Upland Limited borrowed $40,000 on November 1, 2011, by signing a $40,000, three-month, 9% note. Prepare Upland’s November 1, 2011 entry; the December 31, 2011 annual adjusting entry; and the February 1, 2012 entry.
Answer to relevant QuestionsRefer to the data for Upland Limited in BE13-3. Assuming that Upland uses reversing entries, prepare the 2012 journal entry(ies). IN BE Upland Limited borrowed $40,000 on November 1, 2011, by signing a $40,000, three-month, ...Clausius Ltd. made four quarterly payments of $3,200 each to the CRA during 2011 as instalment payments on its estimated 2011 tax liability. At year end, Clausius’s controller completed the company’s 2011 tax return, ...Cool Sound Corporation manufactures a line of amplifiers that carry a three-year warranty against defects. Based on experience, the estimated warranty costs related to dollar sales are as follows: first year after sale-2% of ...Four independent situations follow. Situation 1: During 2011, Sugarpost Inc. became involved in a tax dispute with the CRA. Sugarpost's lawyers have informed management that Sugarpost will likely lose this dispute. They ...Shaddick Corp. began its 2011 fiscal year with a debit balance of $11,250 in its Income Taxes Receivable account. During the year, the company made quarterly income tax instalment payments of $8,100 each. In early June, a ...
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