Question: On November 1, 2021, Sadie's borrows $230,000 from a local bank and signs a note. The note requires interest to be paid annually beginning on

On November 1, 2021, Sadie's borrows $230,000 from a local bank and signs a note. The note requires interest to be paid annually beginning on August 1, 2022 at 12%. Principal and interest are due in annual installments over the next five years.

What's is the journal entry ?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Here is the journal entry for Sadies loan on November 12021 Date November 1 ... 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!

The Case of Robert Guion LOCAL BUSINESS MAN MURDERED Robert Guion, a prominent local business man, was found dead behind his Crestview home this morning. Detective Lt . Mark Moody of the Hilltown...

The International Accounting Standards Committee issued International Accounting Standards (IAS), whereas the International Accounting Standards Board currently issues International Accounting and...

PLEASE HELP!!!The first 3 are together and the Last 2 are together. Required information [The following information applies to the questions displayed below.] Phoenix Company reports the following...

Zoologists at the University of Western Australia conducted a study of the feeding behavior of black bream (a type of fish) spawned in aquariums. (Brain, Behavior and Evolution, April 2000). In one...

Journal entry worksheet On May 1,2021 , the company pays $4,680 for a two-year fire and liability insurance policy and debits Prepaid Insurance. Record the adjusting entry for insurance at its...

The information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock's fiscal year-end is December 31. 1. On July 1,2021 , Gamecock...

Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries...

I. Flower Hills, Inc. has prepared a year-end 2021 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred. Required: Prepare adjusting journal entries,...

Please help me figure out what is wrong with this. I'm stuck! It is showing that this question is wrong Jaguar Auto Company provides general car maintenance to customers. The company's fiscal...

Ayuda Suu: Exam 1 - second chance(2) (1) - Se guard en mi Mac seo Disposicin Referencias Correspondencia >> Qu deseas? " ' Aa 21 A. x x Ao-A~ Estilos Pa ei 1. Sadie's CPA's fiscal year-end is...

Adjusting entries Sadie's CPA's fiscal year-end is September 30. The September 30, 2022, unadjusted trial balance appears below. Accounts Debits Credits Cash $258,300 Accounts Receivable 292,400...

On December 15, 1956, Marvin Briscoe and another man hijacked a truck in Danville, KY. They were caught and convicted and Briscoe served a 1-year term in prison. After release from prison, Briscoe...

What would happen if a business had too much in bonds or stocks as part of its capital structure? Do you think buying publically available shares in a sport organization such as the Green Bay Packers...

Question 6 5 of 8 5 An insurance company that receives a cease and desist order from the Department of Financial Services must A . Terminate all producer appointments. B . Surrender its certificate...

Work function for sodium metal is 1.82 eV, calculate the threshold frequency v, for sodium. (A) 2.75 x10 Hz (B) 2.92x1019 Hz (C) 4.40x10* Hz (D) 4.40x102 Hz

Calculate the de Broglie wavelength of a body of mass 1 kg moving with a velocity of 1500 m s. (A) 4.42x10 31 m (B) 2.45 x103 m (C) 4.42 x103s m (D) 3.32 x 103 m

Show the relation between these two compounds: OH H HO and H. OH (A) Diastereomers (B) Identical (C) Enantiomers (D) Meso compound

Is there any expert who can solve this? Peerless Corporation (aU.S.-based company) made a sale to a foreign customer on September 15, for 104,000 crowns. It receivedpayment on October 15. The...

To help students organize global information about people, places, and environments, geographers encourage them to develop mental maps of the world. A series of lessons was designed to aid students...

Refer to the University of Colorado study of ice-melt ponds in the Canadian Arctic, presented in Exercise. Environmental engineers are using data collected by the National Snow and Ice Data Center to...

Suppose you fit the regression model y = 0 + 1x1 + 2x2 + 3x1x2 + 4x21 + 5 x22 + to n = 30 data points and you wish to test H0: 3 = 4 = 5 = 0 a. State the alternative hypothesis Ha. b. Give the...

A study conducted by Watson Wyatt Worldwide, a human resources consulting firm, revealed that 13% of Fortune 1000 companies either terminated or froze their defined-benefit pension plans. As part of...

Discuss why the sampling distribution will be less variable than the population distribution. Give a short example to illustrate your answer.

A sample of size 30 is obtained from a population that has a proportion of 0.34. Determine the range of sampling errors possible when the sample proportion is used to estimate the population...