Business, 11.12.2019 05:31, azainababbas

Ap kelly jones and tami crawford borrowed $15,000 on a 7-month, 8% note from gem state bank to open their business, jc's coffee house. the money was borrowed on june 1, 2022, and the note matures january 1, 2023. required:
a. prepare the entry to record the receipt of the funds from the loan.
b. prepare the entry to accrue the interest on june 30.
c. assuming adjusting entries are made at the end of each month, determine the balance in the interest payable account at december 31, 2022.
d. prepare the entry required on january 1, 2023, when the loan is paid back.

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 11:00, nicko10

The following transactions occurred during july: received $1,000 cash for services provided to a customer during july. received $4,000 cash investment from bob johnson, the owner of the business received $850 from a customer in partial payment of his account receivable which arose from sales in june. provided services to a customer on credit, $475. borrowed $7,000 from the bank by signing a promissory note. received $1,350 cash from a customer for services to be rendered next year. what was the amount of revenue for july?

Answers: 1

continue

Business, 22.06.2019 12:50, HarleyQuinn117

Performance bicycle company makes steel and titanium handle bars for bicycles. it requires approximately 1 hour of labor to make one handle bar of either type. during the most recent accounting period, barr company made 7,700 steel bars and 2,300 titanium bars. setup costs amounted to $35,000. one batch of each type of bar was run each month. if a single company-wide overhead rate based on direct labor hours is used to allocate overhead costs to the two products, the amount of setup cost assigned to the steel bars will be:

Answers: 2

continue

Business, 22.06.2019 14:00, tamariarodrigiez

How many months does the federal budget usually take to prepare

Answers: 1

continue

Business, 22.06.2019 19:50, wsdafvbhjkl

On july 7, you purchased 500 shares of wagoneer, inc. stock for $21 a share. on august 1, you sold 200 shares of this stock for $28 a share. you sold an additional 100 shares on august 17 at a price of $25 a share. the company declared a $0.95 per share dividend on august 4 to holders of record as of wednesday, august 15. this dividend is payable on september 1. how much dividend income will you receive on september 1 as a result of your ownership of wagoneer stock

Answers: 1

continue

Do you know the correct answer?

Ap kelly jones and tami crawford borrowed $15,000 on a 7-month, 8% note from gem state bank to open...