According to the following transactions in a company, identify, at least, the two accounts involved in...
According to the following transactions in a company, identify, at least, the two accounts involved in the transaction and state which account have to be debited and which one credited marking a cross in the right column.
Jesse Company adjusts its accounts monthly and closes its accounts on December 31. On October 31, 2015, Jesse Company signed a note payable and borrowed $150,000 from a bank for a period of six months at an annual interest rate of 6 percent to be paid at maturity.
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1 |
Transaction |
Accounts |
Dr. |
Cr. |
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Prepare the journal entry to record issuance of the note payable on October 31, 2015. |
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2 |
Transaction |
Accounts |
Dr. |
Cr. |
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Prepare the adjusting entry to accrue interest on the note at December 31, 2015. |
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According to the following transactions in a company, identify,
at least, the two accounts involved in...
Trying to solve for B and E. Jesse Company adjusts its accounts monthly and closes its...
Trying to solve for B and E.
Jesse Company adjusts its accounts monthly and closes its accounts on December 31. On October 31, year 1, Jesse Company signed a note payable and borrowed $120,000 from a bank for a period of six months at an annual interest rate of 6 percent. a. How much is the total interest expense over the life of the note? How much is the monthly interest expense? (Assume equal amounts of interest expense each month.)...
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e bottom of the question box as your submitted answer to that tion. Question 2 22...
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Trying to solve for B and E.
Jesse Company adjusts its accounts monthly and closes its accounts on December 31. On October 31, year 1, Jesse Company signed a note payable and borrowed $120,000 from a bank for a period of six months at an annual interest rate of 6 percent. a. How much is the total interest expense over the life of the note? How much is the monthly interest expense? (Assume equal amounts of interest expense each month.)...
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e bottom of the question box as your submitted answer to that tion. Question 2 22 pts On October 1, 2015, Newco borrowed $200,000 from First National Bank, and signed a 12% note payable due in one year. Interest on the note is due at maturity. Required: Please show calculations Part a. Prepare the journal entry to record the borrowing transaction. Part b. Prepare the required adjusting entry on December 31, 2015. Part c. Prepare the journal entry to record...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $99,000 to another company. A note was signed with principal and 10% Interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $12,000 representing rent for the months of November through January Prepaid rent was debited. 3. On August 1, 2021, collected $18,000 in advance rent from another company that is renting a...
The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $92,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022 2. On November 1, 2021, the company paid its landlord $9,900 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $15,900 in advance rent from another company that is renting a...
2) The following transactions occurred during 2020, for the Miller Company. A. A two-year fire insurance policy was purchased on July 1. 2020, for $20,000. The company debited prepaid insurance for the entire amount B. On October 1, 2020, the company lent $120.000 to another company. A note was signed with principal and 10% interest to be paid on June 30, 2021. C. On November 1, 2020, the company borrowed $400,000 from a bank. The note requires principal and interest...
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