Question: In this exercise, we will continue the accounting for Sensations Salon, Inc. Assume that on September 30, 2016, Sensations Salon, Inc., borrowed $6,500 from State

In this exercise, we will continue the accounting for Sensations Salon, Inc. Assume that on September 30, 2016, Sensations Salon, Inc., borrowed $6,500 from State Bank, signing a nine-month, 7.5 percent note. The fiscal year-end is December 31.

Requirement

Prepare the journal entries required on September 30, 2016, December 31, 2016, and June 30, 2017, to record the transactions related to the note. Round your answers to the nearest dollar?

Step by Step Solution

★★★★★

3.39 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Journal DATE ACCOUNTS AND EXPLANATIONS DEBIT CREDIT 20... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (3 attachments)

1350_60b9f89a89437_607820.pdf

180 KBs PDF File

1350-B-M-A-I(3496).xlsx

300 KBs Excel File

1350_60b9f89a89437_607820.docx

120 KBs Word File

Students Have Also Explored These Related Managerial Accounting Questions!

n this exercise we will continue the accounting for Lydons Yard C are, Inc. Assume that on October 31 , 2012, Lydons Yard C are, Inc., borrowed $1 0,000 from Northern C ity Bank, signing a...

In this exercise we will continue the accounting for Grahams Yard Care, Inc. Assume that on September 1, 2014, Grahams Yard Care, Inc. borrowed $5,000 from First National Bank, signing a nine-month,...

This exercise continues the accounting for Sensations Salon, Inc., from the Continuing Exercise in Chapter 10. Assume Sensations Salon, Inc., had the following comparative balance sheet at the end of...

In this exercise, we will continue the accounting for Sensations Salon, Inc. Assume that on September 30, 2018, Sensations Salon, Inc., borrowed $6,500 from State Bank, signing a nine-month, 712...

Hello, Please could you help me with this question and also with my homework? Thanks in advance. The first question is below and the homework is attached (uploaded). Warble Inc. extended a one-year...

dear tutor, i need you help to write the audit planning memo for this company (le chateau inc) ANNUAL REPORT 20 15 CORPORATE PROFILE Le Chteau is a leading Canadian specialty retailer offering...

Hi again. Please help me once more with my study information. I have provided three assignments. Let me know if you need additional information. \fFINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition...

Answering the following question using this the attached financial statement, which can also be found at https://www.sec.gov/Archives/edgar/data/80424/000008042415000070/fy141510-kreport.htm For each...

d. AC in LC BRIEF EXERCISE 7.4 Mumford Corporation invested $30,000 in securities on 4 December. On 9 December, it sold some of these investments for $10,000, and on 18 December, it sold more of...

Review the consolidated balance sheets and the related disclosures and respond to the following questions. Debt: As of June 30, 2015, what is the dollar amount of the current portion of the long-term...

With reference to Exercise 11.5, (a) Evaluate s2; (b) Construct a 99% confidence interval for ; (c) Construct a 99% confidence interval for 0.

Work on the challenges mentioned and use internal/external analysis tools to address the challenge. Write a business report on your findings. 1. Ansoff Matrix 2. Mckinsey Matrix 3. Bowman strategy...

Do you think it is correct for the European Commission to restrict mergers between American companies that do business in Europe? (For example, the European Commission vetoed the proposed merger...

Identify the unique challenge of strategically managing diverse groups of people in contemporary sport organizations.

Quick ratio and current ratio (Learning Objective 7) 1520 min. Consider the following data: Cash................................................ Short-term Investments.................. Net...

Quick ratio, current ratio, and accounts receivable turnover (Learning Objective 7) 1520 min. Cherokee Equipment reported the following items on December 31, 2014 (amounts in thousands, with last...

Direct write-off method (Learning Objective 4) 510 min. Fesler Industries uses the direct write-off method to account for bad debts. Record the following transactions that occurred during the year:...

Professor's Annuity Corp, offers a lifetime annuity to retiring professors. For a payment of $82,000 at age 65, the firm will pay the retiring professor $650 a month until death. If the professor's...

A condition in which records display only when all of the specified values are present in the selected field is: AND OR BOTH

I'm taking the exam * ?Which statement is true. 11