(b) Prepare the entry to accrue the interest on June 30. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts) Date Account Titles and Explanation eTextbook and Media Debit Credit
Q: A trial balance failed to agree because the credit side exceeds the debit side by $2,347. A suspense…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Trio Company reports the following information for the current year, which is its first year of…
A: Variable costing The costing system under which the only variable cost is included. Some direct…
Q: Question 2 SkyAir is a large multi-national airline that has many responsibility centres: A. The…
A: One way to understand the concept of a responsibility center is to think of it as the operational…
Q: Calgary Paper Company produces paper for photocopiers. The company has developed standard overhead…
A: Fixed cost are the cost which do not change when sales or production volume increase or decrease.…
Q: On January 1, Year 1, Mahoney Company borrowed $165,000 cash from Sun Bank by issuing a 5-year, 8%…
A: Loan means the amount taken from another person to be repaid back with interest. Equal annual…
Q: If the assets of the business is used for personal transactions, what is the impact?
A: There are a few different impacts that can happen if the assets of a business are used for personal…
Q: On January 1, Year 1, Jones Company issued bonds with a $110,000 face value, a stated rate of…
A: The bonds are the financial instruments for the business. The bonds are issued at discount when…
Q: A business began the year with prepaid rent of £300. During the year, the business paid £3,200 in…
A: Prepaid Expenses - Prepaid Expense are those expenses which are paid in advance in the current year.…
Q: Which one of the following is incorrect? O a. Goods Available for Sale Opening Inventory + Net…
A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to sell the goods to the…
Q: Instructions: Use the following account titles: Cash, Accounts Receivable, Notes Receivable, Medical…
A: Journal We enter transactions in the journal day book in the order that they occurred.…
Q: Oakley Wholesale Hardware and Supplies (OWHS) sells tools, lumber, and other remodeling supplies to…
A: A budgeted income statement refers to the income that is to be estimated by an organization for…
Q: Which of the following sections from the statement of cash flows includes activities that affect…
A: There are different statements that a company prepares for different purpose. One of those…
Q: Which one of the following would be recognised as an expense in the current financial period?
A: The correct answer is: (C) An invoice received for gas used in the last quarter of the current…
Q: On January 1, Renewable Energy issues bonds that have a $44,000 par value, mature in ten years, and…
A: Cash received = A) Par Value × 99% And B) Par Value × 103.5%
Q: At the end of February the inventory accounts of Bentley Inc. showed that the manufacturing overhead…
A: Overhead Actually incurred means the amount of actual factory cost that has been incurred in the…
Q: On January 1, MM Company borrows $290,000 cash from a bank and in return signs an 4% installment…
A: Journal entry is the primary step to record the transaction in the books of accounts. Notes payable…
Q: Marissa is an audit intern working at Marshall CPA firm. Her supervisor at Marshall CPA firm has…
A: A phrase used in accounting for assets and property that might not be easily turned into cash is…
Q: True Value of Money Calculations 1. FV of a lump sum LASCO’s 2018 sales were $200 million. If…
A: Future Value is the value of a current item at a future date assuming a certain growth rate. It is…
Q: On April 26, 2019, the Company completed the sale of its Turkey Hill Dairy business to an affiliate…
A: Net assets is the difference between the amount of total assets less the total outsiders liabilities…
Q: eBook Print Item Question Content Area Effect of Proposals on Divisional Performance A condensed…
A: Disclaimer : As per the Bartley by guidelines I am able to answer first three sub parts only...
Q: During the most recent accounting period, a business sold inventories for £1,500 on credit that it…
A: Note: Due to Sales on account Trade receivables will be increased by the amount of sales and…
Q: Calgary Paper Company produces paper for photocopiers. The company has developed standard overhead…
A: Variance refers to the amount that creates the difference between the actual amount and the one…
Q: Adjusting Entries Date Feb 28 Feb 28 Feb 28 Feb 28 Feb 28 Feb 28 Accounts Title Insurance Expense…
A: Journal Entries is the primary step to record the transaction in the books of accounts. The entries…
Q: Early Late Hydration Power Drink 7.00 6.00 Satisfying Bundle Net Smoothie Price Profit 5.00 10.00
A: Profit refers to the amount that is earned by the company from its revenue generated from business…
Q: Solomon Manufacturing Company was started on January 1, Year 1, when it acquired $89,000 cash by…
A: Discalimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: A local florist is buying some ad space on HamptonRoads.com. The company is told that it can be…
A: Concept Used in the Question CPM: CPM stands for Cost-per-thousand impressions, which means how much…
Q: gentina Your company is currently operating in Argentina. Management is concerned to what extent the…
A: Computation of contribution margin: Contribution= Sales - variable cost Operating profit=…
Q: The outstanding capital stock of Metlock Corporation consists of 2,000 shares of $100 par value, 9%…
A: Introduction: In case of noncumulative preferred stocks, no dividend in arrears are paid to…
Q: 4.4 Prepare a direct labor budget for each of the upcoming five years. Direct Labor Budget To…
A: The direct labor budget is what's used to figure out how many man-hours will be required to produce…
Q: A company is planning to purchase a machine that will cost $70,308, have a six-year life, and will…
A: Payback period is a period calculated in which the initial investment is recovered to the investor.
Q: When an owner of a proprietary business withdraws cash from their personal account to pay for…
A: In proprietary business the owner and business are treated as same. They are not the separate legal…
Q: would be non-deductible capital expenditure: (a.) The investment banker fees incurred in a hostile…
A: Some of the expenses are not deductible and some are deductible. Short term expenses that are short…
Q: Shown are data from recent reports of two toy makers. Dollar amounts are stated in thousands. Toyco…
A: Since you have posted two different questions, we will do the first one for you. Please post the…
Q: What is a chance recently implemented by FASB that required a company to change its accounting…
A: In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No.…
Q: a. Estimate the cost function using the Account Analysis method with Total Costs as the cost object…
A: The first step here will be to segregate the costs as fixed costs and variable costs. On that basis…
Q: Prepare adjusting entries for the year ending December 31, 2021, for each of these separate…
A: Adjustment entries are prepared to adjust the required accounts of the company. Adjustment entries…
Q: Compute RNOA, Net Operating Profit Margin, and NOA Turnover Selected balance sheet and income…
A: The ratio is a measure of the relationship between two variables. Return on net asset is the measure…
Q: how do i calculate total paid in capital
A: Paid in capital is the total amount which is received by the company from issuing shares to the…
Q: Make the journal entry recorded by Bramble at September 30, 2017 to adjust the portfolio to market?…
A: Investments are recorded in the balance sheet under the head Assets. The investments are recorded at…
Q: In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa…
A: Revenue = Cost * contract price/ total cost Total cost = Cost incurred during the year + estimated…
Q: For self-employed persons, social security tax is 12.4% of wages up to $128,400, and Medicare tax is…
A: Social security tax refers to the amount that is paid to the general government that is entitled…
Q: Arnold Vimka is a venture capitalist facing two alternative investment opportunities. He intends to…
A: INTRODUTION Operating Leverage: Operating leverage is a cost accounting formula that measures an…
Q: 3A. Going Under Pvt. Ltd. provides outsourcing services for three areas: payroll, general ledger…
A: Operating Profit : Operating Profit are the profit calculated by deducting all expenses related the…
Q: Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current…
A: Adjusted Gross Income (AGI) The Internal Revenue Service (IRS) utilizes your adjusted gross income…
Q: Fielder Company obtained land by issuing 2,000 shares of its $10 par value common stock. The land…
A: Lets understand the basics. When asset is purchased against issuing shares then purchased asset…
Q: Baird Company began operations on January 1, Year 1, by issuing common stock for $34,000 cash.…
A: INTRODUCTION Balance Sheet: Balance sheet is a financial statement that shows the assets and…
Q: The payroll of Swifty Company for September 2025 is as follows. Total payroll was $486,000, of which…
A: FICA Taxes payable = [$486,000 -$122,000)×7.65% ] + ($122,000×1.45%) =$27,846 + $1,769 = $29,615
Q: Legacy issues $550,000 of 9.5%, four-year bonds dated January 1, 2021, that pay interest…
A: Bonds are the liability for the company on which a specific percentage of interest has to be paid.…
Q: Batra Company prepares the statement of cash flows using the indirect method and provided the…
A: Cash flow from operations is the amount of cash receipts or payments which are generated by or paid…
Q: Avoidable borrowing costs
A: As per IAS 23, Capitalisation Rate : 1. When the funds are borrowed generally for the purpose of…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Kelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 9% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Correct answer iconYour answer is correct. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Partially correct answer iconYour answer is partially correct. Prepare the entry to accrue the interest on June 30. (Credit account titles…Kelly Jones and Tami Crawford borrowed $33,000 on a 7-month, 6% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)…Kelly Jones and Tami Crawford borrowed $30,000 on a 7-month, 9% note from Gem State Bank to open their business, Crane’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare the entry to accrue the interest on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and…
- Kelly Jones and Tami Crawford borrowed $12,000 on a 7-month, 6% note from Gem State Bank to open their business, Cullumber's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. (a) Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 11 Debit CreditKelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amountAnthony and Kevin borrowed $18,000 on a 7-month, 10% note from Gem State Bank to open their business, Sandhill's Coffee House. The money was borrowed on June 1, 2025, and the note matures January 1, 2026. (a) (b) (c) (d) Prepare the entry required on January 1, 2026, when the loan is paid back. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit 5 Cr
- Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, Pharoah’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. what is the entry to record the receipt of the funds from the loan? what is the entry to accrue the interest on June 30?As at 31 December 2019 Jenny had a bank loan of $4.500 and a balance of $1,400 in her bank acCount. How should these amounts be recorded on Jenny's opening trial balance at 1 January 2020? Select one: a. Debit $1,400 and Credit $4,500 b. Debit $4,500 and Credit $1,400 c. Credit $5,900 d. Debit $5.900Michelle Anthony and Laura Crawford borrowed $18,000 on a 7-month, 10% note from Gem State Bank to open their business, Sandhill's Coffee House. The money was borrowed on June 1, 2027, and the note matures January 1, 2028. (a)-(b), (d) (a) (b) (d) Prepare a tabular summary to record the receipt of the funds from the loan. Prepare a tabular summary to accrue the interest on June 30. Prepare a tabular summary to record the repayment of the loan on January 1, 2028. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) (a) June 1, 2027 Assets Cash $ Notes Pay. Liabilities Interest Pay. + LA
- Using this same information, to make a journal entry for the date of January 1, 2023 for collection of the interest and the bank loan, is the following correct? Jan 1, 2023 Interest receivable $3885 (debit) Bank loan recievable $3700 (debit) Cash $40885 (credit)On September 30, 2018, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team's fiscal year ends on December 31. Read the requirements. Requirement 1. Journalize all entries for Team Bank related to the note for 2018 and 2019. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Begin by recording the loan on September 30, 2018. Date Accounts and Explanation Debit Credit 2018 Sep. 30 Course Chat Time GB VQ.No.4. Following are the transactions given, you are required to pass Journal Entries for each and every transaction.o A bank loans the Business named, ABC Company ,$1,020,000; o The note has a 15% interest rate, payable quarterly to the bank.o ABC wires funds to the bank to pay for the interest expense, o On the date specified in the agreement, ABC pays the $1,020,000 loan back to the lender.o The Business Purchases made from Salim and Co. worth of $12000o Salim and Co. retuned defective goods worth of 500 Dollarso The Business Sold goods for $ 10,000 for casho Few goods were returned back to the business worth of 300 Dollarso The Business paid rent worth of $ 500o The Business paid salaries worth of $ 5,000