Question: How would I record this transactions on a journal entry? 2/28/2022 Orca Company performs its adjusting entries for February Here are the entries you need

How would I record this transactions on a journal entry?

2/28/2022

Orca Company performs its adjusting entries for February Here are the entries you need to record: -Accrue Interest for BOTH note payables (1/1 $5,000 note and 1/31 $480,000 notes) for the month of February

Interest Rates

1/1/2022 Takes out a 5-year, $5,000 loan from MT Bank with 6% interest due monthly

1/31/2022 Company purchases a building using a note payable for $480,000 at 5.00% annual interest and Orca Company puts $15,000 down

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock 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!

Can you help me answer the questions in the attachment. 1. QUESTION 1 R. Sparks, an interior decorator, started a business by investing $10,000 cash. The business would record this transaction: Debit...

Post transactions in General Journal 3 4/11/2022 Orca Company sold 150 units of inventory on account for $100 per unit -- Recall you are using FIFO. Orca Company has 70 units of $50 inventory...

I need help with ACC 211 homework questions. attached Use the following information as of December 31 to determine equity. Liabilities $ 153,000 Cash 58,200 Equipment 218,000 Buildings 187,000...

Ch9 Q6 1-12- 10 [The following information applies to the questions displayed below.] On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty....

Requlred Information [The following information applies to the questions displayed below.] On October 29 , Lobo Company began operations by purchasing razors for resale. The razors have a 90 -day...

I need the Transactions turned into journal entries and then I want the adjusting entries. I do not want them combined, I do not want the initial entries to be adjusted. I ant the 25 Initial Journal...

Perform the following exercises related to the different situations that exist with uncollectible accounts in a company. Evaluate the aging report. Read the following scenario and make the accounts...

Requirecl Information Problem 11-4A (Algo) Estimating warranty expense and liability LO P4 [The following information applies to the questions displayed below] On October 29, Lobo Company began...

Just need help with what has a red X next to it. The only options for the labels are "Actual Cost", "Standard Costs", or "Applied Costs". Lane Company manufactures a single product that requires a...

By using the (10.9.26) derive the equations corresponding to the structure for the polyphase synthesis section shown infigure. n even ncven Poln) Poln) tn) xin) P.(n) pin) n odd n odd Analysis...

Dave, Ella and Jia share their electricity bills in the ratio 3 : 4 : 5. a How much does each of them pay when their electricity bill is i $168 ii $192 iii $234? b Show how to check your answers to...

Focus groups are q , A primary qualitative method An internal secondary method A primary quantitative method An external secondary method Focus groups are q , A primary qualitative method An internal...

Describe the three broad categories of issues that should be considered to maximize learning

Discuss how knowledge, skill, ability, and attitude influences employee behavior

State how a supervisors leadership and expectations can affect employee behavior