Jamie Smith negotiated a bank loan for $33,000 for 90 days at a bank rate of 14%. Assuming the interest is deducted in advance prepare the entry for Jamie to record the bank loan.
Answer to relevant QuestionsCalculate the interest for the following:a. $18,000 1% 3 yearsb. $24,000 11% 10 monthsc. $10,000 18% 125 daysJournalize the following entries for (1) the buyer and (2) the seller. Record all entries for the buyer first.201XJune 11 LePorte Company sold $9,000 of merchandise on account to Ramsey Company.July 11 LePorte Company ...Journalize the following transactions for Alden Company:201XApr. 18 Received a $12,000, 90-day, 8.5% note from Alex Coates in payment of account past due.May 9 Wrote off the Barney Clark account as uncollectible for $610. ...April Co., whose accounting period ends on December 31, purchased a machine for $7,000 on January 1 with an estimated residual value of $1,000 and an estimated useful life of 10 years. Prepare depreciation schedules for the ...On January 1, 2012, a machine was installed at Dunbar Factory at a cost of $52,000. Its estimated residual value at the end of its estimated life of four years is $20,000. The machine is expected to produce 160,000 units ...
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