At the end of the year, the following interest is earned, but not yet received. Record the

Question:

At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal.

Interest on $4,000, 90-day, 12% note (for 15 days) ... $20.00

Interest on $7,000, 60-day, 11% note (for 18 days) ..... 38.50

$58.50

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

College Accounting

ISBN: 978-0538745192

20th Edition

Authors: Heintz and Parry

See More Books

Question Posted: Dec 21, 2011 10:16 AM

See More Questions

At the end of the year O'Toole General Hospital, which carries no medical malpractice insurance, had the following list of malpractice claims: 1. Mr. Seymour Green, a heart patient, led a claim for...
The inventory at the end of the year was understated by $23,950. (a) Did the error cause an overstatement or an understatement of the gross profit for the year? (b) Which items on the balance sheet...
The inventory at the end of the year was understated by $8,750. (a) Did the error cause an overstatement or an understatement of the gross profit for the year? (b) Which items on the balance sheet at...
Five months after issuing an unqualified audit opinion and an unqualified opinion on internal controls for the audit of the year ended December 31, 2019, for a large publicly traded client, the...
In early January 2017, NewTech purchases computer equipment for $154,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $25,000. Prepare a table...
Carol has an empty container and puts in 6 red chips. She now wants to put in enough white chips so that the probability of drawing a red chip at random from the container is 3/8. How many white...
How can social media be used to enhance report preparation and presentation?
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Standard Quantity Standard Price or Rate Standard Cost Direct...
(Overview) We all use the Internet to do different things. For example, people use the Internet to access search engines to look up things, do shopping on Amazon or other shopping sites, play online...
Suppose that the burning times of electric light bulbs approximate a normal curve with a mean of 1200 hours and a standard deviation of 120 hours. What proportion of lights burn for (a) Less than 960...
Prepare general journal entries for the following transactions: Apr. 6 Received a 120-day, 11% note in payment for accounts receivable balance of $3,000. 26 Discounted the note at a rate of 12%. May...
Prepare general journal entries for the following transactions: May 1 Purchased $5,000 worth of equipment from a supplier on account. June 1 Issued a $5,000, 30-day, 10% note in payment of the...
Suppose the demand function of student moviegoers is the same as Worked-Out Problem 18.2, but the demand function of other adults is instead QdA = 1,800 - 100P. Marginal cost is still $2 per ticket....
Capital balances in the MEM partnership are Mary, Capital $60,000; Ellen, Capital $50,000; and Mills, Capital $40,000, and income ratios are 5:3:2, respectively. The MEMO partnership is formed by...
On 2.3.2016 L and B Ltd. issued 635, 9% debentures of Rs 500 each. Pass necessary journal entries for the issue of debentures in the following situations: (a) When debentures were issued at 5%...
103) What time-saving options are available to a busy manager who needs to conduct a job analysis and write job descriptions? Explain your answer in a brief essay. 104) What are the advantages and...
In particular, you were introduced to three decision-making techniques -- majority rule, minority rule by authority or expertise, and consensus rule -- each with their own pros and cons. Using these...
Simmonds Products has spent $158,500 (sunk cost) on research to develop low-fat imitation wine. The firm is planning to spend $210,000 on a machine to produce new wine. Shipping cost of $60,000 and...
What are assets?
Huntingdon Capital Corp. is a competitor of Plazacorp and First Capital Realty. Huntingdon reported the following selected information (in millions):...
Use the appropriate limit laws and theorems to determine the limit of the sequence or show that it diverges. an = 2+ 4 n 1/3
Complete the following chart regarding the indirect method. Add to Net Income Decrease Increase Subtract from Net Income Increase Decrease
Complete the following chart regarding the indirect method. Add to Net Income Decrease Increase Subtract from Net Income Increase Decrease
From the following, calculate the net cash flow from operating activities (use the indirect method): 2012 $5,900 900 4,000 1,200 For the year ended 2013: Net Income Amortization Expense 2013 $7,900...
respond to the following : Hi Kassim, "Given that you have successfully applied these steps to pay down your car loan faster, how would you adapt this financial plan if you were to encounter a...
The Impact of Artificial Intelligence in the Accounting Profession: Challenges and Opportunities: The accounting profession has been undergoing significant transformations with the advent of...
The following is an alphabetical list of accounts and balances for J. Robinson, proprietorship at June 30, 2024 Accounts Payable $13,300 Notes Payable $31, 800, Accounts Receivable $10, 850 Prepaid...

At the end of the year, the following interest is earned, but not yet received. Record the

Question:

Step by Step Answer:

DATE GENERAL JOURNAL DES...View the full answer

College Accounting

Students also viewed these Accounting questions