On March 1, 20x1, Denver Mining issued a $150,000, 6-month, noninterest-bearing note at a 7% discount...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On March 1, 20x1, Denver Mining issued a $150,000, 6-month, noninterest-bearing note at a 7% discount rate to fund a geological survey. The loan was made by Metro Bank. Required: 1) Prepare the appropriate journal entry on March 1, 20x1 for Metro Bank. 2) Prepare the appropriate journal entry(s) on July 31, 20x1 (for interest and the collection of the note at maturity) for Metro Bank On March 1, 20x1, Denver Mining issued a $150,000, 6-month, noninterest-bearing note at a 7% discount rate to fund a geological survey. The loan was made by Metro Bank. Required: 1) Prepare the appropriate journal entry on March 1, 20x1 for Metro Bank. 2) Prepare the appropriate journal entry(s) on July 31, 20x1 (for interest and the collection of the note at maturity) for Metro Bank
Expert Answer:
Answer rating: 100% (QA)
1 Journal Entry on March 1 20x1 for Metro Bank Date March 1 20x1 Debit Not... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
Students also viewed these accounting questions
-
Everywhere Sports is a retail store in Parramatta supplying sporting equipment to the local community sports clubs. Information about the store's operations is as follows: November sales amounted to...
-
On November 1, 2011, Quantum Technology, a geothermal energy supplier, borrowed $16 million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short-term line...
-
On November 1, 2013, Quantum Technology, a geothermal energy supplier, borrowed $16 million cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short-term line...
-
This can be anything - goods or services; in which you reflect upon your understanding of the ideal marketing mix for your proposed product/service. please explain for me in details and sources?
-
A drum of 80-mm radius is attached to a disk of 160-mm radius. The disk and drum have a combined mass of 5 kg and combined radius of gyration of 120 mm. A cord is attached as shown and pulled with a...
-
A population has a mean of 14 and a standard deviation of 5. If it is sampled repeatedly with samples of size 60, what is the expected value and standard deviation of the sample means?
-
The receiving department at Culp Electronics Company processes inventory deliveries upon arrival by means of online data terminals located on the receiving dock. Each inventory receipt entered into...
-
Consider the linear program in Problem. The value of the optimal solution is 27. Suppose that the right-hand side for constraint 1 is increased from 10 to 11. a. Use the graphical solution procedure...
-
N 4 n 3 Question 33 (1 point) As a freshly minted MBA, the executive team of your company has invited you to help them better understand the concept of managerial/real options. Which one of the...
-
If the a company has a market value of debt of 5 million pound and a market value of equity of 15 million pounds what's is the weight of debt for wacc calculation purpose?
-
oppressive or unfair conduct by a majority members to minority members, write down a summary on this topic (Australia based)
-
Play with the Interactive Big Mac Index Links to an external site. . Select a country from the Index, and identify the price of a Big Mac in that country as compared to the price of a Big Mac in the...
-
What are our key personal and social locations in society that are usually impacted by globalization and intercultural communication in the workplace? What are the challenges of these interactions on...
-
Replace this text with your response to the following: Analyze what those within the organization can do to increase the odds of the plan being implemented successfully. For example, what could they...
-
Assessment Summary: This assessment consists of five parts: In Part A, you will plan the following three documents to be used as part of the CBSA employee induction process: Overview of CBSA and its...
-
Replace this text with your response to the following: Based on the above, develop at least five interview questions that you would ask of the people involved in the scenario, and explain what...
-
Solve. 7-421- 4>
-
How do individual companies respond to economic forces throughout the globe? One way to explore this is to see how well rates of return for stock of individual companies can be explained by stock...
-
The IASB and FASB are collaborating on a joint project to revise accounting standards for leases. Briefly describe the direction the project is taking.
-
Delta Catfish Company has taken a position in its tax return to claim a tax credit of $10 million (direct reduction in taxes payable) and has determined that its sustainability is more likely than...
-
Carter Hawley Hale Stores (CHHS), Inc. was one of the largest department store retailers in the United States. At the end of fiscal 1989, the company operated 113 stores in the sunbelt regions of the...
-
Briefly describe the concept of weighted average cost of capital.
-
A company plans to accumulate 75% of its needed investment capital by issuing bonds having a capital cost percentage of 12%; the balance will be raised by issuing stock having a capital cost...
-
In what sense does the cost of capital limit a firms investment considerations?
Study smarter with the SolutionInn App