On Sept 1, 2022 your company borrowed $30,500 as a 5 year 12% Note. One December...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On Sept 1, 2022 your company borrowed $30,500 as a 5 year 12% Note. One December 31, 2022 you discover the adjusting entry to accrue the interest expense as not made. What is the correcting entry? JOURNAL POST. DATE DESCRIPTION REF. DEBIT CREDIT Using the same information in #2 you discover that the adjusting entry recorded the accrued interest expense for only $ 230. What is the correcting entry? JOURNAL POST DATE DESCRIPTION REF DEBIT CREDIT Using the information in #2 you discover that the adjusting entry recorded the accrued interest for $ 2,330. What is the correcting entry? JOURNAL POST DATE DESCRIPTION REF DEBIT CREDIT On Sept 1, 2022 your company borrowed $30,500 as a 5 year 12% Note. One December 31, 2022 you discover the adjusting entry to accrue the interest expense as not made. What is the correcting entry? JOURNAL POST. DATE DESCRIPTION REF. DEBIT CREDIT Using the same information in #2 you discover that the adjusting entry recorded the accrued interest expense for only $ 230. What is the correcting entry? JOURNAL POST DATE DESCRIPTION REF DEBIT CREDIT Using the information in #2 you discover that the adjusting entry recorded the accrued interest for $ 2,330. What is the correcting entry? JOURNAL POST DATE DESCRIPTION REF DEBIT CREDIT
Expert Answer:
Answer rating: 100% (QA)
Scenario 1 Adjusting entry for accrued interest not made In this scenario we need to make an adjusti... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
An auto-parts company is deciding whether to sponsor a racing team for a cost of $1 million. The sponsorship would last for three years and is expected to increase cash flows by $570,000 per year. If...
-
Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2018. The...
-
CM Corporation (CMC) was founded in 2011 by Eric Conner and Phil Martin. The company designs install, and services security systems for high-tech companies. The founders, who describe themselves as...
-
What are conjugate faults, and what stress information do they give?
-
Absalom Motorss 14% coupon rate, semiannual payment, $1,000 par value bonds that mature in 30 years are callable 5 years from now at a price of $1,050. The bonds sell at a price of $1,353.54, and the...
-
CALCULATE THE INITIAL COSTS, CALCULATE THE OPERATING CASH FLOW, CALCULATE THE TERMINAL NON OPERATING CASH FLOW, CALCULATE THE NPV . Initial Equipment $ 6 5 , 0 0 0 Project Life 3 Years Sales$ 5 5 ,...
-
A cantilever beam of length \(l\), density \(ho\), Young's modulus \(E\), area of cross section \(A\), and area moment of inertia \(I\) carries a concentrated mass \(M\) at its free end. Derive the...
-
Adams Corporation acquired 90 percent of the outstanding voting shares of Barstow, Inc., on December 31, 2009. Adams paid a total of $603,000 in cash for these shares. The 10 percent noncontrolling...
-
Tishman Speyer announced that it has acquired The Eddy, a recently-constructed, high-rise apartment tower located on the East Boston waterfront, from Green Cities Company for $135 million....
-
Of all the price analysis methodologies that exist, which are the foundational methods. Longing & Shorting. Trading & Investing. Volume & sentiment. On-chain & Macroeconomic. Mean reversion &...
-
Bridgeport Co. provided the following information on selected transactions during 2024: Purchase of land by issuing bonds Proceeds from issuing bonds Purchases of inventory Purchases of treasury...
-
True Or False At the beginning of the twentieth century, tort law came to be viewed as a means of creating a just society and not just a means of resolving disputes.
-
An action in trespass a. required a showing of force and arms. b. required a showing of fault. c. dealt with nonforcible breaches of peace. d. all of the above.
-
If during discovery a party learns that there is no material issue of fact and that a court could render a decision without hearing evidence, that party should file a(n) ____________ ____________...
-
How does the concept of reasonableness relate to tort law?
-
Contracts differ from torts in that a. the duties that exist in contract law are imposed by law. b. the duties that exist in tort law are imposed by law. c. in contract law duties are made to the...
-
The following information pertains to B Traders for the three months ended 30 June 2022: Actual Budgeted April R Sales (20% for cash and 80% on credit) Purchases (10% for cash 90% on credit) Salaries...
-
Distinguish between the work performed by public accountants and the work performed by accountants in commerce and industry and in not-for-profit organisations.
-
Azalea Company makes artificial flowers and reports the following data for the month: Purchases of materials, on account......... $ 52,000 Materials requisitions: Direct materials..................
-
Medina Company reported these figures for 2016 and 2015: Requirements 1. Compute Medina Companys earnings per share for 2016. Assume the company paid the minimum preferred dividend during 2016. 2....
-
This problem continues the Daniels Consulting situation from Problem P6-38 of Chapter 6. Danielss March Cash T-account from its general ledger is as follows: Danielss bank statement dated March 31,...
-
Given forecast errors of 3, 2, -2, and 9, what is the tracking signal?
-
Given forecast errors of 10, -2, 25, and 0 when actual values were 120, 145, 275, and 124, what is the mean absolute percent error?
-
Given an actual demand of 34 this period, a predicted value of 45 this period, and an alpha of 0.2, what would be the simple exponential smoothing forecast for the next period?
Study smarter with the SolutionInn App