On July 1, 2020, United Flag Company took out a 15-year loan for $144,000. Principal repayments of $9,600 and interest at 8% are due annually on June 30. Prepare all of the journal entries required in relation to the loan for the year ended October 31, 2020. (Credit account titles are automatically indented when the 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 Credit (To record the loan) (To record interest) (To reclassify the current

Given information, Loan amount =$144,000 Principal repayments=$9,600 Interest=8% per annum

Answered: On July 1, 2020, United Flag Company took out a 15-year loan for $144,000. Principal repayments of $9,600 and interest at 8% are due annually on June 30.…

FINANCIAL ACCOUNTING

10th Edition

ISBN: 9781259964947

Author: Libby

Publisher: MCG

See similar textbooks

Related questions

Q: Use EMBG's adjusted trial balance to prepare EMBG's balance sheet for the current year-end. EMBG…

A: Definition: Balance sheet: To Know the financial position of the business balance sheet is prepared.…

Q: Please help thanks

A: Equivalent units: This is one of the processes costing methods, under this method the uncompleted…

Q: July 12: Paid amount owed to Tabby Company. Activity Operating v Accounts Cash Decrease, Account…

A: Transaction: It is an event between a buyer and seller which involves money. It is an exchange of…

Q: why are all the answerer are wrong please help

A: Inventory valuation method includes: First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted…

Q: If the company sells produces and sells 3,000 baskets how much operating income will they make A)…

A: Direct material rate per unit = $16,000/2000 = $8 per unit Direct Labour rate per unit =…

Q: Direct materials and conversion equivalent units of production for August . Direct materials and…

A: Solution:- Morning Brew Coffee Company…

Q: Hi I need help with #22. I only need a, b and d. Thank you!

A: Answer a: Sales-Variable cost=Contribution margin170 - 90 = $80 Therefore, the contribution margin…

Q: Use EMBG's adjusted trial balance to prepare the company's income statement. EMBG CORPORATION…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: How do I solve these?

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Student ID Day 63638034 Monday 23957096 Thursday 28080825 Monday Exam Score 61 70 1. How many…

A: =COUNTIF is used to count the cells satisfying the given criteria in the given range.

Q: Please refer to pictures and help me with problem thanks!

A: Answer 1: Working note 1: Predetermined overhead rate=Estimated total manufacturing…

Q: Could you please do a step by step solving process for this question?

A: PVIFA refers to present value interest factor of an annuity. It is used to determine the present…

Q: Hello, I would need guidance with A-F, if possible.

A: Manufacturing overhead: It is the indirect cost incurred as a part of manufacturing the products.…

Q: Kate is very pleased with the results of the first year of operations for Kate's Cards. She ended…

A: Financial Statement: A financial statement is the complete record of financial transactions that…

Q: How to solve this problem? How does the answer look all solved? I am struggling to answering this…

A: Multi-step income statement: It is the presentation of a normal income statement in a more detailed…

Q: What is the difference between the Cumberland Gap and GAAP?

A: Answer:- Difference meaning:- Difference is an important notion in philosophy, referring to the…

Q: Thank you so much this is very clea

A: Introduction:- A cash flow statement denotes total amount cash is inflows and cash outflows your…

Q: can you be more clear of what the answer is? thanks

A: Given: Beginning of the Year Common Stock = $8 Additional Paid in Surplus = $138 End of the Year…

Q: question 33

A: Traditional IRA is one of the plans which are used by the taxpayers so that the tax amount which is…

Q: Uncollectible Accounts-Percentage of Sales and Percentage of Recelvab At the end of the current…

A: We shall answer the first question since the exact one was not specified. Please resubmit a new…

Q: Big help please

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: Can you help with the second part?

A: Cost of goods sold is the cost of the value of the inventory which has been sold during the period…

Q: Why digital payment has changed the fiance systems?

A: In the recent past and last few years’ digital payment systems have boomed. Different forms of new…

Q: can you please solve the second question

A: Cost per good unit is calculated as total cost divided by number of good units. The cost can be…

Q: help me with the last

A: In market leader in the product States something regarding the competitions and make a different…

Q: can i please get a correct answer for that question

A: The statement of comprehensive income is computed by adding the net income – which is found by…

Q: How can knowledge open doors ?

A: Solution- Knowledge something that can open many doors, knowledge gives you more opportunities in…

Q: 1. Complete the Adjustments columns using the following year-end adjustments information. a./b.…

A: Solution: Adjusting Entries are the journal entries that are made at the end of a given accounting…

Q: a. Prepare a common-sized income statement comparing the results of operations for Sorenson…

A: Common size income statement is used for vertical analysis wherein each item in the income statement…

Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing t…

Question

Please help me

On July 1, 2020, United Flag Company took out a 15-year loan for $144,000. Principal repayments of $9,600 and interest at 8% are
due annually on June 30.
Prepare all of the journal entries required in relation to the loan for the year ended October 31, 2020. (Credit account titles are
automatically indented when the 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
Credit
(To record the loan)
(To record interest)
(To reclassify the current
portion of the loan)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

See solution Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by stepSolved in 2 steps

See solution

Check out a sample Q&A here

Knowledge Booster

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.