Max Co. discounts its own note at a bank. This $58,000 note results in the bank deducting $390 interest in advance. Draw a transactional analysis box for this situation.
Answer to relevant QuestionsIf in Exercise 8 the discount needs to be adjusted at year-end by $50, what would be the journalized adjusting entry?In Exercise 8,Max Co. discounts its own note at a bank. This $58,000 note results in the bank deducting ...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.On May 1, 201X, Marcus Company received a $60,000, 90-day, 10% note from Quincy 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. ...Identify each situation as a capital expenditure or revenueexpenditure.Menard Company bought a light general-purpose truck for $10,000 on February 6, 2006. Calculate the yearly depreciation using the MACRS method.
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