Homework Answers
| Interest expense is to be accrued for 2 months November and December |
| Interest expense = 180000*6%*2/12= $1800 |
| debit Interest expense and credit Interest Payable for $1,800 |
| Option A is correct |
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Wisconsin Bank lends Local Furniture Company $180,000 on November 1. Local Furniture Company signs a $180,000,...
Accounting help Illinois Bank lends Lisle Furniture Company $70,000 on December 1. Lisle Furniture Company signs...
Accounting help
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2 part Michigan Bank lends Detroit Furniture Company $100,000 on December 1 Detroit Furniture Company is...
2 part
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Accounting help
Illinois Bank lends Lisle Furniture Company $70,000 on December 1. Lisle Furniture Company signs a $70,000, 9%, 4-month note. The total cash paid at maturity of the note is: (Round your final answer to the nearest dollar.) O A. $73,150. O B. $76,300. OC. $72,100 OD. $70,000 Kathy's Corner Store has total cash sales for the month of $37,000 excluding sales taxes. If the sales tax rate is 3%, which journal entry is needed? (Ignore Cost of Goods...
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2 part
Michigan Bank lends Detroit Furniture Company $100,000 on December 1 Detroit Furniture Company is a $100.000 1.4-month nateThe tota.cat interest (only) at maturity of the note is (Round your final answer to the nearest dollar) O A $2.666 O B. $5,334 OC. $8,000 OD. $1.000 Click to select your answer. Boston Company sets turty Herns for 900 per unit and has a cost of goods sold per unit of $540. The gross profit to be reported for selling...
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On November 1, 2018, ABC Company borrowed $900,000 on a bank note for 8 months. The bank discounted the note at 5%. The journal entry to record this loan would include a: 5. A. debit to interest expense for $30,000 B. debit to discount on notes payable for $45,000 C. credit to notes payable for $870,000 D. credit to notes payable for $930,000 E. debit to cash for $870,000
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31 adjusted trial balances include the following account information: November 30 December 31 Supplies Prepaid Insurance Salaries Payable Deferred Revenue Debit Credit Debit Credit 1850 3.350 7400 5,550 10.700 15.700 2.700 1.350 The following information also is known 3. Purchases of supplies in December total $4200 b. No insurance payments are made in December c. $10.700 is paid to employees during December for November salaries...
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