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Nat2105 [25]
3 years ago
11

Entries for notes payable Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a 360

-day year.
a. If the note is issued with a 45-day term, journalize the entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
b. If the note is issued with a 90-day term, journalize the entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
Business
1 answer:
Shalnov [3]3 years ago
8 0

Answer:

The Journal entries are as follows:

(a)

(i) Account payable A/c Dr. $100,000

         To Notes payable                       $100,000

(To record issue notes payable)

(ii) Notes payable A/c Dr. $100,000

Interest expense A/c Dr. $875

       To cash A/c                                $100,875

(To record payment of notes)

Workings:

Interest expense = 100,000 × 7% × (45/360)

                            = $875

(b)

(i) Account payable A/c Dr. $100,000

         To Notes payable                       $100,000

(To record issue notes payable)

(ii) Notes payable A/c Dr. $100,000

Interest expense A/c Dr. $1,750

       To cash A/c                               $101,750

(To record payment of notes)

Workings:

Interest expense = 100,000 × 7% × (90/360)

                            = $1,750

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Match the following empires:
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Answer:

1 ----> Matches with ----->C

2 ----> Matches with ----->D

3  ----> Matches with ----->B

4 ----> Matches with ----->A

Explanation:

This question is very easy and interesting. In this question, we just need to match the specific empires with the description given in the question. So, Let's Start.

1. The first description matches with the Dutch Empire. (C)

2. The second description matches with obviously the French Empire (D)

3. The third description matches with the English Empire. (B)

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4. The forth description clearly matches with the Spanish Empire. (A)

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