Rob Judson Company had the following transactions involving notes payable. July 1, 2010 Borrows $50,000 from Third
Question:
Rob Judson Company had the following transactions involving notes payable.
July 1, 2010 Borrows $50,000 from Third National Bank by signing a 9-month, 12% note.
Nov. 1, 2010 Borrows $60,000 from DeKalb State Bank by signing a 3-month, 10% note.
Dec. 31, 2010 Prepares adjusting entries.
Feb. 1, 20011 Pays principal and interest to DeKalb State Bank
Apr. 1, 20011 Pays principal and interest to Third National Bank
Instructions
Prepare journal entries for each of the transactions.
Step by Step Answer:
July 1 2010 Cash 50000 Notes Payable 50000 November 1 2010 Cash 60000 Notes Payable 6000...View the full answer
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Accounting questions
-
Padillio Company had the following transactions involving notes payable. July 1, 2014 Borrows $60,000 from Fourth National Bank by signing a 9-month, 8% note. Nov. 1, 2014 Borrows $50,000 from...
-
C.S. Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2014 Borrows $60,000 from Lyon...
-
C.S. Lewis Company had the following transactions involving notes payable. July 1, 2020 Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $60,000 from Lyon...
-
Draw a plausible mechanism for each of the following transformations: (a) (b) [TSOH] MENH2 -H20
-
When the behavior of the interviewer or respondent results in inaccurate responses we have response bias. a. Explain why a survey question "Do you smoke marijuana" might result in response bias? b....
-
What sensitive information has been sent by the Telnet client to the server in plain text (i.e. not encrypted)? Explain why this is a security risk if a third party was able to sniff the network...
-
Consider the life expectancy data given in Table B.16. Create an indicator variable for gender. Perform a thorough analysis of the overall average life expectancy. Discuss the results of this...
-
What are the challenges facing traditional, full-service advertising agencies given the changes occurring in the area of integrated marketing communications? It has been argued that the traditional...
-
. MTS Corporation earned revenues of $339000, incurred expenses of $206000, and paid dividends of $42000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to...
-
Analysis and Interpretation of Profitability Balance sheets and income statements for Costco Wholesale Corporation follow. Costco Wholesale Corporation Consolidated Statements of Earnings For Fiscal...
-
In January, the payroll supervisor determines that gross earnings for Bond Company are $110,000. All earnings are subject to 8% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal...
-
On June 1, Melendez Company borrows $90,000 from First Bank on a 6-month, $90,000, 12% note. Instructions (a) Prepare the entry on June 1. (b) Prepare the adjusting entry on June 30. (c) Prepare the...
-
Why is the distinction between a conditional and unconditional contribution important for accounting purposes?
-
What is a parameter? What is a statistic? How are the two concepts different?
-
What are sensitivity and specificity?
-
List some of the pros associated with more complex models, such as neural network models.
-
What are classification and regression trees? How are they different from each other?
-
List some of the cons associated with more complex models, such as neural network models.
-
object is a shared object that can be used in multiple contexts simultaneously. (a) Adaptor (b) Decorator (c) Fly Weight (d) Proxy
-
(a) Explain why the concentration of dissolved oxygen in freshwater is an important indicator of the quality of the water. (b) How is the solubility of oxygen in water affected by increasing...
-
Show that a pyramid of height h whose base is an equilateral triangle of side s has volume 3/12 hs 2 .
-
(a) When entering a transaction in the journal, should the debit or credit be written first? (b) Which should be indented, the debit or credit?
-
Describe a compound entry, and provide an example.
-
Describe a compound entry, and provide an example.
-
How do emerging technologies such as blockchain and artificial intelligence facilitate stakeholder communication, participation, and feedback mechanisms in modern governance structures ?
-
hen firms kept leases off their balance sheets it tended to a. make the firms appear riskier than they actually were because their stated debt ratios were increased. b. have no effect on either cash...
-
Sunnyside Solar Consultants provided $180,000 of consulting services to Delton Developments on April 14, 2023, on account. Use the PST rates in Exhibit 10.6. Required: Journalize Sunnyside's April 14...
Study smarter with the SolutionInn App