In January of 2020 Jack Daniels invested $ 200 000 from his private savings account into his business bank account. At the end of first year which ended 31 December 2020 Jack Daniels received a $400 000 loan from his banker to expand the business. He presented the following information at the end of the year S Motor vehicles 300 000 Inventory 70 000 Bank balance (Included loan amount) 415 000 Office furnishing 40 000 Trade receivables 85 000 Trade payables 90 000 Telephone bill unpaid 3 000 Loan (repayable 2030) 400 000 The total current liabilities at the end of the year is S

last question: what is the entry required on January 1, 2023, when the loan is paid back?

Kelly 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 amount

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Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%, $100,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 On what date does this note mature? (Assume that February has 28 days.) On what date does this note mature?

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Dan Dayle started a business by issuing an $83,000 face value note to First State Bank on January 1, 2018. The note had a 6 percent annual rate of interest and a five-year term. Payments of $19,704 are to be made each December 31 for five years.   Required What portion of the December 31, 2018, payment is applied to interest expense and principal? What is the principal balance on January 1, 2019? What portion of the December 31, 2019, payment is applied to interest expense and principal?

Bev is completing the monthly bank reconciliation for her checking account for the month of October.   The following facts apply: The balance per the bank on Oct 31st = $3,000 The balance per her checkbook on Oct 31st = $6,000 Deposits in Transit = $2,000 Outstanding Checks = $500 EFT’s ‘into’ her account = $4,000 EFT’s ‘out of’ her account = $5,500 No interest was earned on the account, and there were no bank fees during the month.

Kinsella Seed borrowed $200,000 on October 1, 2022, at 10% interest. The interest and principal are due on October 1, 2023. What journal entry should be made with respect to the interest payment on October 1, 2023? a. Debit Cash 20,000; credit Interest Expense 15,000; credit Interest Payable 5,000. b. Debit Interest Expense 15,000; credit Cash 15,000. c. Debit Interest Expense 20,000; credit Cash 20,000. d. Debit Interest Expense 15,000; debit Interest Payable 5,000; credit Cash 20,000.   Feedback Area