HomeworkLib
Question

You: Thanks, I now have enough information to deal with the lease, but could you tell me about your bank loan? Indra: Well itEXHIBITI STATEMENT OF INCOME YEAR ENDED AUGUST 31 20X3 Draft 20X2 Audited Sales Cost of goods sold Gross profit $ 34,800,000EXHIBITI STATEMENT OF FINANCIAL POSITION AUGUST 31 Assets 20X3 Draft 20X2 Audited $ Current assets: Cash Accounts receivable

Please do the correct journal entry for the bank loan.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Please find Journal entries for Bank LoanJournal Entries for the Bank Loan Date Particulars 01.09.2011 Bank Account Debit To Bank Loan Account (Being Bank Loan taken)

0 0
Add a comment
Know the answer?
Add Answer to:
Please do the correct journal entry for the bank loan. You: Thanks, I now have enough...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Please do the correct journal entry for the lease. Indra: Lots. We purchased equipment costing $8,000,000...

    Please do the correct journal entry for the lease. Indra: Lots. We purchased equipment costing $8,000,000 this year and we are now leasing 3 new forklifts over a 4-year lease term with semi-annual payments on March 1 and September 1 commencing when the company entered the lease on March 1, 20X3. Wayne decided to lease them without my permission, which is one of the reasons he is no longer here. What really upset me about this was that he didn't...

  • income tax problem

    The McGuire Company manufactures and sells stamping machines used to produce body panels for automobiles. In 20X1, the company reported pretax GAAP income of $7,250,000. Included in this amount was municipal bond interest of $27,000. McGuire insured the lives of key executives at a cost of $17,000 and paid non-deductible fines of $52,000.The company depreciates assets for GAAP and tax purposes as follows:Book Tax Difference20X1 1,400,000 2,840,000 (1,440,000)20X2 1,400,000 2,510,000 (1,110,000)20X3 1,400,000 2,240,000 (840,000)20X4 1,400,000 1,970,000 (570,000)20X5 1,400,000 1,680,000 (280,000)20X6...

  • the question is given and the solution as well. i just need to understand how the...

    the question is given and the solution as well. i just need to understand how the things i marked with a ? were calculated please. A21-15 Error Correction-Lease: 2004 JE to restablish - the correct July 20X2, Giovanni Inc, lease balance base was for five years at $240,000 per puter equipment through the leasing subsidiary of Giovanni's bank. The Initial lease payment as prepaid rent yeur, payable at the beginning of each lease year. Giovanni recorded the ized it to...

  • How do I calculate the year-end bank loan balance for this question? Lydia’s sale grew by...

    How do I calculate the year-end bank loan balance for this question? Lydia’s sale grew by 30% in 2018 and 25% in 2019.  She excepts similar growth in 2020, but this is straining her cash reserves.  Her bank is concerned about her loan amount exceeding $100,000. Because the fishing season effectively ends in late fall, Lydia’s accountant has completed the financials for 2019.  There may be some small changes, but the current 2019 numbers are sufficiently accurate for 2020 planning purposes. Use the...

  • please answer questions 2-6 You are a loan officer for National Bank. You have a loan application submitted by a c...

    please answer questions 2-6 You are a loan officer for National Bank. You have a loan application submitted by a company for $50,000. This company just got a prior loan for $45,000 and has not made the first payment. This gives you an uneasy feeling as you examine a loan application from ABc, Co. The application included the following financial statements. АВС, Со. Income Statement For the Year Ended December 31, 2016 $100,000 (50,000) (5,000) (25,000) $20,000 Sales revenue Cost...

  • How would I do direct and indirect cashflow and what would the income statement look at...

    How would I do direct and indirect cashflow and what would the income statement look at 31st Nov The company is a merchandiser, i.e. it purchases inventory at wholesale and sells it at retail. As of the 1st of November the company’s balance sheet was as shown next: Balance Sheet as of November 1 ASSETS LIABILITIES AND EQUITY Cash $100,000 Accounts payable $300,000 Bank CD 250,000 Shareholder loan payable 200,000 Accounts receivable 550,000 Salaries payable 40,000 Inventory 700,000 Common stock...

  • someone that can help please . i need help with the General journal . thank you...

    someone that can help please . i need help with the General journal . thank you in advance . BANK RECONCILIATION XTRA CREDIT Balboa company sells refrigerators to the general public. On November 30,2009 Its cash ledger balance was 15,890. The bank balance was 17,420 A review of Balboa's transactions revealed the following: • Balboa wrote 75,000 worth of checks. However a check for $2,500 from September and one for $3200 from August had not cleared the bank as of...

  • someone that can help please . i need help with the General journal . thank you...

    someone that can help please . i need help with the General journal . thank you in advance . BANK RECONCILIATION XTRA CREDIT Balboa company sells refrigerators to the general public. On November 30,2009 Its cash ledger balance was 15,890. The bank balance was 17,420 A review of Balboa's transactions revealed the following: • Balboa wrote 75,000 worth of checks. However a check for $2,500 from September and one for $3200 from August had not cleared the bank as of...

  • Bank reconciliation and entries Amount Descriptions Instructions Chart of Accounts Bank Reconciliation Journal Final Question Instructions...

    Bank reconciliation and entries Amount Descriptions Instructions Chart of Accounts Bank Reconciliation Journal Final Question Instructions The cash account for American Medical Co. at April 30 indicated a balance of $97,456. The bank statement indicated a balance of $127,960 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $30,050. B. A deposit of $19,720, representing receipts of April 30, had been made too...

  • please work this out for me. it is due on sunday please. thanks Before you begin,...

    please work this out for me. it is due on sunday please. thanks Before you begin, print out all the pages in this workbook. The unadjusted trial balance of Morgan Manufacturing Corp. at December 31, 2019 is shown on the "Trial Bal" page (see tab below). Refer also to the additional year-end information for the company shown on the "Adjusting Entries" page (see tab below). Required: 1 Prepare year-end adjusting entries. General ledger account numbers are not necessary. Show your...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT