Homework Answers
Journal entries:
| Date | Account title | Debit | Credit |
|---|---|---|---|
| June 1 |
cash Notes payable |
$90000 . |
. $90000 |
| June 30 |
interest expenses ($90000 x 8% x (1/12) Interest payable |
$600 . |
. $600 |
| December 1 |
notes payable interest payable ($90000 x 8% x (6/12) Cash |
$90000 $3600 . |
. . $93600 |
total interest expenses for 6 months = $90000 x 8% x (6/12)
= $3600
Add Answer to:
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On June 1, Merando Company borrows $90,000 from First Bank on a
6-month, $90,000, 8% note.
Prepare the entry on June 1. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the adjusting entry on June 30. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit...
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help Kelly Jones and Tami Crawford borrowed $13,200 on a 7-month, 5% note from Gem State...
help
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On April 1, Carla Vista Company borrows $110,000 from West Bank by signing a 6-month, 8%,...
On April 1, Carla Vista Company borrows $110,000 from West Bank
by signing a 6-month, 8%, interest-bearing note.
Prepare the necessary entries below associated with the note
payable on the books of Carla Vista Company.
Prepare the entry on April 1 when the note was issued.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
April 1
enter an account title
enter a debit amount
enter a...
On June 1, Merando Company borrows $90,000 from First Bank on a
6-month, $90,000, 8% note.
Prepare the entry on June 1. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the adjusting entry on June 30. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit...
Exercise 10-03 On June 1, Crane Company Ltd. borrows $99,000 from Acme Bank on a 6-month, $99,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is...
On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000, 8% note. Prepare the entry on June 1. (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 adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 Prepare the entry at maturity...
Exercise 10-03 On June 1, Cullumber Company Ltd. borrows $72,000 from Acme Bank on a 6-month, $72,000, 4% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is...
Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, JC's Coffee House. The money was borrowed on June 1, 2017, and the ne 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.) Debit Credit Date Account Titles and Explanation 26000 June 1 Notes Payable 910 Interest Payable...
Kelly Jones and Tami Crawford borrowed $25,500 on a 7-month, 4% 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.) Date Account Titles and Explanation Debit Credit June 1 eTextbook and Media List of Accounts...
help
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On April 1, Carla Vista Company borrows $110,000 from West Bank
by signing a 6-month, 8%, interest-bearing note.
Prepare the necessary entries below associated with the note
payable on the books of Carla Vista Company.
Prepare the entry on April 1 when the note was issued.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
April 1
enter an account title
enter a debit amount
enter a...
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