1. Journal Entry: Camden Biotechnology | |||
Date | Account titles and Explanation | Debit | Credit |
2018 | |||
a | No Entry Required | ||
b | Cash | $30,000,000.00 | |
Notes Payable | $30,000,000.00 | ||
c. | Cash | $3,300.00 | |
Liability For Refundable Deposits | $3,300.00 | ||
d. | Accounts Receivable (bal) | $5,220,800.00 | |
Sales Revenue | $5,020,000.00 | ||
Sales Tax Payable (5020000*4%) | $200,800.00 | ||
e. | Interest Expense (15%*30000000*3/12) | $1,125,000.00 | |
Interest Payable | $1,125,000.00 | ||
2019 | |||
f. | Cash | $28,000,000.00 | |
Bonds Payable | $28,000,000.00 | ||
g. | Notes Payable | $30,000,000.00 | |
Interest Payable | $1,125,000.00 | ||
Interest Expense (15% * 30000000 * 2/12) | $750,000.00 | ||
Cash | $31,875,000.00 | ||
h. | Liability For Refundable Deposits (1/2 * 3300) | $1,650.00 | |
Cash | $1,650.00 |
Part-2 | |
Acount Tittle | Amount |
Current Liabilities | |
Accounts payable | $321,000.00 |
Current portion of notes payable (30Million-28million) |
$2,000,000.00 |
Sales tax payable | $200,800.00 |
Interest payable | $1,125,000.00 |
Liability for refundable deposits | $3,300.00 |
Total current liabilities | $3,650,100.00 |
Long-term Liabilities | |
Note payable | 28,000,000 |
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the...
2 Camden Biotechnology began operations in September 2018. The following selected transactions relate to liabilities of the company for September 2018 through March 2019. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2018 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $33,000,000 at the bank's prime rate (15.5% at the time). The company will pay no commitment fees. b. On October...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022 Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $16,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $10,000,000 at the bank's prime rate (12.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $20,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $20,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $16,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $23,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $31,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden’s fiscal year ends on December 31. Its financial statements are issued in April. 2021 On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $20,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. On October 1, borrowed $17...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden’s fiscal year ends on December 31. Its financial statements are issued in April. 2021 On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $17,000,000 at the bank's prime rate (12.5% at the time). The company will pay no commitment fees. On October 1, borrowed $14...