1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
nata0808 [166]
3 years ago
12

Q 10.25: Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1st. Givens Brick Company signs a $600,000,

8%, 9-month note. Assuming that interest has already been accrued to September 30th, what entry will Givens Brick Company make to pay off the note and interest at maturity
Business
1 answer:
Shtirlitz [24]3 years ago
7 0

Answer:

Entry is given below

Explanation:

As Givens brick company is paying off the liability of note payable and the interest amount therefore, it will be debited as it is a decrease in liability. Cash will be credited as it is our asset and its decreasing.

Entry                      DEBIT          CREDIT

Notes payable     $600,000

Interest                 $36,000(w)

Cash                                           $636,000

Working

Interest = $600,000 x 8% x9/12

Interest = $36,000

You might be interested in
Computing net income LO A1
Sergio [31]
Ummmm ... ok will not have any money and I can get a new phone I can do that and then you make me wanna play and I will go back on Monday if it’s a little bit of the above I
5 0
2 years ago
Paden Company purchased merchandise from Emmett Company with freight terms of FOB shipping point. The freight costs will be paid
Nikitich [7]

Answer:

Buyer (Paden Company)

Explanation:

The freight costs will be paid by the Buyer. FOB shipping point means that the Buyer takes all the risks and rewards associated with the purchase as soon as the goods leave sellers location.

8 0
2 years ago
Most organizations spend more time and money on the systems ________ phase than on any of the other phases. Group of answer choi
mariarad [96]

Answer:

maintenance phase

Explanation:

Maintenance phase -

It refers to the phase of making the changes in the software , hardware and documentation to improve the operations effectively , is referred to as the maintenance phase .

The phase is important , as it enhances the efficiency and corrects the problem .

The company or the organisation tries to invest the maximum amount in the maintenance phase .

Hence , from the given statement of the question,

The correct option is maintenance phase .

6 0
2 years ago
Which building is widely regarded as the first skyscraper? empire state building chrysler building woolworth building home insur
s344n2d4d5 [400]
Further expansions led to the world's first skyscraper, the ten-story Home Insurance Building in Chicago, constructed in 1884–1885. It is the so-called “Father of the Skyscraper”. While its tallness of 138 feet is not measured very remarkable today, it was at that time. The designer of the building was Major William Le Baron Jenney. 
5 0
3 years ago
A successful advertised campaign affects
tatyana61 [14]

Answer:

B the responsiveness of quantity demanded of a good due to a change in its price. 

Explanation:

B ...

3 0
2 years ago
Other questions:
  • The monopolist, like the perfect competitor, will maximize profits at the output where marginal revenue equals marginal cost.
    6·1 answer
  • Suppose that a 1-year zero-coupon bond with face value $100 currently sells at $89.75, while a 2-year zero sells at $79.88. You
    15·1 answer
  • Due to increased mailing costs the new rate will cost $54 million this is 12.9% more than they paid the previous year. How much
    5·1 answer
  • Carlos transfers property with a tax basis of $965 and a fair market value of $1,135 to a corporation in exchange for stock with
    14·1 answer
  • The Sarbanes-Oxley Act tightened corporate governance rules by requiring all but which one of the following? Required that the C
    11·1 answer
  • Tools can be used safely for jobs that they were not designed to do. True or False
    8·2 answers
  • Black Acres Apartment, Inc needs to compute taxable income (TI) for the preceding year and wants your assistance. The effective
    13·1 answer
  • The relationships between inventory and throughput, and inventory and operating expense are defined as follows: As everyone is s
    14·1 answer
  • Mhanifa Can you type here ^~^
    7·2 answers
  • the 2-year discount factor is 0.92. what is the present value of $1 to be received in year 2? note: do not round intermediate ca
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!