrowed $62,000 from a bank, depositing those funds in its bank account and signing a formal agreement to repay the loan in two years. What is the correct journal entry for this transaction? Multiple Choice O Debit notes payable and credit cash for $62,000 Credit notes payable and credit cash for $62,000 Debit cash and credit notes payable for $62,000 O Debit notes payable and debit cash for $62,000
On November 30, ABC corporation borrows $79,000 from the bank by signing a 60 day, 8% note agreement. Round values to 2 decimal places. a) Calculate the maturity date of the note. January 29 b) Calculate the interest that should be accured on this note at December 31st and write the journal entry to record the accrual. Date Description Debit Credit 12/31 Interest Expense Interest Payable to accrue interest on note to bank ToH
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...
A company borrowed money from a bank by signing a three-month note payable in the amount of $15,000 on December 1. The note requires the company to pay interest at an annual rate of 8%. The company records adjusting entries on December 31. The adjusting entry that the company should record for accrued interest on December 31 would include a debit to interest expense for O $100. O $300. O $1,200 O $900. $160.
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