On the first day of the fiscal year, Shiller Company borrowed $63,000 by giving a five-year, 12% installment note to Soros Bank.
The note requires annual payments of $17,773, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $7,560 and principal repayment of $10,213. Journalize the entries to record the following: a1. Issued the installment note for cash on the first day of the fiscal year.
(Being the issuance of the installment note for cash is recorded)
Explanation:
The journal entry is shown below:
Bank A/c Dr $63,000
To Notes Payable $63,000
(Being the issuance of the installment note for cash is recorded)
For recording this transaction, we debited the bank account as it increased the assets account and at the same time it decreased the liabilities so the notes payable is credited
Alcohol proof is a measure how much of alcohol ( or ethanol ) is contained in a beer ( same as wine, whiskey, etc ). In the US, alcoholic proof is defined as twice the percentage ( in the UK percentage times 1.75 ).Therefore: 5 * 2 = 10 ( or: 5 * 1.75 = 8.75 ).Answer: It would have a proof of 10.
Assuming you're talking about the US justice system . . . individuals still have rights when they are accused of criminal acts because our justice system requires that each individual be innocent until proven guilty in a court of law. Until such point that they are proven guilty, they are assumed innocent, and are entitled to the same rights as you or I am, having not committed any criminal acts. . . . THEY HAVE TO BE PROVEN GUILTY FIRST BEFORE THEY LOSE ANY RIGHTS AS A CITIZEN
<span>Henry Company should record the rent expense on August 2. Although the check was prepared on July 25 and mailed on July 27, it should not be recorded until the check is actually cashed.</span>
