Assume Company A lends Company B $1,000,000. Company B signs a $1,000,000, 12%, 6- month note on

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Assume Company A lends Company B $1,000,000. Company B signs a $1,000,000, 12%, 6- month note on October 1st. Record the entry made by Company B. Account Title Debit Credit Company B issues financial statements on Dec. 31st of each year. Prepare the entry to accrue interest on the note. Account Title Debit Credit Record the entry for payment of the note at maturity. Account Title Debit Credit

A Company receives $100,000 in advance for 90 days of consulting services. Prepare the journal entry to record the receipt of the cash. Account Title Debit Credit At the end of the reporting period the company had performed 60 days of the consulting services. Prepare the entry to record the earning of the revenue. Account Title Debit Credit

A Company has sold $5,000 worth of merchandise for cash, and a 5% sales tax is in effect. Prepare the entry to record the sale. Account Title Debit Credit Record the entry made when the company remits the sales tax. Account Title Debit Credit