Answer:
Equipment and notes payable
Explanation:
Since the equipment is purchased by signing the note payable which affected the two accounts i.e equipment and the note payable. In this, the cash transaction is not involved, so cash should not be considered
The journal entry would be
Equipment A/c Dr $10,000
To Notes payable $10,000
(Being the equipment is purchased by signing a note payable)
Become less valuable over time
Stagflation is a condition in which both the unemployment rate and the inflation rate are high. Stagflation is characterised by slower economic development, low employment rates, and increased inflation rates. Stagflation is the occurrence of low economic growth, high unemployment.
In terms of economics, stagflation, sometimes known as recession-inflation, is a state in which unemployment is consistently high, the economy is growing slowly, and the inflation rate is high or rising. When inflation and economic stagnation coexist, this is known as stagflation. The economy is in a state of stagnation due to rising unemployment.
The term "stagflation" was first used in the 1970s, a period of both high inflation and rising unemployment. Stagflation wasn't commonly acknowledged until the middle of the 20th century.
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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)
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