Homework Answers
| Assets | = | Liabilities | Stockholders Equity | |||||||||||
| Retained Earnings | ||||||||||||||
| Cash | = | Notes payable | + | Interest payable | + | Common stock | + | Revenue | - | Expense | - | Dividend | ||
| a. | $68,400 | $68,400 | ||||||||||||
| b. | 2,052 | 2,052 | Interest expense | |||||||||||
Interest expense = $68,400*6%*6/12 = $2,052
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Briel Exercise 8-2 Oriole Company borrows $68,400 on July 1 from the bank by signing a...
Cullumber Company borrows $73,200 on July 1 from the bank by signing a $73,200,9%, 1-year note...
Cullumber Company borrows $73,200 on July 1 from the bank by signing a $73,200,9%, 1-year note payable. Prepare a tabular summary to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end the year. Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, ploce a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was...
Brief Exercise 8-2 Sheridan Company borrows $61,200 on July 1 from the bank by signing a...
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Question 10 View Policies Current Attempt in Progress Crane Company borrows $63,600 on July 1 from...
Question 10 View Policies Current Attempt in Progress Crane Company borrows $63,600 on July 1 from the bank by signing a $63,600,6%, 1-year note payable. Prepare a tabular summary to record(a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the...
Oriole Company borrows $93,600 on July 1 from the bank by signing a $93,600,7%, 1-year note payable.
Oriole Company borrows $93,600 on July 1 from the bank by signing a $93,600,7%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
Oriole Company borrows $93,600 on July 1 from the bank by signing a $93,600,7%, 1-year note payable.
Oriole Company borrows $93,600 on July 1 from the bank by signing a $93,600,7%, 1-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable. Prepare the journal...
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A partial tabular summary for Metlock, Inc. on March 31 of the current year includes the...
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Current Attempt in Progress A partial tabular summary for Metlock, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Assets Liabilities + Stockholders' Equity Acc. Depr: Int. Unearn. Rent Com. Reatined Earnings Supplies + Prepaid Insurance + Equip. - Equip - Pay. + Notes Pay. + Rev. + Stock + Rev.. Exp. Div Bal. 3,640 2,700 28,900 -8,670 0 18,100 11,250 An analysis of the accounts shows the following 1....
Oriole Company, opened an incorporated dental practice on January 1, 2022. During the first month of...
Oriole Company, opened an incorporated dental practice on
January 1, 2022. During the first month of operations, the
following transactions occurred.
1.
Performed services for patients who had dental plan insurance.
At January 31, $878 of such services were completed but not yet
billed to the insurance companies.
2.
Utility expenses incurred but not paid prior to January 31
totaled $522.
3.
Purchased dental equipment on January 1 for $92,800, paying
$23,200 in cash and signing a $69,600, 3-year note...
Exercise 8-4 During the month of March, Oriole Company's employees earned wages of $76,000. Withholdings related...
Exercise 8-4 During the month of March, Oriole Company's employees earned wages of $76,000. Withholdings related to these wages were $5,814 for Social Security (FICA), $8,906 for federal income tax, $3,681 for state income tax, and $475 for union dues. The company incurred no cost related to these earnings for fed unemployment tax but incurred $831 for state unemployment tax. (a) Prepare a tabular summary to record salaries and wages expense and salaries and wages payable on March 31. Assume...
Cullumber Company borrows $73,200 on July 1 from the bank by signing a $73,200,9%, 1-year note payable. Prepare a tabular summary to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end the year. Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, ploce a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was...
Brief Exercise 8-2 Sheridan Company borrows $61,200 on July 1 from the bank by signing a $61,200, 6%, 1-year note payable. Prepare a tabular summary to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability...
Question 10 View Policies Current Attempt in Progress Crane Company borrows $63,600 on July 1 from the bank by signing a $63,600,6%, 1-year note payable. Prepare a tabular summary to record(a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the...
Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are...
A partial tabular summary for Metlock, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Assets Liabilities + Stockholders' Equity Acc. Depr: Int. Unearn. Rent Com. Reatined Earnings Supplies + Prepaid Insurance + Equip. - Equip - Pay + Notes Pay + Rev. + Stock + Rev.. Exp. Div Bal. 3,640 2,700 28,900 8,670 0 18,100 11.250 An analysis of the accounts shows the following 1. The equipment depreciates $400...
Current Attempt in Progress A partial tabular summary for Metlock, Inc. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Assets Liabilities + Stockholders' Equity Acc. Depr: Int. Unearn. Rent Com. Reatined Earnings Supplies + Prepaid Insurance + Equip. - Equip - Pay. + Notes Pay. + Rev. + Stock + Rev.. Exp. Div Bal. 3,640 2,700 28,900 -8,670 0 18,100 11,250 An analysis of the accounts shows the following 1....
Oriole Company, opened an incorporated dental practice on
January 1, 2022. During the first month of operations, the
following transactions occurred.
1.
Performed services for patients who had dental plan insurance.
At January 31, $878 of such services were completed but not yet
billed to the insurance companies.
2.
Utility expenses incurred but not paid prior to January 31
totaled $522.
3.
Purchased dental equipment on January 1 for $92,800, paying
$23,200 in cash and signing a $69,600, 3-year note...
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