Included in Carville Corp.'s December 31, 2014 trial balance is a note payable of $20,000. The note is an eight-month, 12% note dated October I, 2014. Prepare Carville's December 31, 2014 adjusting entry to record the accrued interest, and June I, 2015 journal entry to record payment of principal and interest due to the lender.
Answer to relevant QuestionsPrepare the following adjusting entries at December 31 for Karpai Ltd: 1. Interest on notes receivable of $600 is accrued. 2. Fees earned but unbilled total $1,800. 3. Salaries earned of $ 1,200 have not been recorded. 4. ...Willis Corporation has Beginning Inventory $76,000; Purchases $486,000; Freight-in $16,200; Purchase Returns 55,800; Purchase Discounts $5,000; and Ending Inventory $69,500. Calculate Willis's cost of goods sold. Using the data in BE3-6, prepare two sets of journal entries for No Claims Insurance, with each set of journal entries recording the July I, 2014 entry and the December 31, 2014 adjusting entry. No Claims uses an ...The adjusted trial balance of Serious Limited shows the following sales data at the end of its fiscal year on October 31, 2014: Sales S1,250,000; Freight-out 518,000; Sales Returns and Allowances $4,000; and Sales Discounts ...The adjusted trial balance of West Kayne Consulting is provided in the following worksheet for the month ended Apri130, 2014. Instructions (a) Complete the work sheet and prepare a balance sheet as illustrated in this ...
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