Question: 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

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 Anaheim National Bank make regarding its outstanding loan to Midwest Enterprises? Explain why this must be the case.

Step by Step Solution

★★★★★

3.34 Rating (160 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

December 31 Interest Receivable 10000 Interest Revenu... 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 (1 attachment)

51-B-A-I-S (145).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Refer to the Hungry Dawg Restaurant example presented in this chapter. Health claim costs actually tend to be seasonal, with higher levels of claims occurring during the summer months (when kids are...

Midwest Enterprises made the following entry on December 31, 2020. Interest Expense................................10,000 Interest Payable.................................10,000 (To record interest...

Selanne Enterprises made the following entry on December 31, 2008. Interest Expense..........................................10,000 Interest Payable...........................................10,000...

Chen Enterprises made the following entry on December 31, 2019. What entry would Hibernia Bank make regarding its outstanding loan to Chen Enterprises? Explain why this must be the case. Interest...

Sunland Enterprises made the following entry on December 31, 2020. Interest Expense 8,140 Interest Payable 8,140 (To record interest expense due on loan from Anaheim National Bank) (a) What entry...

Midwest Enterprises made the following entry on December 31, 2025. What entry would Anaheim National Bank make regarding its outstanding loan to Midwest Enterprises? Explain why this must be the...

Selanne Enterprises made the following entry on December 31, 2005. Dec. 31, 2005 Interest Expense ...................................... 10,000 Interest Payable...

Bramble Enterprises made the following entry on December 3 1 , 2 0 2 2 . Interest Expense Interest Payable ( To record interest expense due on loan from Hibernia Bank ) ( a ) What entry would...

QUESTION 18 QUESTION 15 The formula to calculate interest is O Principal X rate O Principal Xrate X interest O Principal X rate X fraction of one year O None of the above Golden Company's weekly...

Question E10.9 a. Calculate the interest revenue, weighted-average accumulated expenditures, avoidable interest, and total interest cost to be capitalized during 2019. (Round all computations to the...

Hello can you help to create trial balance? 1 Part XXX Accounting Cycle 2. 3 JM Travel and Tours is a travel agency that offers international and local travel services. The company is owned and...

Compare the returns from investing in bank CDs to the possible returns from stock over the next 12 years by filling in the following worksheet. Savings Accumulated over the Next 12 Years CD: Annual...

S & X Co. is a retail store owned solely by Paul Turner. During the month of November, the equity accounts were affected by the following events: Nov. 9 Turner invested an additional $15,000 in the...

A good vision statement for a business career plan to pursuit my career in business.

27. Suppose the Bank of Zambia wishes to restrain inflation, so it increases Bank Rate. Which of the following events will not be part of the monetary policy transmission process? * Increased Bank...

10. ...................... occurs when the total demand for goods and services in the whole economy exceeds its capacity to produce those same goods *

26. Suppose that growth and unemployment were at satisfactory levels. What target would be the focus of the Bank of Zambia\'s monetary policy? The interest rate The expected inflation rate in two...

Consider a tubular reactor of length L with chemical reactions A + B C and B + CD. The reactor model is as follows -U -U -U dCB dz dCc dz dCA dz + D + D -U dC z=0, u[C; (0) C;f] - D = 0 dz do 1 = 0...

BE4.8 Understanding GST journal entries. LO7 The following journal entry was recorded in the books of Sellers Limited. Dr GST collected 100 Cr GST paid 90 Cr Cash 10 Explain the nature of this...

Describe the accounting entry for a stock dividend, if any. Describe the accounting entry for a stock split, if any.

Stock splits and stock dividends may be used by a corporation to change the number of shares of its stock outstanding. (a) What is meant by a stock split effected in the form of a dividend? (b) From...

The following comment appeared in the notes of Colorado Corporations annual report: Such distributions, representing proceeds from the sale of Sarazan, Inc. were paid in the form of partial...

C-1. How many directors could Mr. Clark elect if he obtains all the proxies for the uncommitted votes? (Do not round intermediate calculations. Round down your answer to the nearest whole number.)...

How to calculate the content of green grid? Thank you 21% 16. Your friend owes $5,000 on a credit card that charges a 21% APR and requires a minimum payment of $150. If your friend kept making $150...

ANSWER IS INCORRECT. Please show your work so I know what I did wrong. I will only give a thumbs up if work is shown. Answer can be solved using formula, Excel, or a financial calculator. Thank you!...