Jamie Soza negotiated a bank loan for $39,000 for 240 days at a bank rate of 12%. Assuming the interest is deducted in advance prepare the entry for Jamie to record the bank loan.
Answer to relevant QuestionsJournalize 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 ...On May 1, 201X, Marcus Company received a $21,000, 90-day, 10% note from Walker Company dated May 1. On June 20, 201X, Marcus discounted the note at Manchester Bank at a discount rate of 12%.1. Calculate the following:a. ...Assume that in the scenario in Exercise 8 the trade-in value was $11,000.a. What is the book value of the old machine? What is the gain?b. Provide a journal entry to record the exchange.In Exercise 8, Carol Co. traded in an ...A machine that cost $9,020 with $3,990 of accumulated depreciation was traded in for a similar machine having a $5,880 cash price. An $810 trade-in was offered by the seller.a. Calculate the book value of the old machine.b. ...On June 13, 2012, Cabe Company bought equipment for $4,800. Its estimated life is four years with a residual value of $384. Prepare depreciation schedules for 2012, 2013, and 2014 for (a) Straight-line (b) Double ...
Post your question