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
2 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]2 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
A(n) ________ bank is an institution, such as Credit Suisse First Boston, that acts as an underwriter or agent for a firm engage
Orlov [11]

Answer:

Public bank

Explanation:

A public bank is a bank, or a financial institution where a state, municipality would be the owners also it is an entrerprise that are controlled by the government

So as per the given situation the given boston would be acted as an underwriter and engaged in the initial public offering so this represent the public bank

hence, the same would be relevant

8 0
3 years ago
Health/career exploration, need help
OverLord2011 [107]
The answer to your questin is THE 4TH ONE Please mark as brainlest if helps
8 0
3 years ago
Elaina and Allen just purchased a home using a deed of trust. Which of the following is most likely true about their home loan
kozerog [31]

Elaina and Allen just purchased a home using a deed of trust: A trustee will keep the title in its most basic form until the debt is paid off. This is further explained below.

<h3>What is a deed of trust?</h3>

Generally, From the perspective of the lender, a deed of trust offers a significant advantage over a mortgage in a number of important respects. In the event that the borrower fails to make their required payments on the loan, the trustee has the authority to use their right to foreclose on the property on behalf of the beneficiary.

In conclusion, A deed of trust was used in the recent purchase of a property by Elaina and Allen. Until the mortgage debt is completely paid off, a trustee will retain the title in its simplest form.

Read more about the deed of trust

brainly.com/question/8920219

#SPJ1

3 0
2 years ago
Specialization can help a country's economy by:*
Alika [10]

Answer:

D)reducing its need to be self-sufficient,

Explanation:

Specialisation by a country's economy means that it produces only the specialised goods & even export it, import the other goods.

It decreases opportunity costs, decreases cost of voluntary exchanges. Higher level of specialisation implies there is increased labor force division.

However, it reduces need of country to be self sufficient. As, it can gainfully trade its specialised goods for other goods (in which other economy specialises).

3 0
3 years ago
Read 2 more answers
Wayne was a bona fide resident of Brazil for all of 2018 and 2019. He reports his income on the cash basis. In 2018, he was paid
Dmitrij [34]

Answer:

the answer is b

Explanation:

3 0
2 years ago
Other questions:
  • Producers use marketing intermediaries because they ________.
    5·1 answer
  • As the level of activity increases, how will a mixed cost in total and per unit behave? In Tota Per UnitA) Increase DecreaseB) I
    7·1 answer
  • For how long should a certified personal trainer maintain accurate contract and appointment records?
    14·1 answer
  • Last week, Stephanie quit her job as a copywriter at an advertising agency. She has spent the past few days browsing the help wa
    5·1 answer
  • A project is exceptionally risky might still be undertaken by a firm if they have several other projects underway that are consi
    7·1 answer
  • The Devon Motor Company produces automobiles. On April 1st the company had no beginning inventories and it purchased 8,000 batte
    5·1 answer
  • Nancy checks her margin account and notices she has an SMA balance in her account. A 10% stock dividend was declared this mornin
    15·2 answers
  • Explain the shift from artisan to factory worker, and discuss the factory system. What were the advantages and disadvantages
    13·1 answer
  • Assume that Selling Division and Buying Division are both owned by Overall Corporation. Selling Division sells a product that is
    7·1 answer
  • Eduardo owns a farm in a country where taxes are very high and where the government openly considers the possibility of taking o
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!