On the last day of October, Wicker Company borrows $120,000 on a bank note for 60 days
Question:
On the last day of October, Wicker Company borrows $120,000 on a bank note for 60 days at 11 percent interest. Interest is not included in the face amount. Prepare the following entries in journal form:
(1) October 31, recording of note;
(2) November 30, accrual of interest expense, and
(3) December 30, payment of note plus interest.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (14 reviews)
1 Oct 31 Cash 12000000 Notes Payable 12000000 Bank ...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
On the last day of March, Brunswick Corporation borrowed $360,000 on a bank note for 60 days at 10 percent interest. Assume that interest is stated separately. Prepare the following journal entries:...
-
On the last day of its current tax year, Buy Rite LLC received $300,000 when it sold a machine it had purchased for $200,000 three years ago to use in its business. At the time of the sale, the basis...
-
On the last day of October, Lake Company borrows $60,000 on a bank note for 60 days at 12 percent interest. Interest is not included in the face amount. Prepare the following journal entries: (1)...
-
The species-area curve tells us that slowing or halting___________ ___________ will potentially slow the rate of extinction.
-
Discuss why a small business might be able to deduct a greater percentage of the assets it places in service during the year than a larger business.
-
The tax liability on the sale of the Steelworq shares is: A. \($4\),000. B. \($0\). C. \($33\),020. Jevan Chen is a tax adviser who provides tax-aware advice to various private clients. Two of Chens...
-
Suppose that it is desired to estimate the expected value of a random variable \(x\). (This random variable might be the discounted terminal value of a call option on a stock that is following a...
-
Gerstner Corporation is authorized to issue 10,000 shares of $40 par value, 10% preferred stock and 200,000 shares of $5 par value common stock . On January 1, 2014, the ledger contained the...
-
What strategies and tools can Agile practitioners employ to effectively prioritize and manage project backlogs, ensuring that features are sequenced based on business value, risk mitigation, and...
-
Over the Years, Markets have become global. But now the Protectionist policies of USA and the COVID -19 Pandemic threatens the global value chains. Please elaborate (15 Marks) (aroung 1500-2000 words)
-
Indicate whether each of the following actions relates to (a) Managing liquidity and cash flows, (b) Recognition of liabilities, (c) Valuation of liabilities, (d) Classification of liabilities, or...
-
Web Design Services billed its customers a total of $490,200 for the month of August, including 9 percent federal excise tax and 5 percent sales tax. 1. Determine the proper amount of service revenue...
-
With reference to Exercise 3.34 and Figure 3.11, assume that each of 150 persons has the same chance of being selected, and find the probabilities that he or she (a) lives more than 3 miles from the...
-
The Fulcrum Company produces decorative swivel platforms for home televisions. If Fulcrum produces 40 million units, it estimates that it can sell them for \($100\) each. Variable production costs...
-
What provider incentives are created under (a) cost-based reimbursement, (b) prospective payment, (c) capitation?
-
Why must a finance book consider taxes?
-
What are the two primary ways that costs can be classified?
-
Consider two companies that operate in the same line of business and have the same degree of operating leverage: the Basic Company and the Grundlegend Company. The Basic Company and the Grundlegend...
-
What factors should motivate a contractor to have a safe operation and a good safety program?
-
Orange juice producers are dismayed and puzzled. An economist told them that the reason the demand for orange juice fell is that a new technology allow tomato producers to pick ripe tomatoes more...
-
Fluoridation of city drinking water results in a fluoride ion concentration of approximately 5 = 10 5 mol L 1 . Suppose you are using a water filter that adds calcium to the water. Will CaF 2...
-
Doover Company produces organic honey, which it sells to health food stores and restaurants. The company owns thousands of beehives. No direct materials other than honey are used. The production...
-
Box Corporation produces a line of beverage boxes. The production process has been automated, so the product can now be produced in one operation rather than in the three operations that were needed...
-
Sunny Company manufactures and sells several different kinds of soft drinks. Direct materials (sugar syrup and artificial flavor) are added at the beginning of production in the Mixing Department....
-
For each ordered pair, determine -6x+7y=2 7x-4y=6 a solution to the system of equations.
-
Review the meaning of the concepts or terms given in Key Terms and Concepts. Distinguish between a production department and a service department. Distinguish between a direct cost and an indirect...
-
What would you like the members of your learning community to know about your global health interests, perspectives, and life experiences? How will you prepare to listen and learn from others? Why...
Study smarter with the SolutionInn App