Prepare general journal entries for the following transactions: Sept. 15 Borrowed $7,000 cash from the bank, giving

Question:

Prepare general journal entries for the following transactions:

Sept. 15 Borrowed $7,000 cash from the bank, giving a 60-day noninterest-bearing note. The note is discounted 8% by the bank. Nov. 14 Paid the $7,000 note, recognizing the discount as interest expense.

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

Step by Step Answer:

Related Book For answer-question

College Accounting Chapters 1-27

ISBN: 978-1337794756

23rd edition

Authors: James A. Heintz, Robert W. Parry

See More Books

Question Posted: Jun 03, 2019 09:39 AM

See More Questions

Explain who are likely to be the winners and losers as a result of talks on carbon dioxide emissions. Use the concepts of game theory to illustrate your argument.
1. Reflecting back to the chapters opening case study and imagine that the employees in a department at an IBM location will be losing their department supervisor. Working as a group, list the...
What are the factors that can affect the success of a change?
Two kilograms of water, initially saturated liquid at 10 kPa, are heated to saturated vapor while the pressure is maintained constant. Determine the work and the heat transfer for the process, each...
An m ( n matrix A is said to have full rank if rank A = minimum [m, n]. The singular value decomposition lets us measure how close A is to not having full rank. If any singular value is zero, then A...
The transmission gear fixed onto the frame of an electric train turns with a constant rate of t = 30 rad/s. This gear is in mesh with the gear that is fixed to the axle of the engine. Determine the...
1. Identify 3 students to play the roles of the employees. Ask these 3 individuals to read their roles below. 2. Identify 1 student to play the role of the president of the social enterprise (Taylor...
Condensed financial data of Odgers Inc. follow. Additional information: 1. New plant assets costing $100,000 were purchased for cash during the year. 2. Old plant assets having an original cost of...
3 Eight students were asked to estimate the mass of a bag of sweets in grams. First they were asked to estimate the mass without touching the bag and then they were told to pick the bag up and...
On January 1, 2016, Pollo Company issued 1,000 shares of 4%, $100 par cumulative preferred stock for $110,000. On December 26, 2017, the board of directors declared dividends of $6,000, which were...
At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal. Interest on $4,000, 90-day, 7% note (for 15 days) $11.67 Interest on...
1. Look at each of the above questions. In each case, decide whether price discrimination is being practised. If it is, is it sensible for train operators to do so? How are the train operators able...
The person who may be ultimately responsible for approving the trade-off is the: A. Project manager B. Line manager C. Project sponsor D. Customer
You have access to two assets for investing. A Real Estate ETF, which has an expected return of 8 . 1 % , and an Agriculture Commodity ETF which has an expected return of 1 1 . 2 % . You want to...
KidzConnect Pte Ltd recently collaborated with a technology company to produce a smart wearable that can be clipped onto a baby's clothing to monitor his/her health. The smart wearable can measure a...
23. True or False -- The investment with the lowest equivalent annual cost(charge) will be the least expensive for the firm.
Provide an overview of the healthcare economics of the ER, value-based purchasing relevance to patient care, and the financial stability of the er.
Graph these combinations of discrete-time functions and continuous-time functions. a) g[n]u[n] + u[n] b) g[n]u[n] - u[-n] c) g(t) = 2u(4- t) d) g(t) = 68(3t+ 9) e) g(t) = 5 ramp(t + 1)
Phillips Corporation is a major manufacturer of food processors. It purchases motors from Viking Corporation. Annual demand is 52,000 motors per year or 1,000 motors per week. The ordering cost is...
Gopher, Inc. developing its upcoming budgeted Costs of Quality (COQ) with the following information: Expense Item Budget Raw Materials Inspection $ 15,000 EPA Fine 200,000 Design Engineering 15,000...
The following accounts have normal balances. Prepare a trial balance for Betty's Cleaning Service as of September 30, 20--. Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment...
Assuming that all entries have been posted, prepare correcting entries for each of the following errors. 1. The following entry was made to record the purchase of $700 in supplies on account: 2. The...
What is a contra-asset?
A teapot with a brewer at the top is used to brew tea, as shown in Fig. P3-143. The brewer may partially block the vapor from escaping, causing the pressure in the teapot to rise and an overflow from...
Search and locate a current international issue (an issue that affects more than one culture). 1. Describe the issue 2. Define and discuss the two or more cultures involved in the issue 3. Explain...
How is ethics defined in research and why is it important? Discuss two different ways in which ethics can be compromised when conducting, using, and reporting data. Describe strategies that can be...

Prepare general journal entries for the following transactions: Sept. 15 Borrowed $7,000 cash from the bank, giving

Question:

Step by Step Answer:

20 1 Sept 15 Cash 2 3 4 8 5 6 Nov 14 Notes Payable 7 9 10 11 12 13 1...View the full answer

College Accounting Chapters 1-27

Related Video

Students also viewed these Business questions