Prepare general journal entries for the following transactions: Sept. 15 Borrowed $7,000 cash from the bank, giving
Question:
Prepare general journal entries for the following transactions:
Sept. 15 Borrowed $7,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 12% by the bank.
Nov. 14 Paid the $7,000 note, recognizing the discount as interest expense.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (18 reviews)
DATE 120 Sept 15 Cash GENERAL JOURNAL DESCRIPTION ...View the full answer
Answered By
Hemstone Ouma
"Hi there! My name is Hemstone Ouma and I am a computer scientist with a strong background in hands-on experience skills such as programming, sofware development and testing to name just a few. I have a degree in computer science from Dedan Kimathi University of Technology and a Masters degree from the University of Nairobi in Business Education. I have spent the past 6 years working in the field, gaining a wide range of skills and knowledge. In my current role as a programmer, I have had the opportunity to work on a variety of projects and have developed a strong understanding of several programming languages such as python, java, C++, C# and Javascript.
In addition to my professional experience, I also have a passion for teaching and helping others to learn. I have experience as a tutor, both in a formal setting and on a one-on-one basis, and have a proven track record of helping students to succeed. I believe that with the right guidance and support, anyone can learn and excel in computer science.
I am excited to bring my skills and experience to a new opportunity and am always looking for ways to make an impact and grow as a professional. I am confident that my hands-on experience as a computer scientist and tutor make me a strong candidate for any role and I am excited to see where my career will take me next.
5.00+
8+ Reviews
22+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Prepare general journal entries for the following transactions of Sustain Company. Use the following (partial) chart of accounts: Cash; Prepaid Insurance; Accounts Receivable; Furniture; Accounts...
-
Prepare general journal entries for the following transactions of Green Energy Company. Use the following (partial) chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable;...
-
(a) Prepare general journal entries for the following transactions in the appropriate funds and General Capital Assets and General Long-Term Liabilities accounts of a county, the county school...
-
Suppose you were required to use a micrometeorite shield no more than 0.01 meters thick. What would be the required toughness of the material from which that shield was made if the shield must...
-
Each member of a team is to participate in estimating uncollectibles using the aging schedule and percents shown in Problem 9-3A. The division of labor is up to the team. Your goal is to accurately...
-
Problems 5362. The purpose of these problems is to keep the material fresh in your mind so that you are better prepared for later sections, a final exam, or subsequent courses such as calculus. Find...
-
Describe the procedure for examining a hypothesis related to proportions of paired samples.
-
At December 31, MediSharp Precision Instruments owes $50,000 on accounts payable, salary payable of $16,000, and income tax payable of $8,000. MediSharp also has $280,000 of bonds payable that were...
-
You have a computer system where a customer wants the device to be changed from being a magnetic hard drive to an SSD using a M.2 interface. The desktop computer does not have a M.2 slot. Is what the...
-
Consider Figure 1-14. Explain the meaning of the line that connects CUSTOMER to ORDER and the line that connects ORDER to INVOICE. What does this say about how Pine Valley Furniture Company does...
-
Prepare general journal entries for the following transactions: June 15 Purchased $6,000 worth of equipment from a supplier on account. July 15 Issued a $6,000, 30-day, 12% note in payment of the...
-
At the end of the year, the following interest is payable, but not yet paid. Record the adjusting entry in the general journal. Interest on $8,000, 90-day, 8% note (for 18 days) . $32.00 Interest on...
-
Compute the missing values for the following chart. The first year of operations is 2017. 2020 2019 2018 2017 Assets: Cash $500 $200 $ 300 $ 300 Accounts receivable 700 ? 300 200 Inventory 400 400 ?...
-
Why do companies merge or acquire another company? Give a real example of this process (one company buying another) and explain whether it was successful or a failure.
-
How did you do on the goals set for you during your last performance appraisal?
-
Recruitment, Selection and Staffing Final Project You will be asked to submit a 3-4 page research paper on a topic covered in this course. You should review the textbook for the course, as well as...
-
When evaluating their current positions and estimating future market volatility, banks typically use a series of "market risk factors" that affect the value of their positions and the risks to which...
-
Morris Company has $600 in salaries that have been earned by employees on December 31 but will not be paid until the following January 1. Assuming the company uses the accrual basis, what would be...
-
How is cash flow calculated?
-
The National Collegiate Athletic Association (NCAA) and the National Federation of State High School Associations (NFHS) set a new standard for non-wood baseball bats. Their goal was to ensure that...
-
Let F(x) = (x + 1) ln(1 + x) x. (a) Apply integration to the result of Exercise 49 to prove that for 1 (b) Evaluate at x = 1/2 to prove (c) Use a calculator to verify that the partial sum S 4...
-
What is the fundamental accounting equation?
-
How is net income determined?
-
How is net income determined?
-
Georgias employee will match her contributions into a retirement plan up to 5% of her 40,000 annual salary. in other words, the employee will put $1 into her retirement plan for every $1 Georgia puts...
-
Stock in Country Road Industries has a beta of 1.09. The market risk premium is 7.5 percent, and T-bills are currently yielding 3.5 percent. The company's most recent dividend was $1.7 per share, and...
-
Festival Dancing and Fitness In this activity, you will be provided with a review on the implication of dancing activity to your fitness by way of determining your range of Target Heart Rate. Let us...
Study smarter with the SolutionInn App