Question: can you please solve and show work for each answer. i am very confused. thumbs ul will be awarded. Answer 2. 3. 4. Rainbow Paints
Answer 2. 3. 4. Rainbow Paints On November 7, Rainbow Paints borrows $165,000 cash by signinng 90-day, 10%, $145,000 note payable Requirements: Round all answers to the nearest dollar. Calculate the total interest to be paid on this note. Provide the journal entry recorded on the date the note was issued. Provide the necessary adjusting entry at December 11. Provide the date and journal entry made when the note matures. Assume the year of maturity is not a leap year. 102 Practice Exam-Unit 1 Total interest: 165,000 x.10 x 90/360-$4,125 Cash 165,000 Notes Payable Interest Expense Interest Payable Feb 5 Notes Payable Interest Payable interest Expense Cash 2,475 165,000 2,475 165,000 2,475 1,650 169,125
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
