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vagabundo [1.1K]
3 years ago
15

AP Kelly Jones and Tami Crawford borrowed $15,000 on a 7-month, 8% note from Gem State Bank to open their business, JC's Coffee

House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Required:
a. Prepare the entry to record the receipt of the funds from the loan.
b. Prepare the entry to accrue the interest on June 30.
c. Assuming adjusting entries are made at the end of each month, determine the balance in the Interest Payable account at December 31, 2022.
d. Prepare the entry required on January 1, 2023, when the loan is paid back.
Business
1 answer:
Gnom [1K]3 years ago
3 0

Answer:JC Coffee house journal$

Date

a. June 1 2022

Bank Dr. 15,000

Gem state bank Cr. 15,000

Narration. Acquisitions of $15,000, 8%, 7c months loan.

b. June 30, 2022

Interest Dr 1200

Gem bank Cr. 1200

Interest on loan for the month of June

C. Interest as at December 31 2022

8% * $15,000*7

=$8400

Jan 1 2023

Gem state bank Dr 23,400

Bank. Cr. 23,400

Narration. Payment of $15,000, at 8% , 7 months and associated interest on maturity.

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Marilyn Simms died with a $200,000 life insurance policy. Her husband, Jack, was the primary beneficiary and their children, Mim
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a) $200,000 to Jack

Explanation:

Data provided in the question  

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Now, the distribution of the policy could be taken by only Jack as he is her husband plus he is also a primary benefit of her life insurance policy,

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Suppose Germany, a large country, imposes a tariff on tuna imports. Before the tariff, all the countries in the world are engage
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German producers no longer have to compete as much with imported tuna which was cheaper. They will therefore be able to raise their prices.

3. This statement is false.

The world price of Tuna DOES NOT increase because the tariff is only applicable in Germany. Other parts of the world will trade tuna as before. This is what is assumed.

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3 years ago
The goal of ____ is to establish international technological standards to facilitate the global exchange of information and barr
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The goal of <u> ISO</u>  is to establish international technological standards to

facilitate the global exchange of information and barrier-free trade.

<h3 /><h3>what is the goal of ISO in IT to global exchange?</h3>

  • The International Organization for Standardization (ISO) is an international nongovernmental organization made up of national standards bodies;

  • It develops and publishes a wide range of proprietary, industrial, and commercial standards and is comprised of representatives from various national standards organizations.

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2 years ago
Cycles de Oro produces 120,000 high-tek bikes a year and orders the brake assembly from IKON for $15.40 each. The order cost is
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$3,412

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The computation of the economic order quantity is shown below:

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= 40.62 orders

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= 40.62 orders × $ 84

= $3,412

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