Answer:
E) General journal
Explanation:
The general journal is used to record all the accounting transactions carried out by a company. If the company uses an accounting tool software or a more complete ERP software, the transaction should be recorded immediately or as soon as possible.
For example, the journal record for this transaction should be:
- Dr Accounts Payable account 6,000
- Cr Cash account 6,000
Answer:
Change in checking deposit is $18,20,000
Explanation:
Checking account is the kind or form of deposit account that is held at a institution and it allows the deposits as well as withdrawals.
The change in the checking deposit is computed as:
Change in Checking deposit = Deposit amount / Required reserve ratio
where
Demand deposit is $800,800
Required reserve ratio is 0.440
Putting the values above:
Change in checking deposit = $800,800 / 0.440
Change in checking deposit = $18,20,000
Answer:
1.Jan 01 Dr Cash 360,000
Cr Notes payable 340,000
2.Interest expense 28,800
Principal Reduction 61,364
Explanation:
MM Co.
1 . Journal entry
Since MM Co. borrows $360,000 cash on January 1 from a bank this means we have to
Debit Cash with the amounts of money he borrowed which is $360,000 and Credit Notes Payable with the same amount.
Jan 01 Dr Cash 360,000
Cr Notes payable 340,000
2. Calculation of the amount goes toward interest expense and Principal reduction
Interest expense 28,800
(360,000*8%)
Principal Reduction 61,364
(90,164-28,800)
Answer:
The answer is D. Income statement
Explanation:
