Midshipmen Company borrows $15,000 from Falcon Company on July 1, 2015. Midshipmen repays the amount borrowed and
Question:
(1) Record the borrowing for Midshipmen on July 1, 2015.
(2) Record the adjusting entry for Midshipmen on December 31, 2015.
(3) Calculate the 2015 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0).
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1 Jul 1 2015 Debit Credit Cash 15000 Notes Payable 15000 Borrow cash 2 Dec ...View the full answer
Answered By
Mohammed Racim MOUSSA BOUDJEMAA
I tutored many students at my college and still do, my predominant skill is making accurate analogies, for Example : I was asked to explain in plain English what is meant by an equivalence class.
the following was my answer :
"here's an analogy that'll hopefully shed some light :
consider the equivalence relation 'lives in the same country' defined over the set of all the inhabitants of planet earth.
it is indeed an equivalence relation because :
-every person lives in the country that they live in
-if a person 'A' lives in the same country as a person 'B' then 'B' lives in the same country as 'A'
-if a person 'A' lives in the same country as a person 'B' and the person 'B' lives in the same country as a person 'C' then 'A' lives in the same country as 'C'
now think of the equivalence class of a person 'X' as their country
example : I'm Algerian my equivalence class with respect to that equivalence relation is simply Algeria"
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Related Book For 
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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