Homework Answers
Answer)
Calculation of Interest expense accrued as on December 31
The note was signed on November 1 and was for 3 months. As on December 31, interest is accrued for 2 months (from November 1 to December 31).
Accrued interest on note = ($ 76,600 X 12% X 2 months)/ 12 months
= $ 1,532.
Since interest is only accrued and not paid on December 31, the journal entry will be:
Journal
|
Date |
Particulars |
Debit |
Credit |
|
December'31 |
Interest Expense |
$ 1,532 |
|
|
Interest Payable |
$ 1,532 |
||
|
(being interest expense accrued) |
Add Answer to:
Question 13 of 25 -/1 View Policies Current Attempt in Progress Uncle Kevin's Gifts signs a...
please show work 5. What is the proper adjusting entry at June 30, the end of...
please show work
5. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18,500, and unexpired amounts per analysis of policies of $6,000? a. Debit Insurance Expense, $6,000; Credit Prepaid Insurance, $6,000. b. Debit Insurance Expense, $18,500; Credit Prepaid Insurance. $18.500. C. Debit Prepaid Insurance, $12,500; Credit Insurance Expense, $12,500. d. Debit Insurance Expense, $12,500; Credit Prepaid Insurance, $12,500 6. NWA Air Charter signed a...
Question 10 View Policies Current Attempt in Progress Crane Company borrows $63,600 on July 1 from...
Question 10 View Policies Current Attempt in Progress Crane Company borrows $63,600 on July 1 from the bank by signing a $63,600,6%, 1-year note payable. Prepare a tabular summary to record(a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the...
Question 20 of 25 < - / 1 View Policies Current Attempt in Progress On October...
Question 20 of 25 < - / 1 View Policies Current Attempt in Progress On October 3, Karl Schickele, a carpenter, received a cash payment for services previously billed to a client, Karl paid his telephon bill, and he also bought equipment on credit. For the three transactions, at least one of the entries will include a credit to Notes Payable O credit to Accounts Payable. O debit to Accounts Receivable. O credit to Retained Earnings. Save for Later Attempts:...
Send to Grade Question 1 View Policies Current Attempt in Progress Bramble Corp.borrows $66,000 on July...
Send to Grade Question 1 View Policies Current Attempt in Progress Bramble Corp.borrows $66,000 on July 1 from the bank by signing a $66,000,8%, 1-year note payable (a) Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Dono Date Account Titles and Explanation Debit Credit July 1 Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end...
View Policies Current Attempt in Progress The ledger of Pharoah Company on March 31 of the...
View Policies Current Attempt in Progress The ledger of Pharoah Company on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared. Credit Debit $ 10,800 3,300 25.000 Prepaid Insurance Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $ 8,600 25,000 11,100 62,000 0 10,000 An analysis of the accounts shows the following. 1. 2. 3. 4. The equipment depreciates $400 per...
Mi Question 9 of 25 Ś - / 1 View Policies Current Attempt in Progress The...
Mi Question 9 of 25 Ś - / 1 View Policies Current Attempt in Progress The trial balance of Clooney Company had accounts with the following normal balances: Cash $5,000, Revenue $85,000, Salaries and Wages Payable $4.000, Salaries and Wages Expense $40,000, Rent Expense $10,000, Common Stock $42,000; Dividends $15,000; Equipment $61,000. In preparing a trial balance, the total in the debit column is O $91.000 $116,000 O $131.000 O $216,000 Save for Later Attempts: 0 of 1 used Submit...
Question 3 0.37/1 View Policies Show Attempt History Current Attempt in Progress Ivanhoe Company purchased land...
Question 3 0.37/1 View Policies Show Attempt History Current Attempt in Progress Ivanhoe Company purchased land and a building on April 1, 2019, for $356,400. The company paid $104,400 in cash and signed a 5% note payable for the balance. At that time, it was estimated that the land was worth $138,000 and the building, $218,400. The building was estimated to have a 25-year useful life with a $31,500 residual value. The company has a December 31 year end, prepares...
Accounting Question 4 View Policies Current Attempt in Progress Updates sions The ledger of Larkspur, Inc....
Accounting Question 4 View Policies Current Attempt in Progress Updates sions The ledger of Larkspur, Inc. on July 31, 2022, Includes the selected accounts below before adjusting entries have been prepared ences Debit Credit brations PLUS Sup Investment in Note Receivable Supplies Prepaid Rent Buildings $18.000 23,500 2.800 200,000 Accumulated Depreciation-Buildings Uneared Service Revenue $125,000 11.900 An analysis of the company's accounts shows the following 1 The investment in the notes receivable earns interest at a rate of 6% per...
View Policies Current Attempt in Progress For each of the following transactions below, prepare the journal...
View Policies Current Attempt in Progress For each of the following transactions below, prepare the journal entry if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) (a) On September 1,...
In Accounting Question 1 View Policies Current Attempt in Progress These items are taken from the...
In Accounting
Question 1 View Policies Current Attempt in Progress These items are taken from the financial statements of Carla Vista Co.at December 31, 2022. Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue $124,844 14,868 3,776 13,971 97,232 72,216 920 6,254 3,068 70,800 47,199 53,808 11,210 110,448 22,090 4,248 17,346 Prepare a classified balance...
please show work
5. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18,500, and unexpired amounts per analysis of policies of $6,000? a. Debit Insurance Expense, $6,000; Credit Prepaid Insurance, $6,000. b. Debit Insurance Expense, $18,500; Credit Prepaid Insurance. $18.500. C. Debit Prepaid Insurance, $12,500; Credit Insurance Expense, $12,500. d. Debit Insurance Expense, $12,500; Credit Prepaid Insurance, $12,500 6. NWA Air Charter signed a...
Question 10 View Policies Current Attempt in Progress Crane Company borrows $63,600 on July 1 from the bank by signing a $63,600,6%, 1-year note payable. Prepare a tabular summary to record(a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the...
Question 20 of 25 < - / 1 View Policies Current Attempt in Progress On October 3, Karl Schickele, a carpenter, received a cash payment for services previously billed to a client, Karl paid his telephon bill, and he also bought equipment on credit. For the three transactions, at least one of the entries will include a credit to Notes Payable O credit to Accounts Payable. O debit to Accounts Receivable. O credit to Retained Earnings. Save for Later Attempts:...
Send to Grade Question 1 View Policies Current Attempt in Progress Bramble Corp.borrows $66,000 on July 1 from the bank by signing a $66,000,8%, 1-year note payable (a) Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Dono Date Account Titles and Explanation Debit Credit July 1 Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end...
View Policies Current Attempt in Progress The ledger of Pharoah Company on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared. Credit Debit $ 10,800 3,300 25.000 Prepaid Insurance Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $ 8,600 25,000 11,100 62,000 0 10,000 An analysis of the accounts shows the following. 1. 2. 3. 4. The equipment depreciates $400 per...
Mi Question 9 of 25 Ś - / 1 View Policies Current Attempt in Progress The trial balance of Clooney Company had accounts with the following normal balances: Cash $5,000, Revenue $85,000, Salaries and Wages Payable $4.000, Salaries and Wages Expense $40,000, Rent Expense $10,000, Common Stock $42,000; Dividends $15,000; Equipment $61,000. In preparing a trial balance, the total in the debit column is O $91.000 $116,000 O $131.000 O $216,000 Save for Later Attempts: 0 of 1 used Submit...
Question 3 0.37/1 View Policies Show Attempt History Current Attempt in Progress Ivanhoe Company purchased land and a building on April 1, 2019, for $356,400. The company paid $104,400 in cash and signed a 5% note payable for the balance. At that time, it was estimated that the land was worth $138,000 and the building, $218,400. The building was estimated to have a 25-year useful life with a $31,500 residual value. The company has a December 31 year end, prepares...
Accounting Question 4 View Policies Current Attempt in Progress Updates sions The ledger of Larkspur, Inc. on July 31, 2022, Includes the selected accounts below before adjusting entries have been prepared ences Debit Credit brations PLUS Sup Investment in Note Receivable Supplies Prepaid Rent Buildings $18.000 23,500 2.800 200,000 Accumulated Depreciation-Buildings Uneared Service Revenue $125,000 11.900 An analysis of the company's accounts shows the following 1 The investment in the notes receivable earns interest at a rate of 6% per...
View Policies Current Attempt in Progress For each of the following transactions below, prepare the journal entry if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) (a) On September 1,...
In Accounting
Question 1 View Policies Current Attempt in Progress These items are taken from the financial statements of Carla Vista Co.at December 31, 2022. Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue $124,844 14,868 3,776 13,971 97,232 72,216 920 6,254 3,068 70,800 47,199 53,808 11,210 110,448 22,090 4,248 17,346 Prepare a classified balance...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago