Preparing financial statements of a company

Assignment Help Accounting Basics
Reference no: EM13156223

Grayson Bank agrees to lend the Trust Company $100,000 on January 1. Trust Company signs a $100,000, 9%, 9-month note. What is the adjusting entry required if Trust Company prepares financial statements on June 30?

1. Interest Expense 9,000
Interest Payable 9,000

2. Interest Expense 6,750
Interest Payable 6,750

3. Interest Payable 4,500
Interest Expense 4,500

4. Interest Expense 4,500
Interest Payable 4,500

Reference no: EM13156223

Questions Cloud

What are the implications of type one error for traffic flow : Set up the null and alternative hypotheses to see if the data show that it does indeed take seniors longer than 15 seconds to cross the street. In terms of traffic flow, what are the implications of a Type I error?
What are mitochondria : WHAT Are mitochondria
What is the final temperature of the water-iron mixture : A 24.7 g sample of pure iron at 61°C is dropped into 99 g of water at 25°C. What is the final temperature of the water-iron mixture?
How are the gradients of bcd and hb-m established : How are the gradients of BCD and HB-M established during early embryogenesis in Drosophila? What is the role of the cytoskeleton in this process?
Preparing financial statements of a company : Grayson Bank agrees to lend the Trust Company $100,000 on January 1. Trust Company signs a $100,000, 9%, 9-month note. What is the adjusting entry required if Trust Company prepares financial statements on June 30?
Antibiotic resistance : Antibiotic resistance" is frequently cited example of natural selection. In your own words, write a primary post of at least 125 words explaining this example.
Paragraph for each source : Using each of these sources. would you be able to write a paragraph for each source using quotes from the sources, talking about the mammoth extinction and the type of source it is i.e primary, secondary, bias, unbias, reputable..?
Why does the child not display the mutant phenotype : Both loci for a gene from a parent who has a mutant phenotype and his normal child indicate they are both heterozygous with the same alleles. Why does the child not display the mutant phenotype?
Explain integrated to integrated rate laws : what will the concentration be after 3.00 minutes? B)A zero-order reaction has a constant rate of 3.40×10^?4 M/s . If after 80.0 seconds the concentration has dropped to 3.00×10^?2 M , what was the initial concentration?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

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