Homework Help is Here – Start Your Trial Now!
Business
Accounting
Greene Corporation loaned $150,000 to another corporation on December 1, 17) 2021 and received a 3-month, 8% interest-bearing note with a face value of $150,000. What adjusting entry should Greene make on December 31, 2021?

Greene Corporation loaned $150,000 to another corporation on December 1, 17) 2021 and received a 3-month, 8% interest-bearing note with a face value of $150,000. What adjusting entry should Greene make on December 31, 2021?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
17,18,19 and 20
17) Greene Corporation loaned $150,000 to another corporation on December 1, 2021 and received a 3-month, 8% interest-bearing note with a face value of $150,000. What adjusting entry should Greene make on December 31, 2021? A. Debit Interest Receivable and credit Interest Revenue, $3,000. B. Debit Cash and credit Interest Revenue, $1,000. C. Debit Interest Receivable and credit Interest Revenue, $1,000. D. Debit Cash and credit Interest Receivable, $3,000. 18) Camel Corporation had revenues of $300,000, expenses of $180,000, and dividends of $45,000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a A. Debit of $75,000. B. Debit of $120,000. C. Credit of $75,000. D. Credit of $120,000. 19) Montana Co. had the following account balances: Sales revenue $ 180,000 90,000 15,000 30,000 6,000 12,000 30,000 18,000 16,500 19,500 Cost of goods sold Salaries and wages expense Depreciation expense Dividend revenue Utilities expense Rent revenue Interest expense Sales returns and allowances Advertising expense What would Montana report as total expense in a single-step income statement? Gross billings for merchandise sold by Gomez Company to its customers last 20) year amounted to $12,720,000; sales returns and allowances were $370,000, sales discounts were S175,000, and freight-out was $140,000. Net sales last year for Gomez Company were? 1263 words O Focus 目 e here to search
Transcribed Image Text:17) Greene Corporation loaned $150,000 to another corporation on December 1, 2021 and received a 3-month, 8% interest-bearing note with a face value of $150,000. What adjusting entry should Greene make on December 31, 2021? A. Debit Interest Receivable and credit Interest Revenue, $3,000. B. Debit Cash and credit Interest Revenue, $1,000. C. Debit Interest Receivable and credit Interest Revenue, $1,000. D. Debit Cash and credit Interest Receivable, $3,000. 18) Camel Corporation had revenues of $300,000, expenses of $180,000, and dividends of $45,000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a A. Debit of $75,000. B. Debit of $120,000. C. Credit of $75,000. D. Credit of $120,000. 19) Montana Co. had the following account balances: Sales revenue $ 180,000 90,000 15,000 30,000 6,000 12,000 30,000 18,000 16,500 19,500 Cost of goods sold Salaries and wages expense Depreciation expense Dividend revenue Utilities expense Rent revenue Interest expense Sales returns and allowances Advertising expense What would Montana report as total expense in a single-step income statement? Gross billings for merchandise sold by Gomez Company to its customers last 20) year amounted to $12,720,000; sales returns and allowances were $370,000, sales discounts were S175,000, and freight-out was $140,000. Net sales last year for Gomez Company were? 1263 words O Focus 目 e here to search
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Capital Gains and Losses
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS