Question: A $40,000, four-month, 6.5% note payable was issued on October 1, 2015. Which of the following would be included in the journal entry required on

A $40,000, four-month, 6.5% note payable was issued on October 1, 2015. Which of the following would be included in the journal entry required on the note's maturity date by the borrower?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

On the maturity date of the note payable the borrower would need to mak... View full answer

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!

A $54,000, four-month, 12% note payable was issued on October 1, 2017. Which of the following would be included in the journal entry required on the note's maturity date by the borrower? (Round your...

1.Which of the following below is NOT an element of internal control? a. risk assesment b. monitoring c. information and communication d. behavior analysis ANSWER:D 2. Which of the following below is...

A company records its direct materials usage at standard cost but also records direct materials quantity variances in its accounting system. The company recorded standard quantity 37,500 gallons of...

A $40,000, four-month, 6.5% note payable was issued on October 1, 2015. Which of the following would be included in the journal entry required on the note's maturity date by the borrower? a debit to...

1.) A $20,000, 90-day, 8% note payable was issued on November 1, 2015. Which of the following would be included in the journal entry required on the note's maturity date? a credit to note payable for...

13th A $20,000, 90-day, 8% note payable was issued on November 1, 2015. Which of the following (1 point) would be included in the journal entry required on the note's maturity date? a credit to note...

Multiple choice (5 pts each) (highlight or clearly mark your answer) On the ________, cash dividends become a liability of a corporation. declaration date date of record end of the fiscal year...

Quiz 3 Multiple choice (5 pts each) (highlight or clearly mark your answer) On the ________, cash dividends become a liability of a corporation. declaration date date of record end of the fiscal year...

please assist with any of questions On the ________, cash dividends become a liability of a corporation. declaration date date of record end of the fiscal year payment date ________ are equity...

Moonlight Bhd is a construction company that involves in building construction of commercial and cultural complexes such as shopping malls and other public buildings. At the end of 2020, the...

Read the case study located here: https://drive.google.com/file/d/1KUcRsxrYQONRn7o1idJtCO_rXfWtFkr8/view?usp=sharing Read Adobe's privacy statement on their...

Which of the following is correct regarding total quality management? All of the answers are correct. It aims to improve the quality of its processes and to meet and exceed customer expectations....

Costs are rising for all kinds of medical care. The mean monthly rent at assisted-living facilities was reported to have increased 17% over the last five years to $3,486 (The Wall Street Journal...

Marston Manufacturing has an annual capacity of 85,000 units per year. Currently, the company is making and selling 78,000 units a year. The normal sales price is $120 per unit, variable costs are...

Braxton Technologies, Inc., constructed a conveyor for A&G Warehousers that was completed and ready for use on January 1, 2018. A&G paid for the conveyor by issuing a $100,000, four-year note that...

Techno Inc. intends to invest in one of two competing types of flexible manufacturing systems: FLEX-1K and FLEX-2Z. Both systems have a project life of 10 years. The purchase price of the FLEX-1K...

On January 1, 2006 the Sato Company adopted the dollar-value LIFO method of inventory costing. The company's ending inventory records appear as follows: Required Compute the ending inventory for the...

Can we put that she will be making weekly payroll deductions inthe amount of $52.75 to the housing equalling $211.00 monthly

Jenny Shea is renegotiating her contract with her employer, Hanson Consulting. Jenny knows it is important that she negotiate a good contract, because the amount of her raise will become a benchmark...

On January 1, 2010, Canadian Corporation purchased a new capital asset costing $51,000. The company estimated the asset would have a useful life of five years and a $3,000 residual value. The company...

Headquartered in Quebec, RONA Inc. operates approximately 700 stores of various sizes and formats across Canada and is the largest Canadian distributor and retailer of hardware, home renovation, and...

Curling is a sport that involves sliding a granite stone over a patch of ice. The Winter Olympics has generated a lot of excitement about the fascinating sport of curling. As a result, demand for...

The industry in Figure 13P-6 consists of many firms with identical cost structures, and the industry experiences constant returns to scale. Consider a change in demand from D1 to D2 which increases...

The manager of the donut shop tells you that he sells donuts for $1 each, and that if he were to make additional donuts, based on his current level of output, it would cost him $0.80 per donut. Do...