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rodikova [14]
4 years ago
11

On october 1, bramble's carpet service borrows $348000 from first national bank on a 3-month, $348000, 8% note. the entry by bra

mble's carpet service to record payment of the note and accrued interest on january 1 isrom+highlands+bank+on+a+4-month%2c+%24163000%2c+6%25+note.+what+entry+must+vaughn%27s+painting+service+make+on+december+31+before+financial+statements+are+prepared%3f&aqs=chrome..69i57j5i66l3j69i58j0i66.398j0j4&sourceid=chrome&ie=utf-8
Mathematics
1 answer:
KiRa [710]4 years ago
4 0

Answer:

Step-by-step explanation:

Notes payable = $348000

Payable interest = Note payable × Interest rate × (no of months used/no of months in a year)

348000*(8/100)*(3/12)

= 3480*8*(3/12)

= 83520/12

= $6,960

The total cash will be $348000 + $6960 = $354960

Therefore in the account statement, om the debit side we will have the Notes payable and payable interest, while on the credit side we will have total cash.

This can be seen as attached.

Download docx
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