yaksdedf3388 yaksdedf3388

31-03-2020
Business

contestada

On September 1, Joe's Painting Service borrows $150,000 from National Bank on a 4-month, $150,000, 6% note. What entry must Joe's Painting Service make on December 31 before financial statements are prepared?

Respuesta :

majorprofessional majorprofessional

04-04-2020

Answer:

Loan Account

DR loan Note Account with $150,000

DR Loan Interest Expenses with $3,000

CR Cash/Bank Account with $153,000

Explanation:

the interest payable on the loan as at Dec 31 = $150,000 *6% *4/12 = $3,000

Answer Link

Otras preguntas

During his farewell address, andrew jackson said that he had worked on behalf of the farmer, the mechanic, and the laboring classes of society—the bone and sine

Read the following exchange between Romeo Juliet from act one of Romeo and Juliet what does exit reveal about the love between the two young people

The Crusades were a mixture of religion and politics, what other events in history included a mixture of religion and politics? Think of world events as well as

Which type of logic is demonstrated in the following example? Everyone on my street lost power during the storm. I will not be able to turn on the lights at my

Which of these statements is a fact? A all females begin ovulating at age 8 or 9 b the age at which female begins ovulating can be predicted C some females begi

Explain this statement: The energy for all the organisms in a food web can be traced back to the Sun. Note: Do not write, “The Sun is our main source of energy,

In a collision, a 5 kg mass moving at 2m/s transfers all of its momentum to a 1 kg mass. What is the velocity of the 1kg mass after the collision? Will give bra

y=f(x)=-1^x find f(x) when x=0

Read the paragraph from The Hot Zone and the summary that follows it. Once the cells in a biological machine stop working, it can never be started again. It goe

when particles are added pressure will do what and why

ACCESS MORE