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
fomenos
3 years ago
7

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.
Business
1 answer:
lidiya [134]3 years ago
8 0

Answer:

Bank A/c  Dr           $63,000

  To Notes Payable                         $63,000

(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

You might be interested in
Production Budget Pasadena Candle Inc. projected sales of 64,000 candles for January. The estimated January 1 inventory is 2,600
icang [17]

Answer:

Production budget:

Projected sales= 64,000

Ending inventory= 7,000

Beginning inventory= (2,600)

Total= 68,400 units

Explanation:

Giving the following information:

Pasadena Candle Inc. projected sales of 64,000 candles for January. The estimated January 1 inventory is 2,600 units, and the desired January 31 inventory is 7,000 units.

Production budget= projected sales + ending inventory - beginning inventory

Production budget:

Projected sales= 64,000

Ending inventory= 7,000

Beginning inventory= (2,600)

Total= 68,400 units

3 0
3 years ago
The Hall Company is a craft store that wants to measure the success of its coupons, displays, and pricing structure. These eleme
Airida [17]
In my life I’m susisusususu
4 0
3 years ago
Can someone help me with this?
Dafna11 [192]

Answer:

omg you have any idea

7 0
2 years ago
Read 2 more answers
Amesha will only purchase stock in corporations that practice and support social justice. which term refers to Amesha's type of
mixer [17]

Answer:

A. Socially Responsible

7 0
3 years ago
Melissa, a manager at Greener Cleaners Inc., was disappointed with her team's discussion regarding next year's marketing campaig
maksim [4K]

Answer:

Social dominance.

Explanation:

Dominance is defined as control of resources or opportunity by use of force, aggression or submission. This creates inequality of opportunity for all.

Social dominance is a situation in a competitive environment, where individual or group dictate others behavior and have biased access to the resources or opportunity, which create discomfort and disagreement between two groups or individuals.

In the given case, Melissa was disappointed due to the lack of opportunity to share ideas in the team meeting as a fellow manager has dominated the meeting by pushing all his idea.

3 0
3 years ago
Other questions:
  • By default, pasted charts will be
    5·1 answer
  • Which of the following statements is false? Multiple Choice Prepaid insurance is a deferred expense. Prepaid insurance represent
    14·1 answer
  • Yummy Bakery just paid an annual dividend of $3.40 a share and is expected to increase that amount by 2.2 percent per year. If y
    11·1 answer
  • A deed which conveys simply the grantor’s rights or interest in real estate, without any agreement or covenant as to the nature
    10·1 answer
  • A product has three distinct layers. The most basic level is the ________, which consists of all the benefits the product will p
    7·2 answers
  • Which of the following is a source of frictional unemployment? a. minimum wages b. changes in the composition of demand among in
    7·1 answer
  • When recording variances in a standard cost system: Question 22 options: A. Only unfavorable material variances are debited. B.
    5·1 answer
  • A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $58; Sec
    15·1 answer
  • For each of the following, compute the present value: (Do not round intermediate calculations and round your answer to 2 decimal
    5·1 answer
  • David Davis plans to save $2,735 every year for the next eight years, starting today. At the end of eight years, David will turn
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!