Jake Spady negotiated a bank loan for $36,000 for 150 days at a bank rate of 18%.

Question:

Jake Spady negotiated a bank loan for $36,000 for 150 days at a bank rate of 18%. Assuming the interest is deducted in advance, prepare the entry for Jake to record the bank loan. Assume a 360-day year.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

College Accounting A Practical Approach

ISBN: 9780134729312

14th Edition

Authors: Jeffrey Slater, Mike Deschamps

See More Books

Question Posted: Feb 28, 2020 12:26 PM

See More Questions

John Short negotiated a bank loan for $21,000 for 180 days at a bank rate of 10%. Assuming the interest is deducted in advance, prepare the entry for John to record the bank loan.
Jamie Smith negotiated a bank loan for $33,000 for 90 days at a bank rate of 14%. Assuming the interest is deducted in advance prepare the entry for Jamie to record the bank loan.
Jamie Soza negotiated a bank loan for $39,000 for 240 days at a bank rate of 12%. Assuming the interest is deducted in advance prepare the entry for Jamie to record the bank loan.
Problem 3.6.1 Given the random variable Y in Problem 3.4.1, let U = g(Y) = Y2. (a) Find Pu(u). (b) Find Fu(u). (c) Find E[U].
Outline the biosynthetic reactions by which the thiol ester of hexanoic acid is converted into the thiol ester of octanoic acid.
The basis for international trade is ______. A. Brazil Tons of steel 10 8 CO 4 2 T I 24 Tons of wheat Figure 1 B. Argentina Tons of steel 2 T 2 4 6 Tons of wheat 8 10
99 percent per month. In 2014, Boling resolved his suit against the gas can manufacturer. Shortly thereafter, Prospect sent Boling a Schedule of Purchases, asserting that Boling owed Prospect...
Air Meals is a company that prepares in-flight meals for airlines in its kitchen located next to the local airport. The companys planning budget for December appears below: Air Meals Planning Budget...
Let M be a metric space. If {x} and {y} are sequences in M such that x x and y y, show that d(xn, yn) d(x,y).
One model A1100 Kawasaki Jet Ski Personal Watercraft was sold for cash. This model retails for $9,375.00 plus 8% sales tax ($9,375.00 x 8% = $750.00). Invoice Number: G4011. Because a perpetual...
On May 15, 201X, Reed Co. gave Fuligin Co. a 180-day, $9,000, 8% note. On July 14, Fuligin Co. discounted the note at 10%. Assume a 360-day year. 1. Journalize the entry for Fuligin to record the...
Calculate the interest for the following. Assume a 360-day year. a. $14,000 3% 2 years b. $20,000 11% 10 months c. $10,500 14% 120 days
Rockwell hardness of pins of a certain type is known to have a mean value of 50 and a standard deviation of 1.2. a. If the distribution is normal, what is the probability that the sample mean...
3) A satellite orbits the earth in circular orbits. Find the period if: a) The satellite is just above the surface of the earth. b) The satellite is at an attitude of 300 km above the earth. (Assume...
As per UCP 600, a credit must not be issued available by a draft drawn on the ______________?
Did Secretary of Treasury Hank Paulson (former Goldman Sach's CEO) have a conflict of interest in allowing Lehman Brothers (Goldman Sach's major competitor) to fail? (17:10- 2 21:42)
Z Inc. manufactures a product with a selling price of $60 per unit. Direct Materials costs $12 per unit. Direct Labor costs $11 per unit. Variable Manufacturing Overhead costs $6 per unit. Fixed...
Explain the irony in the name Camp Green Lake as used in Holes by Louis Sachar Give at least three examples.
Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowed $24,000 from Counti Bank and paid interest of $1,440. Lionel used the...
What kind of financial pressures can an LBO cause?
From the partial worksheet in Figure journalize the closing entries for December 31 for G. JacksonCo. G. JACKSON CO WORKSHEET FOR YEAR ENDED DECEMBER 31, 201x Balance Sheet Dr Income Statement...
From the partial worksheet in Figure journalize the closing entries for December 31 for G. JacksonCo. G. JACKSON CO WORKSHEET FOR YEAR ENDED DECEMBER 31, 201x Balance Sheet Dr Income Statement...
From the worksheet in Exercise 12A-3, prepare the assets section of a classified balance sheet. In Exercise12A-3, G. JACKSON CO WORKSHEET FOR YEAR ENDED DECEMBER 31, 201x Balance Sheet Dr Income...
Does the Mean Value Theorem apply to f(x) = xsquared + 2x - 5, between [1, 5]? Responses f(x) is differentiable everywhere in the interval between [1, 5] so the MVT does apply. f(x) is differentiable...
solve for P P(8) = 10 C8 (0.72) (0.28)2
Prepare a flexible budget for the year using the actual units sold in each channel that made up the total actual unit sales of 325,556. Use a standard sales price of $42 for sales through the...

Jake Spady negotiated a bank loan for $36,000 for 150 days at a bank rate of 18%.

Question:

Step by Step Answer:

Cash 33300 Discount ...View the full answer

College Accounting A Practical Approach

Students also viewed these Business questions