User Account

All Pages

Prepare the journal entry csm will make

Assignment Help Financial Accounting
Reference no: EM132708410

Problem 1: C&S Marketing (CSM) recently hired a new Marketing Director, Jeff Otos for its downtown Minneapolis office . As part of the arrangement CSM agreed on February 28,2018 to advance Jeff $65,000 on a one year 7 percent note with interest to be paid at maturity on February 28,2019 CSM prepares financial statements on June 30 and December 31. Prepare the journal entry CSM will make when the note is established accrue interest on June 30 and December 31 .

  1. Journal Entry 1 Record the receipt of a note on February 28 2018 for a $65,000 loan to an employee
  2. Date / General Journal/ Debit / Credit.
  3. Journal Entry 2 Jun 30 , 2018 Record interest accrued as June 30 2018 
  4. Journal Entry 3 Record the interest accrued on the note as of December 31,2018 . 
  5. Journal 4 Record the receipt of the payment for interest for the period ending February 28 ,2019 
  6. Journal Entry 5 Record the receipt of the payment for the principal on the notes maturity .

Reference no: EM132708410

Questions Cloud

What is the project after-tax equipment salvage value : The hospital's tax rate is 20 percent, and its corporate cost of capital is 10 percent. What is the project's after-tax equipment salvage value?
What is the tax shield : The tax rate is 30%. What is the tax shield (annual cash saving based on tax) that the company can apply as a cash flow in its NPV calculation
What gets debited and what gets credited : Waren issued a $15,000 ACH payment to First American Bank. What accounts are used and what gets debited and what gets credited
List two sources of information on current service trends : List two sources of information on current service trends and changes in the hospitality industry that affect service delivery.
Prepare the journal entry csm will make : C&S Marketing (CSM) recently hired, Prepare the journal entry CSM will make when the note is established accrue interest on June 30 and December 31 .
Discuss pregnancy and prevention : Design a PowerPoint presentation for high school aged students discussing normative aging changes, sexuality, STDs, and prevention.
Calculate Tracey monthly mortgage payment : Calculate Tracey's monthly mortgage payment if she had a conventional mortgage on her new condo and selected a 5 year term at a fixed rate of 3.85%
Prepare the journal entry at year-end : Prepare the journal entry at year-end. Crane has a stock portfolio valued at $7,300. Its cost was $5,200. If the Fair Value Adjustment account has debit balance
Find what is the equivalent annual saving from purchase : The firm's tax rate is 21%. What is the equivalent annual saving from the purchase if Gluon can depreciate 100% of the investment immediately

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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