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SVEN [57.7K]
3 years ago
5

Great Adventures obtains a $30,000 low-interest loan for the company from the city council, which has recently passed an initiat

ive encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31. Record the appropriate journal entry.
Business
1 answer:
Tju [1.3M]3 years ago
7 0

Answer:

The journal entry at the time when great adventures obtains the $30,000 loan is:

Account Title                       Debit            Credit

Cash                                     30,000

Notes Payable                                          30,000

The interest accrued at the end of each month would be:

30,000 * 6% = 1,800/12 = $ 150

Interest entry would be made at the end of each month to record the interest expense.

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Answer:

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3 years ago
The 2017 balance sheet of Kerber’s Tennis Shop, Inc., showed $2.7 million in long-term debt, $760,000 in the common stock accoun
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Explanation:

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Cash flow from Assets = Cash flow to creditors + Cash flow to shareholders

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Operating cash flow =  Cash flow from Assets + Change in net working capital + net capital spending

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3 years ago
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Answer

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Step-by-step explanation:

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