User Account

All Pages

Adjusting entry to accrue interest expense

Assignment Help Accounting Basics
Reference no: EM13521375

Accruing interest expense and posting to T-accounts

Thompson Travel borrowed $68,000 on October 1, 2012, by signing a one-year note payable to Metro One Bank. Thompson"s interest expense for the remainder of the fiscal year (October through December) is $884.

Requirements

1. Make the adjusting entry to accrue interest expense at December 31, 2012. Date the entry and include its explanation.

2. Post to the T-accounts of the two accounts affected by the adjustment.

Reference no: EM13521375

Questions Cloud

What is the rate of heat input : A heat engine has an efficiency of 35.0% and its power output is 600 W. What is the rate of heat input
People are fundamentally altruistic-story of ring of gyges : What lesson have many people taken from the story of the Ring of Gyges? Political power is dangerous when concentrated in the hands of a few people. People are fundamentally altruistic.
Journalize the adjusting entry that metro magazine makes : Journalize the adjusting entry that Metro Magazine makes to record the earning of $12,000 of subscription revenue that was collected in advance. Include an explanation for the entry.
How far from the slits should the screen be placed : Light of wavelength 530 nm is incident on two slits that are spaced 1.0 mm apart. How far from the slits should the screen be placed
Adjusting entry to accrue interest expense : Make the adjusting entry to accrue interest expense at December 31, 2012. Date the entry and include its explanation - post to the T-accounts of the two accounts affected by the adjustment.
Find how many acceleration does the astronaut experience : Astronauts use a centrifuge to simulate the acceleration of a rocket launch. How many g's of acceleration does the astronaut experience when the device is rotating at the top speed? Each 9.80 m/s2 of acceleration is 1 g
What is the computer equipments book value : What is the computer equipments book value on May 31 - Post the purchase of May 1 and the depreciation on May 31 to T-accounts
Find how far in advance should the object be let go : An airplane is to drop an abject to hit a target on the ground. The plane is flying at a constant speed of 300 km/h horizontally, How far in advance should the object be let go in order for it to reach the target
Calculate the apparent weight of the passenger : An elevator moving upward approaches the top floor of a high rise building and begins to slow down at the rate of 2.00 m/s2. Calculate the apparent weight of the passenger if her mass is 60.0 kg

Reviews

Write a Review

Accounting Basics Questions & Answers

  Stan and ollie are partners who share income in the ratio

radley and smithers share income and losses in a 21 ratio after allowing for salaries to radley of 24414 and 30821 to

  Recorded the purchase as an asset

The Village Laundry Company purchased $4,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $1,000 on hand. The adjusting entry that should be made by the ..

  Estimating bad debt expense

Gilkey Security Systems has the following for the year ended 12-31-09 before adjustments. Gilkey uses the aging method of estimating bad debt expense. The journal entry for estimating bad debt expense at year end is:

  South western federal taxation exercises

Discuss the key factors that should be considered when determining whether an item should be expensed. Speculate how Joe Carter arrived at his decision to expense the carpets replaced in the apartments.

  Journalize the entries needed

Journalize the entries required on February 13, March 14, and April 30.

  Income statement effects of the transacton

(a) Journalize the transactions. (b) Indicate the income statement effects of the transacton.

  Basic concepts underlying historical costing

Can any of the principles discussed under the same general category be deduced or logically derived from these postulates?

  Compute the break-even point in dollars under each of the

fredonia inc. had a bad year in 2013. for the first time in its history it operated at a loss. the companys income

  Benefit of budgeting

Which of the following is not a benefit of budgeting?

  Prepare the operating section of the statement of cash flows

Prepare the operating section of the statement of cash flows under the indirect method and the direct method.

  Frantic fast foods had earnings after taxes of 1200000 in

frantic fast foods had earnings after taxes of 1200000 in the year 2009 with 322000 shares outstanding. on january 1

  What will be a gross profit amount

What will be A' gross profit amount if she sells 500 Sedonas?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd