Great Adventures obtains a $43,000 low-interest loan for the company. What's the debit, credit and the...
Great Adventures obtains a $43,000 low-interest loan for the company. What's the debit, credit and the name of the ledger?
Homework Answers
Great Adventures obtains low interest loan of $43,000
As a result, cash is coming into the business, hence it will be debited.
A liability called "Notes Payable" is created on account of borrowing, hence Notes payable will be credited.
Journal entry:
Debit: Cash $43,000
Credit: Notes payable $43,000
The name of the ledger is accounts payable ledger or creditors ledger.
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Great Adventures obtains a $43,000 low-interest loan for the
company. What's the debit, credit and the...
Questions below 1. Aug 1 - Great Adventures obtains $30000, low interest loan for the company....
Questions below 1. Aug 1 - Great Adventures obtains $30000, low interest loan for the company. Loan is Due in 3 Years and 6% annual interest is due each year on July 31 2. Aug 4 - The Company purchases 14 kayaks, paying 40,320 cash in total 3. Aug 10 - 20 Kayakers pay $3,800 for clinic. 4. Aug 12 - Collected 2000 from July clinic 5 Aug 17- Tony Conducts second Kayak clinic and the company receives 10500 cash...
Questions below 1. Aug 1 - Great Adventures obtains $30000, low interest loan for the company....
Questions below 1. Aug 1 - Great Adventures obtains $30000, low interest loan for the company. Loan is Due in 3 Years and 6% annual interest is due each year on July 31 2. Aug 4 - The Company purchases 14 kayaks, paying 40,320 cash in total 3. Aug 10 - 20 Kayakers pay $3,800 for clinic. 4. Aug 12 - Collected 2000 from July clinic 5 Aug 17- Tony Conducts second Kayak clinic and the company receives 10500 cash...
Create Daily Journal With following information 1. Aug 1 - Great Adventures obtains $30000, low interest...
Create Daily Journal With following information 1. Aug 1 - Great Adventures obtains $30000, low interest loan for the company. Loan is Due in 3 Years and 6% annual interest is due each year on July 31 2. Aug 4 - The Company purchases 14 kayaks, paying 40,320 cash in total 3. Aug 10 - 20 Kayakers pay $3,800 for clinic. 4. Aug 12 - Collected 2000 from July clinic 5 Aug 17- Tony Conducts second Kayak clinic and the...
At the end of 2022, the following information is available for Great Adventures. • Additional interest...
At the end of 2022, the following information is available for Great Adventures. • Additional interest for five months needs to be accrued on the $32,800, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. • Assume that $12,800 of the $32,800 loan discussed above is due next year. . By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $27,800 during the...
Create Daily Journal With following information 1. Aug 1 - Great Adventures obtains $30000, low interest...
Create Daily Journal With following information 1. Aug 1 - Great Adventures obtains $30000, low interest loan for the company. Loan is Due in 3 Years and 6% annual interest is due each year on July 31 2. Aug 4 - The Company purchases 14 kayaks, paying 40,320 cash in total 3. Aug 10 - 20 Kayakers pay $3,800 for clinic. 4. Aug 12 - Collected 2000 from July clinic 5 Aug 17- Tony Conducts second Kayak clinic and the...
Create Daily Journal With following information 1. Aug 1 - Great Adventures obtains $30000, low interest...
Create Daily Journal With following information 1. Aug 1 - Great Adventures obtains $30000, low interest loan for the company. Loan is Due in 3 Years and 6% annual interest is due each year on July 31 2. Aug 4 - The Company purchases 14 kayaks, paying 40,320 cash in total 3. Aug 10 - 20 Kayakers pay $3,800 for clinic. 4. Aug 12 - Collected 2000 from July clinic 5 Aug 17- Tony Conducts second Kayak clinic and the...
Suzie applies for and obtains a $40,000 low-interest loan for the company from the city council,...
Suzie applies for and obtains a $40,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31.
Just need the Journal entires for each. Great Adventures Problem AP8-1 (GL) At the end of...
Just need the Journal entires for each.
Great Adventures Problem AP8-1 (GL) At the end of 2022, the following information is available for Great Adventures. • Additional interest for five months needs to be accrued on the $31,000, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. • Assume that $11,000 of the $31,000 loan discussed above is due next year. • By the end of the year, $20,000 in gift cards have...
At the end of 2022, the following information is available for Great Adventures. Additional interest for...
At the end of 2022, the following information is available for
Great Adventures.
Additional interest for five months needs to be accrued on the
$30,000, 6% loan obtained on August 1, 2021. Recall that annual
interest is paid each July 31.
Assume that $10,000 of the $30,000 loan discussed above is due
next year.
By the end of the year, $20,000 in gift cards have been
redeemed. The company had sold gift cards of $25,000 during the
year and recorded...
On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures...
On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The following transactions occur from August 1 through December 31. Also, the balances are provided for the month ended July 31. The articles of incorporation state that the corporation will sell 32,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following business activities occur...
At the end of 2022, the following information is available for Great Adventures. • Additional interest for five months needs to be accrued on the $32,800, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. • Assume that $12,800 of the $32,800 loan discussed above is due next year. . By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $27,800 during the...
Just need the Journal entires for each.
Great Adventures Problem AP8-1 (GL) At the end of 2022, the following information is available for Great Adventures. • Additional interest for five months needs to be accrued on the $31,000, 6% loan obtained on August 1, 2021. Recall that annual interest is paid each July 31. • Assume that $11,000 of the $31,000 loan discussed above is due next year. • By the end of the year, $20,000 in gift cards have...
At the end of 2022, the following information is available for
Great Adventures.
Additional interest for five months needs to be accrued on the
$30,000, 6% loan obtained on August 1, 2021. Recall that annual
interest is paid each July 31.
Assume that $10,000 of the $30,000 loan discussed above is due
next year.
By the end of the year, $20,000 in gift cards have been
redeemed. The company had sold gift cards of $25,000 during the
year and recorded...
On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The following transactions occur from August 1 through December 31. Also, the balances are provided for the month ended July 31. The articles of incorporation state that the corporation will sell 32,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following business activities occur...
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