Question: How to record to GENERAL JOURNAL? Borrowed $25,000 from Ace Bank, on a one year, 12% note, with interest to be paid at maturity.

How to record to GENERAL JOURNAL?

Borrowed $25,000 from Ace Bank, on a one year, 12% note, with interest to be paid at maturity.

Step by Step Solution

★★★★★

3.48 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

1 2 3 Journal Entry at the time of amount borrowed 4 Account Ti... 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

Students Have Also Explored These Related Accounting Questions!

Q:

18. Wallace Cleaver, Inc. uses the percentage of sales method to estimate uncollectibles. Net credit sales for the current year amount to $2,000,000 and management estimates 3% will be uncollectible....

Q:

How do you explain the fact that the answer to Exercise 9 is smaller than the answer to Exercise 8, even though each problem deals with a 100-point range of scores?

Q:

Preventive controls seek to stop fraud before it happens. What is the relative importance of preventive controls (versus detective and corrective controls) in the industry in which a business...

Q:

Prepare an answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance...

Q:

MileHi Mountain Bikes markets mountain-bike tours to clients vacationing in various locations in the mountains of British Columbia. The current liabilities section of the October 31, 2013, balance...

Q:

MileHi Mountain Bikes markets mountain-bike tours to clients vacationing in various locations in the mountains of British Columbia. The current liabilities section of the October 31, 2016, balance...

Q:

MileHi Mountain Bikes markets mountain-bike tours to clients vacationing in various locations in the mountains of British Columbia. The current liabilities section of the October 31, 2020, balance...

Q:

MileHi Mountain Bikes markets mountain-bike tours to clients vacationing in various locations in the mountains of British Columbia. The current liabilities section of the October 31, 2023, balance...

Q:

The financial year for Beta Limited ends on 30 June 2016. Management has asked you what effect each of the following June transactions will have on net profit before tax, cash flow from operations,...

Q:

please do journal entey from scenarios a. to i. Silver Star Mountain Resort is a ski resort northeast of Vemon in British Columbia. Besides maintaining well-groomed ski runs, the company sells ift...

Q:

Required information [ The following information applies to the questions displayed below. ] Tyrell Company entered into the following transactions involving short - term liabilities. Year 1 April 2...

Q:

Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo for $30,000 for...

Q:

As in Problem 1-18, state the appropriate economic criterion for each of the following situations. (a) The engineering school held a raffle of an automobile with tickets selling for'50each or three...

Q:

What is the statute of limitation for a taxpayer with $ 1 0 0 , 0 0 0 of gross income reported on her tax return, who mistakenly fails to report $ 5 , 0 0 0 of income? Group of answer choices 3 years...

Q:

The electric field E in Hg. 22.35 is everywhere parallel to the x-axis, so the components Ey and Ez are zero. The x-component of the field Ex depends on x but not on y and Z. At points in the...

Q:

Cash Equation Details Corp has a book net worth of $8,500. Long-term debt is $1,800. Net working capital, other than cash, is $2,380. Fixed assets are $6,400. How much cash does the company have? If...

Q:

Foodmart Corp, an international retail giant, is considering implementing a new business to business (B2B) information system for processing purchase orders. The current system costs Foodmart...

Q:

Investment Accounted for under the Equity Method on July 1, 2011, Fontaine Company purchased for cash 40% of the outstanding capital stock of Knoblett Company. Both Fontaine Company and Knoblett...

Q:

Should you subtract interest expense or dividends when calculating project cash flow? MINI CASE Shrieves Casting Company is considering adding a new line to its product mix, and the capital budgeting...

Q:

Find the Critical value t a/2 needed to construct a confidence interval of the given level with the given sample size. Round the answers to three decimal places. Find the critical value tan needed to...

Q:

The City of Hintons General Fund had the following post-closing trial balance at April 30, 2016, the end of its fiscal year: Debits Credits Cash $ 115,000 Taxes ReceivableDelinquent 601,000 Allowance...

Q:

The City of Castletons General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 464,000 Taxes ReceivableDelinquent 595,000...

Q:

Please help with red marked incorrect answers, and the next two blank parts please, thanks! I will post the rest of the question below in case you need that information. Credit Fund / Transaction...

Q:

Please do complete part B, C, and D. The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year. Credits Debits $ 468,000 597,000 $...

Q:

The City of Castleton's General Fund had the following post-closing trial balance at June 30, 2022, the end of its fiscal year. Debits Credits Cash $ 358,000 Sales Taxes Receivable 15, eee Taxes...

Q:

Record in general journal form entries to close the budgetary and operating statement accounts in the General Fund only. (If no entry is required for a transaction/event, select "No Journal Entry...