Prepareany adjusting entries necessary on june 30 in order

Assignment Help Accounting Basics
Reference no: EM13614965

On June 1,the Muntley Company borrows $40,000 from the bank by signing a180-day, 6%, interest-bearing note.

Instructions

Prepare the necessary entries below associated with the note payable on thebooks of both Muntley Company and the bank.

(a)  Prepare the entry on June 1 when the note was issued.
(b) Prepare any adjusting entries necessary on June 30 in order to prepare themonthly financial statements. Assume no other interest accrualentries have been made.

(c) Prepare the entry to record payment of the note at maturity December 31).

  • Muntley Company (borrower)
  • Accounttitel debit credit
  • Muntley Company (lender)
  • Accounttitel debit credit

 

Reference no: EM13614965

Questions Cloud

Does anyone know why the interest coverage ratio for abank : does anyone know why the interest coverage ratio for abank would be so low? i am getting results ofabout 1.3 times
A student club has 40 members including stacy and tom a in : a student club has 40 members including stacy and tom.a in how many ways can the club elect different individuals to
What tax advantage does a series ee us government savings : what tax advantage does a series ee u.s. government savings bond due in three years have over a bank cd due in three
An employee who did not need health insurancebecause the : the uvw union and hon corporation are negotiationcontract terms. assume the union members are in the 28 marginaltax
Prepareany adjusting entries necessary on june 30 in order : on june 1the muntley company borrows 40000 from the bank by signing a180-day 6 interest-bearing
Four point charges each having a charge with a magnitude of : four point charges each having a charge with a magnitude of 1.5 microc are at the corners of a square whose sides are 6
The 2004 income statement for mcdonalds corporation shows : the 2004 income statement for mcdonalds corporation shows cost ofgoods sold 4852.7 million and operating expenses
Let x denote the length in minutes of a long-distance : let x denote the length in minutes of a long-distance telephone conversation. assume that the density for x is given
If y1 and y2 are independent and identically distributed : if y1 and y2 are independent and identically distributed normal random varialbes with mean mmu and variance sigma2 find

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Calculate the amount of inventory loss from the fire

Calculate the amount of inventory loss from the fire.

  Prepare the journal entries needed on the books of bismarck

on july 31 2012 bismarck company engaged duval tooling company to construct a special-purpose piece of factory

  Savrocca accountant for shine king cleaning is attempting

savrocca accountant for shine king cleaning is attempting to reconcile the monthly bank account.nbsp savrocca has the

  Details regarding journal entries

On November 19, 2007, Albatross Corporation purchased 30,000 shares of ABC Corporation stock for $480,000, and 10,000 shares of Milken Corporation stock for $250,000. In Microsoft Excel format, please prepare a journal with Albatross's entries for ..

  Management efficiency are ratios financial ratios

Receivables Turnover Ratio - The receivables turnover ratio tells us how many times accounts receivable have been collected in a given accounting period. Receivables turnover is calculated by taking the last 12 months of sales and dividing by the ..

  Bombadier industries manufactures aircraft-related

bombadier industries manufactures aircraft-related electronic devices. bombadier borrows heavily to finance operations.

  What is the net amount to be paid the employee

hours worked, 48; federal income tax withheld, $341; cumulative earnings for year prior to current week, $96,780; social security tax rate, 6.0% on maximum of $103,004; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid..

  Prevatt inc owns 80 of franklin company during the current

prevatt inc. owns 80 of franklin company. during the current year a portion of the investment in franklin is sold.

  Corrosion chemical co produces several chemical compounds

corrosion chemical co. produces several chemical compounds. each compound can be sold at the split-off point or

  Given the following incremental cash flow for 2

given the following incremental cash flow for 2 alternatives determine a the rate of return on the incremental cash

  How to show that your method of calculation is accurate

if you have 20 journal entries for the past 6 months that need to be re-calculated to reflect a 20% commission payout on 15 employee's what method would you use to show that your method of calculation is accurate?

  Hector corporation is a manufacturing company with annual

hector corporation is a manufacturing company with annual sales of 25 million. its budget committee has created the

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