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Aug 15 22 28 29 31 Borrowed $59,000 from the bank, signing a note payable. Performed...
a. Borrowed $125,000 from a bank, signing a short-term note payable. b. Provided $102,600 in service...
a. Borrowed $125,000 from a bank, signing a short-term note payable. b. Provided $102,600 in service to customers, with $97,400 on account and the rest received in cash. c. Purchased equipment for $175,000 in cash. d. Incurred and paid employee wages of $2,250. e. Received $745 on account from a customer. f. Incurred and paid $4,200 cash for travel costs during the year. g. Paid $8,000 cash on accounts payable. h. Incurred $22,500 in utility expenses during the year, of...
Notes Payable 1. On May 5, a company borrowed $60,000 from its bank by signing a...
Notes Payable 1. On May 5, a company borrowed $60,000 from its bank by signing a 90-day, 9% note payable. 2. On September 15, a company borrowed $75,000 from its bank by signing a 60-day, 6% note payable. Determine the maturity date for each note. 1. Prepare journal entries to record the issuance of the notes payable. 2. Prepare journal entries to record the payment of the notes at maturity. Show your work. 1. Issuance Date Account Debit Credit 2....
a. Borrowed $670,000 from the bank on December 1, signing a note payable, due in six...
a. Borrowed $670,000 from the bank on December 1, signing a note payable, due in six months. b. Purchased a new snowplow for $24,250 cash on December 31. c. Purchased ski supplies for $17,100 on account. d. Incurred $27,200 in routine maintenance expenses for the chairlifts; paid cash. e. Received $71,250 for season passes (beginning in the new year). f. Daily lift passes were sold this month for a total of $93,000 cash. g. Received a $505 deposit on a...
18) a company borrowed $60,000 by signing a 60 day 5% note payable from its bank....
18) a company borrowed $60,000 by signing a 60 day 5% note payable from its bank. compute the total cash payment due on the note's maturity date.
5. A company borrowed 560,000 by signing a 60-day, 5% note payable from its bank. Compute...
5. A company borrowed 560,000 by signing a 60-day, 5% note payable from its bank. Compute the total cash payment due on the note's maturity date.
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.
occur at the resort. a. Borrowed $670,000 from the bank on December 1, signing a note...
occur at the resort. a. Borrowed $670,000 from the bank on December 1, signing a note payable, due in six months. b. Purchased a new snowplow for $24,250 cash on December 31. c. Purchased ski supplies for $17,100 on account. d. Incurred $27,200 in routine maintenance expenses for the chairlifts; paid cash. e. Received $71,250 for season passes (beginning in the new year). f. Daily lift passes were sold this month for a total of $93,000 cash. g. Received a...
A company borrowed $15,000 from the bank by signing a long−term note. How does this transaction...
A company borrowed $15,000 from the bank by signing a long−term note. How does this transaction affect the accounting equation? A.Add $15,000 to Cash and add $15,000 to Notes Payable. B.Add $15,000 to Cash and add $15,000 to Retained Earnings. C.Add $15,000 to Cash and add $15,000 to Accounts Payable. D.Add $15,000 to Accounts Receivable and add $15,000 to Accounts Payable.
c. a. (Sample) Borrowed $3,940 from a local bank on a note due in six months....
c. a. (Sample) Borrowed $3,940 from a local bank on a note due in six months. b. Received $4.630 cash from investors and issued common stock to them. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on account. Assets Cash Liabilities + Stockholders' Equity +3,940 Notes Payable (short-term) +3,940 a. Sample M2-10 Preparing Journal Entries For each...
borrowed $20,000 from bank by signing 6-month, 12% note 10/1 12/31 adjusting entry 4/1 honored note
borrowed $20,000 from bank by signing 6-month, 12% note 10/1 12/31 adjusting entry 4/1 honored note
a. Borrowed $125,000 from a bank, signing a short-term note payable. b. Provided $102,600 in service to customers, with $97,400 on account and the rest received in cash. c. Purchased equipment for $175,000 in cash. d. Incurred and paid employee wages of $2,250. e. Received $745 on account from a customer. f. Incurred and paid $4,200 cash for travel costs during the year. g. Paid $8,000 cash on accounts payable. h. Incurred $22,500 in utility expenses during the year, of...
Notes Payable 1. On May 5, a company borrowed $60,000 from its bank by signing a 90-day, 9% note payable. 2. On September 15, a company borrowed $75,000 from its bank by signing a 60-day, 6% note payable. Determine the maturity date for each note. 1. Prepare journal entries to record the issuance of the notes payable. 2. Prepare journal entries to record the payment of the notes at maturity. Show your work. 1. Issuance Date Account Debit Credit 2....
a. Borrowed $670,000 from the bank on December 1, signing a note payable, due in six months. b. Purchased a new snowplow for $24,250 cash on December 31. c. Purchased ski supplies for $17,100 on account. d. Incurred $27,200 in routine maintenance expenses for the chairlifts; paid cash. e. Received $71,250 for season passes (beginning in the new year). f. Daily lift passes were sold this month for a total of $93,000 cash. g. Received a $505 deposit on a...
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.
occur at the resort. a. Borrowed $670,000 from the bank on December 1, signing a note payable, due in six months. b. Purchased a new snowplow for $24,250 cash on December 31. c. Purchased ski supplies for $17,100 on account. d. Incurred $27,200 in routine maintenance expenses for the chairlifts; paid cash. e. Received $71,250 for season passes (beginning in the new year). f. Daily lift passes were sold this month for a total of $93,000 cash. g. Received a...
c. a. (Sample) Borrowed $3,940 from a local bank on a note due in six months. b. Received $4.630 cash from investors and issued common stock to them. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on account. Assets Cash Liabilities + Stockholders' Equity +3,940 Notes Payable (short-term) +3,940 a. Sample M2-10 Preparing Journal Entries For each...
borrowed $20,000 from bank by signing 6-month, 12% note 10/1 12/31 adjusting entry 4/1 honored note
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