User Account

All Pages

Calculate the interest payable that was accrued

Assignment Help Accounting Basics
Reference no: EM132550831

Question - Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2014, from Natalie's grandmother. Interest on the note is 6% per year, and the note plus interest was to be repaid in 24 months. Recall that a monthly adjusting journal entry was prepared for the months of November 2014 (1/2 month), December 2014, and January 2015.

Instructions -

(a) Calculate the interest payable that was accrued and recorded to July 31, 2015.

(b) Prepare the journal entry at August 31, 2015, to record one month's accrued interest.

(c) Natalie repays her grandmother on September 15, 2015-10 months after her grandmother extended the loan to Cookie Creations. Prepare the journal entry for the loan repayment.

Reference no: EM132550831

Questions Cloud

What is the required sale in units to break-even : Assuming that you will make $100 per unit and your variable costs are $60 per unit with Fixed Costs of $5000. What is your required sale in units to break-even?
What is the carrying value of the bonds on January : Jarmin Company received proceeds of $188,500 on 10-year, 8% bonds issued on January 1, 2011. What is the carrying value of the bonds on January
Identify the limitation of gdp relevant : Environment Canada reports that a "dead zone" of low oxygen that can kill fish and marine life in Lake Eerie has doubled in the last ten years
Solve break even point and margin of safety : Solve break even point (unit and sales) and margin of safety (unit) of the two plants. Advice to the management which plan to be adopted.
Calculate the interest payable that was accrued : Natalie is thinking of repaying all amounts outstanding to her grandmother. Calculate the interest payable that was accrued and recorded to July 31, 2015
Strategic objectives-context-stakeholders and risk criteria : What is the linkage at JAA between the strategic objectives, context, stakeholders, and risk criteria?
Explain why a us recession that occurs : Explain why a U. S. recession that occurs as the rest of the world is expanding will tend to reduce the U. S. Trade deficit.
What is the difference between a depreciation of the dollar : What is the difference between a depreciation of the dollar and a devaluation of the dollar?
Solve prime costs for both book and brochure : Hakim has rented a building for RM1,400 per month. His printing equipment, Calculate prime costs for both book and brochure and total monthly prime cost.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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