On September 1, Draper Company borrowed $180,000 from Dixion County Bank on a 6-month, 8% note....
On September 1, Draper Company borrowed $180,000 from Dixion County Bank on a 6-month, 8% note.
question: On December 31, Draper Company accrued interest (assume adjusting entries are only made at the end of the year).
how do i Journalize this.
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On September 1, Draper Company borrowed $180,000 from Dixion
County Bank on a 6-month, 8% note....
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.
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2. Prepare the necessary journal entries for the following transactions:(a) On September 1, Cole Company borrowed $150,000 from National Bank on a 6-month, 8% note.(b) On December 31, Cole Company accrued interest (assume adjusting entries are only made at the end of the year).
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Kelly Jones and Tami Crawford borrowed $15,750 on a 7-month, 8% note from Gem State Bank...
Kelly Jones and Tami Crawford borrowed $15,750 on a 7-month, 8%
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Prepare the entry to record the receipt of the funds from the
loan. (Credit account titles are automatically indented
when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
Prepare the entry to accrue the...
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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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Leonard Fournette Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual interest rate note payable on November 1, 2017. Fournette maintains their accounting records on a calendar year ending December 31, and prepares adjusting journal entries only at year-end. The journal entry to record payment of the note to Jaguar National Bank on May 1, 2018 would include
Kelly Jones and Taml Crawford borrowed $24,000 on a 7-month, 8% note from Gem State Bank to open their business, Sunland's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 1 Prepare the entry to accrue the...
Kelly Jones and Tami Crawford borrowed $15,750 on a 7-month, 8%
note from Gem State Bank to open their business, JC’s Coffee House.
The money was borrowed on June 1, 2017, and the note matures
January 1, 2018.
Prepare the entry to record the receipt of the funds from the
loan. (Credit account titles are automatically indented
when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
Prepare the entry to accrue the...
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