FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Question
Chapter 3, Problem 30ME
a.
To determine
Prepare adjusting entry and
b.
To determine
Prepare journal entry for closing the interest income.
c.
To determine
Prepare adjusting entry and journal entry for cash receipts.
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Agrico Inc. accepted a 10-month, 13% (annual rate), $5,350 note from one of its
customers on May 15, 2019; interest is payable with the principal at maturity.
a-2. Prepare the journal entry to record the interest earned by Agrico during its year
ended December 31, 2019. (If no entry is required for a transaction/event, select
"No journal entry required" in the first account field. Do not round your
intermediate calculation. Round your answers to 2 decimal places.)
ok
The following transactions took place for Smart Solutions Incorporated.
ces
2020
a. July 1
Loaned $70,000 to employees of the company and received back one-year, 10 percent notes.
b. December 31 Accrued interest on the notes.
2021
c. July 1
d. July 1
Required:
Prepare the journal entries that Smart Solutions Incorporated would record for the above transactions. (If no entry is required for a
transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Received interest on the notes. (No interest has been recorded since December 31.)
Received principal on the notes.
Journal entry worksheet
1
Loaned $70,000 to employees of the company and received back one-year, 10
percent notes. Record the transaction.
2
Note: Enter debits before credits.
<
Date
July 01, 2020
<
Journal entry worksheet
1
Date
Note: Enter debits before credits.
December 31, 2020
Record entry
1
Accrued interest on the notes. Record the transaction.
2
Journal entry worksheet
2…
Adjusting journal entry for:
On November 1st, 2018, FTS purchased a certificate of deposit from First National Bank for $25,000. The deposit earns interest of 2.0% annually and has a maturity end date of 11/1/2020. Interest earned is received annually on November 1st of each year.
Chapter 3 Solutions
FINANCIAL ACCOUNTING
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
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