1) Jan. 1x: Taesan issues 2,000 shares with a par value of 5,000 won, and just organized their business. 2) Jan. 2md: Taesan buys fire insurance and makes an advance payment of 6,000,000 won for the coming 6 years (use prepaid insurance account). 3) Mar. 1t. Taesan gets a bank loan of 10,000,000won. 4) Apr. 1µ: Taesan purchases equipment worth 5,000,000 won and pays 2,000,000wonin cash and the rest on credit. 5) Apr. 2nd: Taesan purchases supplies worth 5,000,000wonon credit. 6) May. 9a: Taesan writes a contract with Dong-gun Construction Co. to provide non-audit service over the coming 2 years for 20,000,000 won. 7) Jun. 9t. Non-audit service is not provided yet but Taesan receives service fee worth 10,000,000 won for 2012. 8) Aug. 16th: Taesan provides tax advisory service to Yunkyoung Co. and makes a payment request of 2,000,000 won as service fee. 9) Oct. 20%. YunkvQung pays Taesan 1,000,000 won for the tax advisory service provided but the rest is still not collected. 10) Nov. 20th: Taesan pays electricity bill of 200,000 won in cash. 11) Nov. 25h: Interest for loan worth 400,000 won is due but it is not yet paid. 12) Dec. Sm: 5,000,000 won of loan is paid back to the creditor in cash. 13) Dec. 28h: 500,000 won is paid to the landlord for rent. 14) Dec. 31«(Present) Insurance premium to be paid for the year has accrued 15) Dec. U(Present) 1/5 of the service that has been paid for in advance on Jun. 9ahas been completed. (In other words, 1/5 of the service fee is to be recognized) 16) Dec. 31«(Present) The ending balance of supplies on hand totals up to 4,000,000 won 17) Dec. 31«(Present) Depreciation expense for the equipment in use is 200,000 won 1. What is the net income of 2012? 2. If there is no dividend pay-out, what is the retain earning for 2012?

Subject:- accounting

On May 15, 2022, Powell Incorporated obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $478,700. The interest rate charged by the bank was 6.75%. The bank made the loan on a discount basis.   Exercise 7-7 (Algo) Part a - Journal entry a-3. Record the journal entry to show the effect of signing the note and the receipt of the cash proceeds on May 15, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

On October 1, 2023 PT. Leci borrowed $500,000 from Pineapple Bank by signing a 10-month, 6% note. If on December 31 PT. Leci makes adjusting entries, then on August 1, 2024 what is the amount of interest expense recorded by PT. Lychee when paying off the notes? a. 17.500 b. 21 000 c. 9.000 d. 30.000 e. 7.500

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The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals Debits $ 47,000 112,000 61,000 201,000 8,000 92,000 421,000 111,000 11,000 $ 1,064,000 Credits $ 101,000 61,000 77,000 133,000 21,000 241,000 303,000 127,000 $ 1,064,000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $31,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year. 2. The land account includes land which cost $26,000 that the company has not used and is currently listed for sale. 3. The cash…

On September 1, Year 1, West Company borrowed $30,000 from Valley Bank. West agreed to pay interest annually at the rate of 5% per year. The note issued by West carried an 18-month term. West Company has a calendar year-end. What is the amount of interest expense that will be reported on West's income statement for Year 1? Multiple Choice $500 $375 $-0- $150

1. Help me selecting the right answer. Thank you