Homework Answers
| Edison Inc. | ||||
| Journal entries | ||||
| Date | Account | Debit | Credit | Calculation |
| 30-Jun | Interest expense | $ 200 | ||
| Interest Payable | $ 200 | |||
| Calculation | ||||
| Principal amount | $ 24,000 | |||
| Interest rate | 10% | |||
| Time (in months) | 1 | month | ||
| Interest expense | $ 200 | 24000*10%*1/12 |
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On June 1, Edison, Inc. borrowed $24,000 on a one-year Note Payable with an interest rate...
Plz , I would like to check my answers if they are correct. please anyone help...
Plz , I would like to check my answers if they are
correct. please anyone help me answers these questions. thx a
lot!!
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On the first day of January, Builders Company borrowed $3,000 on a one-year note payable bearing interest at 9% per year. The note specifies that principal and interest must be paid in at the end of the one-year period. On June 30, the adjusted trial balance will show Interest Payable of OA $270 debit OB. $270 Credit OC 5135 credit OD $135 del 32 WN CO Click to select your answer 9 0 S 4. 7 6 5 2 3...
Plz , I would like to check my answers if they are
correct. please anyone help me answers these questions. thx a
lot!!
Question 24 Not yet answered On July 1, Orange, Inc. paid rent of $15,000 for a small equipment storage area from July 1 until December 31. Provide the adjusting journal entry on July 31. Assume the deferred expense is initially recorded as an asset. Include the date...omit the explanation. Show your work for all calculated numbers and...
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Quick Trips Cheap Inc. borrowed $97,000 on October 1 by signing a note payable to Metro One Bank. The interest expense for each month is $445. The loan agreement requires Quick Trips Cheap Inc. to pay interest on December 31. 1. Make Quick Trips Cheap Inc.'s adjusting entry to accrue interest expense and interest payable at October 31, at November 30, and at December 31. Date each entry and include its explanation. 2. Post all three entries to the Interest...
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Farraro Restaurant borrowed $150,000 on October 1 by signing a note payable to Metro One Bank. The interest expense for each month $500. The loan agreement requires Farraro to pay interest on January 2 for Osbe November and December Read the rements 1. Make Farraro Travels during only to score monthly treat expense at October 31, a. November 30, and at December 31, Duto each entry and include is explanation Record debut first, then credits. Select the explanation on the...
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On the first day of January, Builders Company borrowed $3,000 on a one-year note payable bearing interest at 9% per year. The note specifies that principal and interest must be paid in at the end of the one-year period. On June 30, the adjusted trial balance will show Interest Payable of OA $270 debit OB. $270 Credit OC 5135 credit OD $135 del 32 WN CO Click to select your answer 9 0 S 4. 7 6 5 2 3...
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