Chen Enterprises made the following entry on December 31, 2019. What entry would Hibernia Bank make regarding

Question:

Chen Enterprises made the following entry on December 31, 2019.

Interest Expense Interest Payable (To record interest expense due on loan from Hibernia Bank) 10,000 10,000

What entry would Hibernia Bank make regarding its outstanding loan to Chen Enterprises? Explain why this must be the case.

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

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting IFRS

ISBN: 978-1119372936

3rd edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

See More Books

Question Posted: Nov 23, 2017 08:06 AM

See More Questions

Selanne Enterprises made the following entry on December 31, 2005. Dec. 31, 2005 Interest Expense ...................................... 10,000 Interest Payable...
Midwest Enterprises made the following entry on December 31, 2012. Interest Expense 10,000 Interest Payable 10,000 (To record interest expense due on loan from Anaheim National Bank) What entry would...
Midwest Enterprises made the following entry on December 31, 2020. Interest Expense................................10,000 Interest Payable.................................10,000 (To record interest...
In the expression 2 4 , the number 2 is called the______and 4 is called the_______.
A 2-mm-thick piece of sheet steel is cut and bent into the machine component shown. Knowing that the density of steel is 7850 kg/m 3 , determine the moment of inertia of the component with respect to...
You have been hired as a consultant for Pristine Urban-Tech Zither, Inc. (PUTZ), manufacturers of fine zithers. The market for zithers is growing quickly. The company bought some land three years ago...
The following information was reported in the December 31, 2007, financial statements of Southwest Airlines, Inc. (listed alphabetically, amounts in millions). Accounts Payable $1,731 Accounts...
On January 1, 2007 the Stimpson Company sells land to Barker Company for $2.5 million, then immediately leases it back. The relevant information is as follows: 1. The land was carried on Stimpsons...
Firm A has net fixed assets of $100 in 2007 and it is operating at 90% capacity. Assume it cannot dispose of its redundant fixed assets . In 2008, sales are projected to grow by 30% . How much net...
During 2018, Brewster Company earned revenues of $146 million. Brewster incurred, during that same year, salary expense of $28 million, rent expense of $23 million, and utilities expense of $19...
Carlo Avardo, maintenance supervisor for Lisbon Insurance Co., has purchased a riding lawnmower and accessories to be used in maintaining the grounds around company headquarters. He has sent the...
Explain the distinction between accounting using strict cash-basis accounting and a modified cash basis.
In Exercises 7984, find the x-intercepts of the graph of each equation. Then use the x-intercepts to match the equation with its graph. [The graphs are labeled (a) through (f).] y = x2 - x1 - 6
Your company uses Azure Virtual Desktop ( AVD ) and Microsoft Entra Domain Services for authentication. You create an Azure storage account named Storage 1 and a new File share named FileShare 1 ....
mean? What do the following RTL (register transfer language) expressions a. [$400] [R2] + 12 b. [$510] [R2] + [12] c. [R1] [$200] - [$15] +3 d. [RO] [$400 - $30] +5
4. Consider the following integer programming (IP) problem. Maximize Z = 3X + 2X s.t. 4X + 2X 45 2X + 3X 38 X + X 15 X, X 20 X, X, are integers (a) Solve the LP relaxation graphically. (b) Use the...
70) Article 2 of the is a model set of laws designed to govern the sale of goods in commercial transactions in the United States. A) Uniform Commercial Code B) Uniform Common Code C) Uniform Civil...
Write a Python class called Converter. The user will pass a length and a unit when declaring an object from the class-for example, c = Converter (9, 'inches'). The possible units are inches, feet,...
What federal agencies are responsible for supervising and regulating depository institutions that are not commercial banks?
A 2500-lbm car moving at 15 mi/h is accelerated at a constant rate of 15 ft/s 2 up to a speed of 50 mi/h. Calculate force and total time required?
Assume the same data as in P21-10 with National Airlines Co. having an incremental borrowing rate of 10%. (Round all numbers to the nearest dollar.) (a) Discuss the nature of this lease in relation...
Amir ante Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it to Chambers Medical Center for a period of 10 years. The normal selling price of the machine is $411,324,...
Assume the same data as in P21-13 and that Chambers Medical Center has an incremental borrowing rate of 10%. (Round all numbers to the nearest dollar.) (a) Discuss the nature of this lease in...
exploration of the history of street art and its controversies of ppt/quicktime video.
Solve the following problems. Reduce answers to their lowest terms. Box your answers. 1 5 1.+ -= 4 12 2 2.- + 3 9 = 11 Convert improper fractions to mixed numbers. 2 11 3. + == 5 12 4 4 4. 12 7 5.35...
When average consumer income increased by 6%, BakeCo oven cleaner sales increased from 21,000 units to 22,500 units. Given this information,what is income elasticity for BakeCo oven cleaner ?

Chen Enterprises made the following entry on December 31, 2019. What entry would Hibernia Bank make regarding

Question:

Interest Expense Interest Payable (To record interest expense due on loan from Hibernia Bank) 10,000 10,000

Step by Step Answer:

December 31 Interest Receivable 10000 Interest Revenue 1...View the full answer

Intermediate Accounting IFRS

Students also viewed these Managerial Accounting questions