Prepare the journal entry to record the purchase

Assignment Help Accounting Basics
Reference no: EM131117989

1. Garcia Corporation purchased a truck by issuing an $80,000, 4-year, zero interest-bearing notes to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck. 

Reference no: EM131117989

Questions Cloud

Different areas more culturally similar or dissimilar : Compare the Western world (i.e., Europe, the Middle East, and Africa) with the Eastern world (Asia and Oceania) and the Americas, explain whether you find the two different areas more culturally similar or dissimilar.
What are levels of success this product or method claims : How much does this method/product seem to rely on personal stories/anecdotes, a single "independent" study, promotion by a well-known celebrity, testimonials by teachers or parents, etc.
Transition from the ancient : When considering the transition from the ancient world to the early modern world by 1500 CE, explain how political institutions evolved and whether religious, economic, or military forces most influenced that evolution.
Use a financial calculator to find the yield to maturity : Find the current yield of a 5.65%, 8-year bond that's currently priced at $853.75. Now, use a financial calculator to find the yield to maturity on this bond(use annual compounding).
Prepare the journal entry to record the purchase : Prepare the journal entry to record the purchase of this truck.
Goals of the social reform movements : Examine the goals of the social reform movements of the 1830's and 1840's. In what ways were these social reform movements representative of a broader picture of society?
Create an even better clever skater than the one presented : Then call the skate Around method-to make the skater skate around the penguin and then the duck. (This will require two calls to the skate Around method.)
Compute the weighted average interest rate used : Hanson Company (see BE10-2) borrowed $1,000,000 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year, $2,000,000 note payable and an 11%, 4-year, $3,500,000 not..
A network with a critical path : You have a network with a critical path A-B-C-D. For our purposes, you are allowed to ignore the other paths through the network. The values for optimistic (a), pessimistic (b) and most likely (m) durations for each task are as shown below.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a retained earnings statement for the fiscal year

Dynamic Leaders Inc. reported the following results for the yearending July 31, 2008. Prepare a retained earnings statement for the fiscal year endingJuly 31, 2008

  Computation of consolidated net income

How do unrealized intercompany inventory profits from a prior period affect the computation of consolidated net income when the inventory is resold in the current period? Is it important to know if the sale was upstream or downstream? Why or why n..

  What is the common-size percentage for the net income

Foreign Travel Services has net income of $48.400. total assets of $219,000. total equity of $154800, and total sales of $311,700. What is the common-size percentage for the net income? Healthy Foods has total assets of $129,800, net fixed assets of ..

  Assume there is a well-financed one-year-old company in the

assume there is a well-financed one-year-old company in the biotech industry that is concentrating on developing

  Equipment acquired on february 5 20xx at a cost of 212750

equipment acquired on february 5 20xx at a cost of 212750 has an estimated useful life of 8 years and an estimated

  Calculate the withholding taxes and the gross amount

Calculate the withholding taxes and the gross amount of the bonus to be made to John Rolen if his cumulative earnings for the year are $46,910. Besides being subject to social security taxes and federal income tax (supplemental rate), a 7% California..

  Describe the qualitative factors that ellis quilting

ellis quilting company makes blankets that it markets through a variety of department stores. it makes the blankets in

  Abc company accepted a national credit card for a 3000

abc company accepted a national credit card for a 3000 purchase. the cost of the goods sold is 2400. the credit card

  Taxable income-tax payable-abc corporation

ABC Corporation is a CCPC, and is in the business of manufacturing children's toys. Mr. and Mrs. ABC are the shareholders and actively manage the business. Over the course of the fiscal year, the following transactions occurred.

  Supporting the pepsi refresh project

"We want people to be aware that every time you drink a Pepsi you are actually supporting the Pepsi Refresh Project and ideas that are going to move this country forward." Considering that the Pepsi Refresh Project is a critical element of Pepsi's..

  What is the purpose of a bank reconciliation

What is the purpose of a bank reconciliation?

  Joels principal residence is destroyed in a fire in a

joels principal residence is destroyed in a fire in a federally declared disaster area. the insurance compensates joel

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