Dec 31
Dr Interest expense $72,000
Cr Interest Payable $72,000
($900,000*9%)
(Being to record the first year interest expense accrued)
<h3>What is Interest Payable? </h3>
Interest Payable is a liability account, shown on a company's balance sheet, which represents the amount of interest expense that has accrued to date but has not been paid as of the date on the balance sheet.
In short, it represents the amount of interest currently owed to lenders.
<h3>Is interest payable an asset?</h3>
Interest payable is a liability, and is usually found within the current liabilities section of the balance sheet.
Learn more about interest payable here:
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brainly.com/question/14608867</h3><h3 /><h3>#SPJ4</h3>
Answer:
common stock = 29,000 credit
Explanation:
We will calculate the debits and credit and solve for common stocks:
Assets and expenses (debits)
cash 5,000
accounts receivable 12,000
furniture 10,000
expenses <u> 17, 500 </u>
Total 44,500
Now the credits which is liabilities, equity and revenues:
account payable 5,000
note payable 5,500
revenues 5,000
total 15,500
To balance common stock must made up the difference between debit and credit:
44,500- 15,500 = 29,000
Notes: from the expand accounting equation we can conclude which has debit and credit balance:
assets + expenses = laiblities + equity + revenues
this side is debit while this is credit
Answer:
The correct answers are A, B and C
Explanation:
Job cost sheet is the sheet or the document which is used for recording the manufacturing costs and it is made or prepared through the companies that use the system of job order costing in order to compute as well as allocate the costs to the services and the products.
It is used to provide the subsidiary ledger for the Inventory which is finished goods, monitor the costs that is incurred and to predict as well as control the costs of each and every job and provide a record which is permanent for the account of COGS.
According to the circular flow model of the economy, a person's job in a shoe factory is within a [Resource] market. Resource market is a market in which the business can buy a resources which is a person that works for them to be able to produce goods and services
Answer:
8
Explanation:
the money multiplier = 1 / required reserve ratio = 1 / 0.125 = 8
The money multiplier refers to the capacity of the banking system to "create" money, e.g. John deposits $1,000 dollars in bank A. Then bank A lends $875 to Frank which buys a bike from Sarah. Then Sarah deposits the $875 in bank B, which in turn borrows $765.63 to Anne. Anne pays her rent to Adam, who deposits the money in bank C and then bank C lends $669.92 to Joe, and ...