Homework Answers
| Newco | |||||
| Journal entries | |||||
| Date | Account | Debit | Credit | Calculation | |
| Part a | 1-Oct-15 | Cash | $ 200,000 | ||
| Notes Payable | $ 200,000 | ||||
| Part b | 31-Dec-15 | Interest expense | $ 6,000 | =200,000*12%*3/12 | |
| Interest Payable | $ 6,000 | ||||
| Part c | 1-Oct-16 | Interest Payable | $ 6,000 | From above entry | |
| Interest expense | $ 18,000 | =200,000*12%*9/12 | |||
| Cash | $ 24,000 | ||||
| Part d | 1-Oct-16 | Notes Payable | $ 200,000 | ||
| Cash | $ 200,000 | ||||
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Hi. Sorry for the small font size. The question has three parts,
kindly answer all.
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No hand writing please
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Hi. Sorry for the small font size. The question has three parts,
kindly answer all.
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. Nestor Matthews is one of America's most prestigious retailers. Each Christmas season, Nestor Matthews builds up its inventory to meet the needs of Christmas shoppers. A large portion of these Christmas sales are on credit. As a result, Nestor Matthews often collects cash from the sales several months after...
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No hand writing please
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