Homework Answers
Solution:
| Event | Assets | + | Liabilities | + | Stockholder equity | |||||||||
| Retained Earnings | ||||||||||||||
| Cash | Notes Payable | + | Interest Payable | + | Common stock | + | Revenue | - | Expenses | - | Dividend | |||
| (a) June 1, 2017 | $11,143.00 | $11,143.00 | ||||||||||||
| (b) June 30, 2017 | $65.00 | $65.00 | Interest expense | |||||||||||
| (d) Jan 1, 2018 | -$11,598.00 | -$11,143.00 | -$65.00 | $390.00 | Interest expense | |||||||||
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ВАСК Exercise 8-1 (Part Level Submission) Terri Martinez and Tammy Smith borrowed $11,143 on a 7-month,...
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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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7-month, 4% 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.
(a) Prepare a tabular summary to record the receipt of the
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(b) Prepare a tabular summary to accrue the interest on June
30.
(d) Prepare a tabular summary to record the repayment of the
loan on January 1,...
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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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