Jenkins Inc. had the following transactions. Sep 1- Loaned $20,000 to an employee, who signed a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Jenkins Inc. had the following transactions. Sep 1- Loaned $20,000 to an employee, who signed a 9-month, 9% note. Interest and principal will all be due on May 31. Dec. 31 - Accrued interest on the note. (Round to the nearest whole dollar mount.) May 31 Received the interest on the note's maturity date. May 31 Received the principal on the note's maturity date. (Round to the nearest whole dollar amount.) Required: Prepare the required journal entries. Jenkins Inc. had the following transactions. Sep 1- Loaned $20,000 to an employee, who signed a 9-month, 9% note. Interest and principal will all be due on May 31. Dec. 31 - Accrued interest on the note. (Round to the nearest whole dollar mount.) May 31 Received the interest on the note's maturity date. May 31 Received the principal on the note's maturity date. (Round to the nearest whole dollar amount.) Required: Prepare the required journal entries.
Expert Answer:
Answer rating: 100% (QA)
To prepare the required journal entries for the transactions we need to record the loan the accrual ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
Ultimate Frisbee, Inc. had the following post-closing trial balance as of December 31, 2019. Ultimate Frisbee, Inc had the following transactions during 2020: Debit Credit Cash 35,000 Accounts...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Received investment of cash by organizers and distributed to them 1010 shares of 1 par value common stock with a market price of 20 per share Purchased 8300 of equipment paying 1700 in cash and owing...
-
Compare and contrast the progressive and positive discipline procedures.
-
Air is compressed by a 12-kW compressor from P1 to P2. The air temperature is maintained constant at 25C during this process as a result of heat transfer to the surrounding medium at 10C. Determine...
-
CASH PAID FOR OPERATING EXPENSES The following information was obtained from Knox Company's income statement for 20-2, balance sheets as of December 31, 20-2 and 20-1, and auxiliary records:...
-
Sigma Security, Inc., began the year with $15,000 of common stock and $32,000 of retained earnings. On May 5, investors bought $12,000 of additional stock in the business. On August 22, the business...
-
(a) As a source of long-term financing, what are the major advantages of bonds over common stock? (b) What are the major disadvantages in using bonds for long-term financing?
-
Following is information on two alternative investments being considered by Tiger Co. The company requires a 15% return from its investments. (PV of $1. FV of $1, PVA of $1, and EVA of $1) (Use...
-
Chris, a local baker, is interested in opening her very own Cupcake Cafebut to make it worth her while she needs to earn at least $35,000 per year in profit from all segments. She's lucked out and...
-
Find the distance between parallel planes. X + Y + Z = 1 X + Y + Z = 3
-
How do each of the basic business strategies (differentiation, cost leadership, and focus) relate to operations management?
-
How are a firms strategy and operations management interrelated?
-
Why is it important for organizations to control productivity?
-
What types of information are particularly important to an international firm?
-
How are operations management, productivity, and quality interrelated?
-
If there is a welcome drink on arrival costing 2.99 per head, what would be the total cost for 135 people using Menu C? B: If 150 guests attend the event and Menu B is used, what is the ratio of...
-
SBS Company have received a contract to supply its product to a Health Care Service Hospital. The sales involve supplying 1,250 units every quarter, the sales price is RM 85 per unit. The Client...
-
Lisa Sizemore, a taxpayer in the 10-15 percent tax bracket, purchased stock as an investment on July 11, 2011. She sold the stock on July 9, 2012, 2 days before qualifying for the long-term holding...
-
Linda and Richard are married and file a joint return for 2012. During the year, Linda, who works as an accountant for a national airline, used $2,100 worth of free passes for travel on the airline;...
-
Charlie's Green Lawn Care is a cash basis taxpayer. Charlie Adame, the sole proprietor, is considering delaying some of his December 2012 customer billings for lawn care into the next year. In...
-
What is the relative frequency of direct hits that were AT MOST a category 3 storm? a. 0.3480 b. 0.9231 c. 0.2601 d. 0.3370 Table 1.18 contains data on hurricanes that have made direct hits on the...
-
A survey of 250 members from an organized union of over 20,000 members. In Exercises 1120, determine whether the data set is a population or a sample. Explain your reasoning.
-
The carbon monoxide levels of 12 of 49 people who escaped a burning building. In Exercises 1120, determine whether the data set is a population or a sample. Explain your reasoning.
Study smarter with the SolutionInn App