On October 1, 2017, Carlos, Inc. borrowed $225,000 by signing a nine-month, 8% note payable. Interest was

Fantastic news! We've Found the answer you've been seeking!

Question:

On October 1, 2017, Carlos, Inc. borrowed $225,000 by signing a nine-month, 8% note payable. Interest was accrued on December 31, 2017. Prepare the journal entry July, 1, 2017, the date the note was paid.

Notes Payable	225,000
Interest Expense [($xx × 8%) × x/12]	4,500
Interest Payable [(xx × 8%) × (x/12)]
Cash		238,500

Related Book For answer-question

Accounting Principles

ISBN: 978-1119048473

7th Canadian Edition Volume 2

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

See More Books

Posted Date: Sep 16, 2019 03:23 PM

See More Questions

A New York City daily newspaper called Manhattan Today charges an annual subscription fee of $135. Customers prepay their subscriptions and receive 260 issues over the year. To attract more...
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
(10%) Problem 10: Suppose A = (-3.67 m)i + (4.57 m)j, B = (2.52 m)i + (-4.17 m)j + (2.39 m)k, and D= (-2.89 m)i + (-5.99 m)j. 50% Part (a) What is the angle, in degrees, between D and A? 0=11547...
"In a situation of bilateral monopoly, the two parties are more likely to agree on quantity than on price." Explain why this is the case.
The system shown is at rest when a constant 30 lb force is applied to collar B. (a) If the force acts through the entire motion, determine the speed of collar B as it strikes the support at C. (b)...
Defendant Kenneth Blake was married to Charlene Hinton-Blake, who died in 2012. Three of Hinton-Blakes sisters, including Yvonne Hinton, assisted her with day-to-day care during a four-year period of...
Seagren Industries Inc. manufactures in separate processes furniture for homes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and...
1. Prove: 1 + 2 + 3 + - + n = (n + 1) using lattice paths. 1+2+3++n= n+ 2 2. Solve a = 2n+1 - 1 with a = 1.
Read the case study her vision of a model research center. You are to write an essay narrative that must include the following questions. What is it about Rachels leadership that clearly suggests...
If an investor purchases a 5%, 2-year annual coupon TIPS at its par value of $1,000 and the CPI increases 3% over each of the next 2 years, how many dollars in total will the investor receive over...
Discuss strategies in selecting and adopting various electronic payment methods in developing versus developed countries .?
What trends (in adaptations), in the phylogeny of land plants, occurred over evolutionary time? Explain
A company call center has 5 operators and provides sales and service to a large base of customers. Calls arrive 2 minutes apart on average and these times are exponentially distributed. A typical...
What are the objective (empirical) realities of the comcentration of coporate and private wealth in the United States? How are those outcomes structurally enabled?
1. For this given SPLAY tree, 20 10) (24 3 15 27 2 13 (16) 29 11 14 (18 a) Do an insert operation of a value, 17 to this SPLAY tree and draw the result. b) Do a remove/delete operation of 14 to this...
It is so nice to hear that you have daily communication. I am sure the parents are so thankful for finding out daily what has been done and what is expected at home. Most of my teachers do weekly but...
Calculate Total Contribution Margin for the same items. Total Revenue Total Variable Costs Total Contribution Margin $50.00 a. $116.00 $329.70 b. $275.00 $14,796.00 $7,440.00 c. $40,931.25 d....
The shareholders' equity accounts of Blue Bay Logistics Ltd. on April 1, 2016, the beginning of the fiscal year, are as follows: $6 cumulative preferred shares (20,000...
Presented in alphabetical order, the following data are from the accounting records of Vladimir Corporation at December 31, 2017: Instructions Prepare a statement of comprehensive income and balance...
The following is a selected list of ratios comparing Long Inc. and Circular Corporation for a recent year: Instructions (a) Classify each of the above ratios as a liquidity (L), solvency (S), or...
Renaldo borrows $8,000 from his aunt today to help pay for college expenses. He agrees to repay the loan according to the following schedule, at a rate of 6 percent/year compounded annually. a. Draw...
Ken loans his grandson Rex $20,000 at 5.5 percent per year to help pay for executive chef schooling in Florida. Rex requires 3 years of schooling before beginning to earn a salary. He agrees to pay...
An investment has the following cash flow series where interest is 8 percent a. Determine the present worth of the series. b. Determine the future worth of the series at the end of year 8. c. Find...

On October 1, 2017, Carlos, Inc. borrowed $225,000 by signing a nine-month, 8% note payable. Interest was

Question:

Expert Answer:

a October 1 2017 Cash 225000 Note Payable 225000 Recording the borro... View the full answer

Accounting Principles

Students also viewed these accounting questions