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denpristay [2]
3 years ago
7

On October 1, Vaughn's Carpet Service borrows $349000 from First National Bank on a 4-month, $349000, 9% note. What entry must V

aughn's Carpet Service make on December 31 before financial statements are prepared
Business
1 answer:
____ [38]3 years ago
3 0

Answer:

Dr Notes Payable 349,000

Dr Interest Payable 10,470

Cr Cash 359,470

Explanation:

Preparation of Vaughn's Carpet Service Journal entry

Since we were told that Vaughn's Carpet Service borrows the amount of $349,000 on 1st October from First National Bank based on a 4-month, $349,000, 9% note the transaction will be recorded as :

Dr Notes Payable 349,000

Dr Interest Payable 10,470

Cr Cash 359,470

$349,000 +($349,000 *.09* 4/12)

=$349,000+10,470

=$359,,470

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Bess [88]

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3 years ago
Match each term below with the description that fits it best. 1. Treasury stock 2. Issued capital stock 3. Outstanding capital s
saw5 [17]

Answer:

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3 0
3 years ago
Where can you access the sample company - Long For Successful Events?
guajiro [1.7K]

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  • Then follow up by selecting the Sample company.

QuickBooks Online is used for many financial activities of a company, such as managing income and expenses, keeping a record of the finances of business activities.

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6 0
2 years ago
YoYo Fashion December 31, 2013 balance sheet showed total common equity of $5,500,000 and 250,000 shares outstanding. During 201
abruzzese [7]

Answer:

$23.6 per share

Explanation:

Given that,

Total common equity = $5,500,000

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Net income = $525,000

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3 years ago
Your market value is determined by what you bring to the job.<br><br> True<br> False
mafiozo [28]
False because it’s false
7 0
3 years ago
Read 2 more answers
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