On july 1 2012 a company loaned a key supplier 75000 a

Assignment Help Accounting Basics
Reference no: EM13579054

On july 1 2012 a company loaned a key supplier 75000. A promissory note was signed and issued and due in 8 months from may 1st. The supplier agreed to pay interest on the note at an annual interest rate of 8%. Principle interest will be paid at the end of 8 months. The note was recorded in notes receivable. Prepare adjusting journal entry.

Reference no: EM13579054

Questions Cloud

Ceiling fans by ikes overhead budget for 2009 was as : ceiling fans by ikes overhead budget for 2009 was as follows factory supervision 300000 utilities costs 150000
Wtis two employees are paid weekly as of the end of the : prepare the necessary adjusting journal entries for items a through h. assume that adjusting entries are made only at
Hampton co took a physical count of its inventory on : hampton co. took a physical count of its inventory on december 31. in addition it had to decide whether or not the
If the number of misprints in his history chapter is : sam will read either one chapter of his probability book or one chapter of his history book. if the number of
On july 1 2012 a company loaned a key supplier 75000 a : on july 1 2012 a company loaned a key supplier 75000. a promissory note was signed and issued and due in 8 months from
Tigor enterprises has sales revenue of 340000 for 20xx its : tigor enterprises has sales revenue of 340000 for 20xx. its product sells for 12 and has a 20 percent contribution
On november 1 wti agreed to do a special six-month course : prepare the necessary adjusting journal entries for items a through h. assume that adjusting entries are made only at
Due to rapid employee turnover in the accounting department : due to rapid employee turnover in the accounting department the following transactions involving intangible assets were
Barker co acquired 75 percent of the voting common stock of : barker co. acquired 75 percent of the voting common stock of smith corp. on january 1 2013. during the year barker made

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Boyles home center a retailing company has two departments

boyles home center a retailing company has two departments bath and kitchen. the companys most recent monthly

  Determine the breakeven units and sales for the company

The fixed costs expenses are INR 1,000. The selling price of the purse is INR 20. Determine the breakeven units and sales for the company.

  Designing tables of accounting cycle

Design at least two tables that could be used in a database for the hosting of information of your selected accounting cycle revenue cycle.

  Noncontrolling interest in the subsidiary income

Rojas Co. owned 7,000 shares (70%) of the outstanding 10%, $100 par preferred stock and 60% of the outstanding common stock of Brett Co. When Brett reported net income of $780,000, what was the noncontrolling interest in the subsidiary's income?

  Problem related to brokerage account

You have $42,180.53 in a brokerage account, and you plan to deposit a additional $5,000 at the end of every future year until your account totals $250,000. You expect to earn 12% annually on the account. How many years will it take to reach your g..

  Compute the break-even point in dollars for 2008 1920000

cruz manufacturing had a bad year in 2008. for the first time inits history it operated at a loss. the companys

  Partner a has an investment account and for 2012 he has a

partner a has an investment account and for 2012 he has a realized and recognized capital gain of 40000. partner b does

  What does section 404 require of managements internal

what does section 404 require of managements internal control report? research a public company and explain how

  For which of the following itemized deductions is the tax

for which of the following itemized deductions is the tax treatment the same for regular income tax and amt

  Recognize the redemption of the bonds

The bond issue costs relating to this transaction were $90,000. Harry amortizes discounts, premiums, and bond issue costs using the straight-line method. What amount of loss should Harry recognize on the redemption of these bonds (ignore taxes)?

  Conventional accounting records

Which of the following costs is often important in decision making, but is omitted from conventional accounting records?

  The operating cycle two wheeler cycle shop buys all of its

the operating cycle two wheeler cycle shop buys all of its bikes from one manufacturer baxter bikes. on average bikes

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