On December 1, 2018, Joy Vasek Importers Inc. borrowed US$1,000,000 from its bank. The loan is payable
Question:
On December 1, 2018, Joy Vasek Importers Inc. borrowed US$1,000,000 from its bank. The loan is payable in full on July 1, 2019. Interest is payable each month end at 5% per annum. Pertinent exchange rates in 2018 follow:
Required:
Prepare the required journal entries to record receipt of the loan proceeds; payment of interest on December 31, 2018, and for any adjustments required at year-end.
December 1, 2018 December 31, 2018 Average rate December 1-31, 2018 US$1.00 = C$1.08 US$1.00 = C$1.10 US$1.00 = C$1.09
Step by Step Answer:
On December 1 2018 to record receipt of loan proceeds Debit Cash i...View the full answer
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
Prepare the necessary journal entries to record the following transaction for the city of Small ville during 2017 in the general fund and account groups, and specify the account group used. Entries...
-
Prepare the general journal entries to record the following transactions of the Quinones County General Fund: 1. Quinones County borrowed $1,000,000 by issuing six-month tax anticipation notes...
-
Prepare the necessary journal entries to record the following transactions, assuming a periodic inventory system: (a) Purchased $400,000 of merchandise on account, terms 2 / 10, n / 30 (b) Returned...
-
(d) Consider a straight wire of length 1, and cross sectional area A, carrying a current I, in a uniform magnetic field B. The angle between the direction of current flow and the magnetic field is 0....
-
Use the outlier- deleted data of Exercise 12.59 to predict overhead costs of a contract when the contractor has 500 employees, the contract is 2.50% of the contractors income, and personnel costs are...
-
Q2. On the 10th of July 2023, ABC Company purchased land to construct a building to be used as a headquarters. The purchase price of the land was 1,000,000 KD. The company paid the following costs...
-
Fill in the Blank. In the finite element method, the solution domain is replaced by several ___________.
-
Whole Foods Market, Inc. included these statements in its 2010 annual report.* Required a. Compute the following for 2010 and 2009: 1. Net profit margin 2. Total asset turnover (use year- end assets)...
-
Discuss difference between nominal interest rate and real interest rate. Explain why real interest rate is more important than the nominal interest rate using your answer to Question 1 of the...
-
You are a manager of a Wally's Training Gym and you encourage your trainers to enroll new members. Input is the trainer's last name and the number of new enrollees. Output is the number of trainers...
-
Ranjit was recently hired by Montreal Express Inc. (MEI) to assist its payable clerk in bringing the accounts up to date. Ranjit was asked to record the following transactions: August 15, 2020MEI...
-
North Vancouver Laundry (NVL) recently hired Fred as its payable clerk, a position that has been vacant for two months. While the other accounting staff have taken care of the must dos, there are a...
-
Comparative financial statement data for Carmono Company follow: For this year, the company reported net income as follows: Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
A square loop \(0.20 \mathrm{~m}\) on each side is placed in a uniform magnetic field of magnitude \(0.50 \mathrm{~T}\). The plane of the loop makes a \(30^{\circ}\) angle with the magnetic field....
-
A parallel-plate capacitor initially has capacitance \(C\). The distance between the plates is then doubled, with a \(9.0-\mathrm{V}\) battery connected. The battery is then disconnected, and the...
-
A capacitor consisting of two concentric spheres and one consisting of two coaxial cylinders both have an inner radius of \(10.0 \mathrm{~mm}\) and an outer radius of \(30.0 \mathrm{~mm}\). If the...
-
A long wire that is at rest in the Farth reference frame initially carries no current. Observer \(\mathrm{E}\) in this reference frame measures linear charge densities of \(\lambda_{\mathrm{En}}=\)...
-
A parallel-plate capacitor initially has capacitance \(C\). What is the capacitance after each of the following single changes is made: (a) plate separation distance doubled, (b) dielectric material...
-
How many 4-element RNA sequences a) Contain the base U? b) Do not contain the sequence CUG? c) Do not contain all four bases A, U, C, and G? d) Contain exactly two of the four bases A, U, C, and G?
-
l ask this second time correnct answer is 38,01 can we look pls Consider a non-conducting rod of length 8.8 m having a uniform charge density 4.5 nC/m. Find the electric potential at P, a...
-
Upsidedown Cake Company produces dessert products for sale in grocery stores, but it also has a retail location. At the end of 2018, the company had $349,000 in accounts receivable before netting out...
-
Verdant Vines specializes in cultivating rootstock for grape vines. The company sells to both vineyards and consumers. At the beginning of the year, the company had $120,000 in accounts receivable...
-
Wahlberg Design Partners (WDP) uses the aging method for its accounts receivable. On January 1, the balance in the allowance for doubtful accounts was $25,000. For the year, WDP made $2,560,000 of...
-
Image transcription text 1. A cylindrical specimen of cold-worked copper (see Fig. below) has experienced a ductility of 25%EL. If its cold worked radius is 10 mm, what was its radius before...
-
Question 2 As a project manager, you need to synthesize information about a problem to stakeholders. What should you do first in your synthesizing process? Describe Briefly.
-
Please help me as much as you can!! I will take all your effort to solve this problem and will give you a good rate!!! Please show all the calculations in detail! Also, please do not copied and...
Study smarter with the SolutionInn App