Question: Selanne Enterprises made the following entry on December 31, 2005. Dec. 31, 2005 Interest Expense ...................................... 10,000 Interest Payable ............................................................... 10,000 (To record interest expense

Selanne Enterprises made the following entry on December 31, 2005.

Dec. 31, 2005 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 Selanne Enterprises? Explain why this must be the case.

Step by Step Solution

★★★★★

3.50 Rating (157 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

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

blur-text-image
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)

Word file Icon

11-B-A-G-F-A (120).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

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

Q:

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

Q:

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...

Q:

Selanne Enterprises made the following entry on December 31, 2005. What entry would Anaheim National Bank make regarding its outstanding loan to Selanne Enterprises? Explain why this must be the...

Q:

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...

Q:

Sheffield Enterprises made the following entry on December 31, 2020. Interest Expense 8,600 Interest Payable 8,600 (To record interest expense due on loan from Anaheim National Bank) (a) What entry...

Q:

Sheffield Enterprises made the following entry on December 31, 2020. Interest Expense 8,600 Interest Payable 8,600 (To record interest expense due on loan from Anaheim National Bank) (a) What entry...

Q:

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...

Q:

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...

Q:

Chen Enterprises made the following entry on December 31, 2022. What entry would Hibernia Bank make regarding its outstanding loan to Chen Enterprises? Explain why this must be the case. Interest...

Q:

Gallup tracks daily the percentage of Americans who approve or disapprove of the job Barack Obama is doing as President. Daily results are based on telephone interviews with approximately 1500...

Q:

Dina is debating whether to attend college. Chris promises her $40,000 if she will attend college and graduate. Dina tells Chris that she agrees to this. She enrolls in a local college, attends...

Q:

An entity provided the following data at year-end: 12% preference share capital, 20,000 shares, P100 par value 2,000,000 14% preference share capital, 10,000 shares, P300 par value 3,000,000 Ordinary...

Q:

1. Write a BASH shell script that acts as a DOS command interpreter (the user enters the DOS command and the script executes the corresponding Linux command). The script should loop continuously...

Q:

Kimberly has a retail clothing store that makes a net operating income (NOI) of $300,000. She originally purchased the property for $2,500,000 and places $500 a month into escrow for replacement...

Q:

Calculate the energy released when 1000 hl of wort of density 1060 kg m-3 are fermented to 1000 kg m-3. What is the maximum rate of energy release if the maximum attenuation is 5 kg m-3 density units...

Q:

You are a management accountant working in the Finance team at Miles private hospital. You have been assigned to assist the ENT (Ear, Nose and Throat) specialists that operate out of rented premises...

Q:

What does the cascade diagram illustrate?

Q:

Explain how losses on impaired intangible assets should be reported in income.

Q:

Simon Company determines that its goodwill is impaired. It finds that its implied goodwill is $360,000 and its recorded goodwill is $400,000. The fair value of its identifiable assets is $1,450,000....

Q:

Research and development activities may include (a) Personnel costs, (b) Materials and equipment costs, and (c) Indirect costs. What is the recommended accounting treatment for these three types of R...

Q:

Which of the following activities should be expensed currently as R & D costs? (a) Testing in search for or evaluation of product or process alternatives. (b) Engineering follow-through in an early...

Q:

Indicate the proper accounting for the following items. (a) Organization costs. (b) Advertising costs. (c) Operating losses.

Q:

Which of the following items can be done by firewalls? a points Detecting viruses Blocking external services Reading encrypted payloads Logging server utilizations Allowing internal services for...