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3 years ago

The following selected transactions relate to liabilities of Food Emporium whose fiscal year ends on December 31.

Business

1 answer:

Kaylis [27]3 years ago

8 0

Answer: Please see explanatory column for answer.

Explanation:

No Journal entry

Date Amount and explanation Debit Credit

Jan 26 No entry No entry

Reason: this is because even though an agreement was reached in the negotiation,no transaction took place.

Journal to record loan from City Bank

Date Amount and explanation Debit Credit

March 1 Cash $350,000

Notes payable $350,000

Journal to record payment of loan with interest from City Bank from March - September.

Date Amount and explanation Debit Credit

September 1 Notes payable $350,000

Interest Expense $14,000

Cash $364,000

calculation: Interest = PxRXT= 350,000 X 8% X 6/12= $14,000

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2 years ago

Which of the following statements is true?

Ivan

Answer:

Statement b. is True

Explanation:

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4 years ago

Assume the sales budget for April and May is 47,000 units and 49,000 units, respectively. The production budget for the same two

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