Homework Answers
| NO. | ASSETS | = | LIABILITIES | + | SHAREHOLDER'S EQUITY | NET INCOME | = | REVENUE | - | EXPENSES | |
| A) | Account payable (3800) | ||||||||||
| Notes payable 3800 | |||||||||||
| B | Interest payable 38 | Interest expenses 38 | |||||||||
| C | Cash (3876) |
Interest payable (38) Notes payable (3800) |
Interest expenses 38 | ||||||||
| Date | Account title and explanation | Debit | Credit |
| Feb. 1 | Accounts payable | 3800 | |
| Notes payable | 3800 | ||
| Mar. 31 | Interest expense (3800 6% x 2/12) | 38 | |
| Interest payable | 38 | ||
| May. 31 | Interest expense (3800 6% x 2/12) | 38 | |
| Interest payable | 38 | ||
| Note payable | 3800 | ||
| Cash | 3876 |
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Proco had an account payable of $3,800 due to Shirmoo Inc., one of its suppliers. The...
Proco had an account payable of $6,200 due to Shirmoo Inc., one of its suppliers. The...
Proco had an account payable of $6,200 due to Shirmoo Inc., one of its suppliers. The amount was due to be paid on January 31. Proco did not have enough cash on hand then to pay the amount due, so Proco's treasurer called Shirmoo's treasurer and agreed to sign a note payable for the amount due. The note was dated February 1, had an interest rate of 6% per annum, and was payable with Interest on May 31 Required: a....
On November 1, Casey's Snowboards signed a $12,000, 90-day, 5% note payable to cover a past due account payable.
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General journal entry options: No Journal Entry Required Accounts Payable Accounts Receivable Ac...
General journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
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Accumulated Depreciation—Equipment
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Accumulated Other Comprehensive Income
Additional Paid-In Capital, Common Stock
Additional Paid-In Capital, Preferred Stock
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Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Bonds Payable
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On August 1, 2020, Amy Industrial exchanged their past due
account payable to Wire Co.
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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...
Please answerPlease answer Geo Inc. had the following account balances on January 1, Year2: Accounts Payable...
Please answerPlease answer
Geo Inc. had the following account balances on January 1, Year2: Accounts Payable Accounts Receivable Cash Common Stock Equlpment Note Payable Retained Earnings S 731 2,400 2,400 20,000 3,300 4,600 4,661 4,900 1,780 Salamies and Wages Expense4 Supplies Required: Prepare jounal entries for each of the following January activities, and post results to the relevant T accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transaction/event,...
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Diane Company completed its first year of operations on December 31. All of the year's entries...
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Required information Account Name Supplies Interest receivable Salaries payable Deferred revenue Account Balance $15, eee @...
Required information Account Name Supplies Interest receivable Salaries payable Deferred revenue Account Balance $15, eee @ Account Name Service revenue Interest revenue Supplies expense Salaries expense Account Balance $147,200 e e 66,300 9,600 1. Supplies remaining at the end of the year. 2. Services remaining to be provided to customers who paid in advance. 3. Employees are owed additional salaries at the end of the year. A note receivable was accepted on March 31. Interest rate on note $ 6,109...
Proco had an account payable of $6,200 due to Shirmoo Inc., one of its suppliers. The amount was due to be paid on January 31. Proco did not have enough cash on hand then to pay the amount due, so Proco's treasurer called Shirmoo's treasurer and agreed to sign a note payable for the amount due. The note was dated February 1, had an interest rate of 6% per annum, and was payable with Interest on May 31 Required: a....
General journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation—Buildings
Accumulated Depreciation—Equipment
Accumulated Depreciation—Vehicles
Accumulated Other Comprehensive Income
Additional Paid-In Capital, Common Stock
Additional Paid-In Capital, Preferred Stock
Additional Paid-In Capital, Treasury Stock
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Bonds Payable
Building
Cash
Cash Equivalents
Cash Overage
Cash Shortage
Charitable Contributions Payable
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Discount on Bonds Payable...
On August 1, 2020, Amy Industrial exchanged their past due
account payable to Wire Co.
F H j к M 0 P Question 12 On August 1, 2020, Amy Industrial exchanged their past due account payable to Wire Co. with a 180-day, 5%, $96,000 note payable to extend payment terms. (10 marks) a) Prepare the journal entry for Amy Industrial record the exchange of the account payable with the note payable on August 1, 2020. b) Prepare the journal entry...
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...
Please answerPlease answer
Geo Inc. had the following account balances on January 1, Year2: Accounts Payable Accounts Receivable Cash Common Stock Equlpment Note Payable Retained Earnings S 731 2,400 2,400 20,000 3,300 4,600 4,661 4,900 1,780 Salamies and Wages Expense4 Supplies Required: Prepare jounal entries for each of the following January activities, and post results to the relevant T accounts. Compute the ending balance of each T-account. Beginning balances have been entered. (If no entry is required for a transaction/event,...
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing's 2021 financial statements were issued on April 1, 2022. Accounts receivable Accounts payable 10% notes, payable to bank Mortgage note payable $ 94,000 39,000 690,000 1,320,000 Other information: a. The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest at a rate of 10%, payable at maturity. b. The mortgage...
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Required information Account Name Supplies Interest receivable Salaries payable Deferred revenue Account Balance $15, eee @ Account Name Service revenue Interest revenue Supplies expense Salaries expense Account Balance $147,200 e e 66,300 9,600 1. Supplies remaining at the end of the year. 2. Services remaining to be provided to customers who paid in advance. 3. Employees are owed additional salaries at the end of the year. A note receivable was accepted on March 31. Interest rate on note $ 6,109...
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