Prepare the journal entry to record the proceeds of the note

Assignment Help Accounting Basics
Reference no: EM131790732

Question - Hanna Company borrows $80,000 on July 1 from the bank by signing a $80,000, 10%, one-year note payable.

Prepare the journal entry to record the proceeds of the note.

Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.

Reference no: EM131790732

Questions Cloud

Discuss what is the doctrine of determinism : What is the doctrine of determinism? How does Skinner's view fit with this theory? What is operant conditioning
Complete long-term liabilities section of the balance sheet : The adjusted trial balance for Gilligan Corporation at the end of the current year contained the following accounts. Complete the long-term liabilities section
Estimate tony income elasticity of demand for steaks : The following information is provided for Tony Romo's income and expenditures. Estimate Tony's income elasticity of demand for steaks.
Discuss what is the maximum purchase price per unit : What is the maximum purchase price per unit that Hospital Supply should be willing to pay the outside contractor
Prepare the journal entry to record the proceeds of the note : Hanna Company borrows $80,000 on July 1 from the bank by signing a $80,000, 10%, one-year note payable. Prepare journal entry to record proceeds of the note
How is earnings per share calculated : How is earnings per share (EPS) calculated? Why do we calculate diluted EPS? How is EPS used in the price/earnings ratio
What is the number of accidents involving males : What is the standard deviation for the number of accidents involving males between the ages of 19 and 34?
Weighted-average interest rate : Weighted-average interest rate, Compute the weighted-average interest rate used for interest capitalization purposes
Find the amount of output that can be produced : Q = 6LK w = $3, r = $1.5 The firm would like to know the maximum output that can be produced for $9,000. Find the combination of inputs that maximizes output.

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