1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ivann1987 [24]
4 years ago
6

Kelly Jones and Tami Crawford borrowed $15,000 on a 7‐month, 8% note from Gem State Bank to open their business, JC's Coffee Hou

se. The money was borrowed on June 1, 2017, and the note matures January 1, 2018. (a) Prepare the entry to record the receipt of the funds from the loan. (b) Prepare the entry to accrue the interest on June 30. (c) Assuming adjusting entries are made at the end of each month, determine the balance in the Interest Payable account at December 31, 2017. (d) Prepare the entry required on January 1, 2018, when the loan is paid back.
Business
2 answers:
slamgirl [31]4 years ago
7 0

Answer:

a. DR- Cash/Bank - $15,000

   CR - Notes Payable  - $15,000

b. DR - Interest Expenses - $100 ($15000*0.08*1/12)

   CR - Interest Payable  - $100 ($15000*0.08*1/12)

c.  DR - Interest Expenses - $700 ($15000*0.08*1/12*7)

    CR - Interest Payable  - $700 ($15000*0.08*1/12*7)

d.  DR - Note Payable  - $15,000

    DR - Interest Payable  - $700

    CR - Cash/Bank -         $15,700

Explanation:

a. DR- Cash/Bank - $15,000

   CR - Notes Payable  - $15,000

b. DR - Interest Expenses - $100 ($15000*0.08*1/12)

   CR - Interest Payable  - $100 ($15000*0.08*1/12)

c.  DR - Interest Expenses - $700 ($15000*0.08*1/12*7)

    CR - Interest Payable  - $700 ($15000*0.08*1/12*7)

d.  DR - Note Payable  - $15,000

    DR - Interest Payable  - $700

    CR - Cash/Bank -         $15,700

sergiy2304 [10]4 years ago
6 0

Answer: Your correct answer is

a. DR- Cash/Bank - $15,000

  CR - Notes Payable  - $15,000

b. DR - Interest Expenses - $100 ($15000*0.08*1/12)

  CR - Interest Payable  - $100 ($15000*0.08*1/12)

c.  DR - Interest Expenses - $700 ($15000*0.08*1/12*7)

   CR - Interest Payable  - $700 ($15000*0.08*1/12*7)

d.  DR - Note Payable  - $15,000

   DR - Interest Payable  - $700

  CR - Cash/Bank -         $15,700

Hope this helps :) -Mark Brainiest Please :)

You might be interested in
Who controls the supply for coffee shops and based on what factors
andrezito [222]

Answer:

Explanation:

Market prices control the supply for coffee shops, not only that but also it is also affected by other factors with things like: price of inputs, and how much it cost to make, and technology developments

3 0
3 years ago
News channels (CNN, FOX, MSNBC, LOCAL NEWS) are best used for:
Valentin [98]
Figuring out what is going on in the world around you including weather, latest political views, and bussiness facts
3 0
3 years ago
Read 2 more answers
For which of the following types of economies would the factors of production depend on the relative distribution of market forc
hram777 [196]

Answer:

<u>Mixed economy</u>

Explanation:

Note that the command forces here represents socialism implying Governmental control  of land resources, labor, capital  and control of some industries.

The factors of production (land, labour, capital) in a mixed economy would indeed depend on the relative distribution of market forces versus command forces.

3 0
4 years ago
Bramble Corp. had 2500000 shares of common stock outstanding on January 1 and December 31, 2021. In connection with the acquisit
ASHA 777 [7]

Answer:

$1.47

Explanation:

Diluted earnings per share = Earnings before preferred stock dividends ÷ Weighted Average Number of Common Stock Outstanding

<em>where,</em>

<u>Earnings before preferred stock dividends is calculated as :</u>

Net Income                                                                   $3,470,000

Add Preferred Stock Dividends                                      $195,000

Earnings attributable to Common Stock holders      $3,665,000

<u>Weighted Average Number of Common Stock Outstanding is calculated as </u>:

Outstanding end of  the year                                        2,500,000 shares

therefore,

Diluted earnings per share = $3,665,000 / 2,500,000 shares = $1.47

3 0
3 years ago
Bond prices and yields Assume that the Financial Management Corporation’s
abruzzese [7]

$1,000-par-value bond had a 5.700%

Current price quote of 97.708

Yield to maturity (YTM) of 6.034%.

A.What was the dollar price of the bond?

Dollar price of bond = Par-value bond x Price of quote

$1,000 x 0.97708= $977.08

b.What is the bond’s current yield?

Current Yield = discount (or coupon) x par-value)/Dollar price of bond

= (0.057000 x $1,000)=57

57/$977.08= 0.05833708601 or 5.83%

C.Is the bond selling at par, at a discount, or at a premium? Why?

The reason been that the bond is selling at discount due to the fact that the coupon is lower than both the current yield and yield to maturity (YTM).

d.Compare the bond’s current yield calculated in part b to its YTM and explain why they differ?

The bond’s current yield in part (b ) is lower because the coupon is so high. If the discount were lower, then the current yield would be close to or the same as the YTM.

8 0
4 years ago
Other questions:
  • On March 1, Green went to Easy Car Sales to buy a car. Green spoke to a salesperson and agreed to buy a car that Easy had in its
    10·1 answer
  • An insured's CGL has a Products and Completed Operations Aggregate Limit of $100,000 with a $20,000 limit per occurrence. Follow
    9·1 answer
  • Suppose that an economy has the per-worker production function given as:
    11·1 answer
  • Suppose a bank has $500 million in deposits and $35 million in required reserves, and it is holding no excess reserves. What is
    11·1 answer
  • Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After exami
    12·1 answer
  • Consider the following:
    10·1 answer
  • Securitization refers to the creation of new securities by ______.
    10·1 answer
  • Researchers have identified the tendency for increasing diversity among team members to create difficulties even as it offers im
    13·1 answer
  • Trafalgar Estate Agency started operations on January 01, 2020. The following transactions occurred in the first month of operat
    8·1 answer
  • HELP ME PLEASE
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!