Thomas Company took out a loan on July 1, 2025, and issued a 12-month note at 4%

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

Question:

Thomas Company took out a loan on July 1, 2025, and issued a 12-month note at 4% interest with a face value of $400,000. Thomas accrues interest at its December 31, 2025 year-end.

Required: Create the year-end adjusting journal entry for 12/31/25

Related Book For answer-question

Intermediate Accounting

ISBN: 9781119790976

18th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

Posted Date: Oct 30, 2023 03:57 AM

See More Questions

On January 1, 2014, Alexi Co. had a $20,000, five-month, 6% note receivable from Figaro Company dated October 31, 2012. Interest receivable of $200 was accrued on the note on December 31, 2013. Alexi...
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
Company A started work on the construction of its headquarters at the beginning of January 1, 2020. In order to finance expenses related to this project, the company took out a construction loan with...
Modify HashST to use a resizing array so that the average length of the list associated with each hash value is between 1 and 8 .
Why does the field of organizational behavior draw on so many different disciplines?
You are the senior HR manager of your firm, which has 150 employees. Your sales/revenues have declined steadily for the past 10 months. You and the executive team have exhausted all efforts to...
Explain with a neat sketch fast and loose pulley.
Using the trend projection method, develop a forecasting model for the sales of Cool-Man air conditioners. Data from Sales of Cool-Man air conditioners have grown steadily during the past 5 years:...
The state lottery's million-dollar payout provides for $1.3 million to be paid in 20 installments of $65,000 per payment. The first $65,000 payment is made immediately, and the 19 remaining $65,000...
In cell C11, construct a formula to calculate the annual projected street maintenance costs for the year 2025 after the projected increase of 5% is applied. Use absolute cell references as necessary....
Consider the vector field. F(x, y, z) = (6ex sin(y), 8e sin(z), 5e? sin(x)) (a) Find the curl of the vector field. (-8e'sin (z), 5e'sin(x), 6e"sin(y) curl F = (b) Find the divergence of the vector...
Given the following matrix X; x = 2 2 3 4 5 6 4 6 8 10 12 a) Write a suitable MATLAB code to create a matrix Y only from the given matrix X above. Assume that X is already declared in the workspace....
What would be the equation of the cable curve (y(x)) in the equilibrium state of the cable shown in the figure, carrying a horizontally triangular load? (Note: The lowest point of the cable curve is...
Eastern Motors Auto Dealership wanted to estimate the average CLV over a 5 year time horizon of a customer who purchases a new vehicle. The average vehicle sells for $25,900 and has a margin of 12%....
Suppose LIST is a linked list in memory consisting of numerical values. Write a procedure for each of following: a) Finding the maximum MAX of the values in LIST b) Finding the average MEAN of the...
3. A survey spacecraft has discovered a dry ancient riverbed on the northern hemisphere of Mars (S). The course of the riverbed runs north-south. It is known that Mars has radius Rm and rotates with...
If the cart is moving on the positive x axis, the x-component ofvelocity must be negative. True or False?
A seasonal index may be less than one, equal to one, or greater than one. Explain what each of these values would mean.
Bedard Corporation reported net income of $300,000 in 2025 and had 200,000 shares of common stock outstanding throughout the year. Also outstanding all year were 45,000 options to purchase common...
Geiberger Corporation manufactures drones. On December 31, 2024, it leased to Althaus Company a drone that had cost $120,000 to manufacture. The lease agreement covers the 5-year useful life of the...
Presented below is the balance sheet of Sargent Corporation for the current year, 2025. The following information is presented. 1. The current assets section includes cash $150,000, accounts...
Make a bar chart of $\mathrm{CO}_{2}$ footprint divided by embodied energy, using data from the data sheets of Appendix A, Table A10, for a. Cement b. Low carbon steel c. Copper d....
a. A range of office furniture includes a chunky hardwood table weighing $18 \mathrm{~kg}$ and a much lighter table with a $3.0 \mathrm{~kg}$ virgin aluminium frame and a $3.0 \mathrm{~kg}$...
a. Window frames are made from extruded aluminium. It is argued that making them instead from extruded PVC would give a product with a lower embodied energy and carbon footprint. If the section shape...

Thomas Company took out a loan on July 1, 2025, and issued a 12-month note at 4%

Question:

Expert Answer:

To create the yearend adjusting journal entry for Thomas Companys loan you need to accou... View the full answer

Intermediate Accounting

Students also viewed these finance questions