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
Lera25 [3.4K]
2 years ago
10

The following note transactions occurred during the year for Towell Company: Nov. 10 Towell issued a 90-day, 9% note payable for

$8,000 to Hyatt Company for merchandise. Dec. 1 Towell signed a 120-day, 10% note at the bank for $12,000. Dec. 20 Towell gave Barr, Inc., a 60-day, 10%, $12,000 note for payment of account. Prepare the general journal entries necessary to adjust the interest accounts at December 31. Use 360 days for calculations and round to the nearest dollar.
Business
1 answer:
Pani-rosa [81]2 years ago
3 0

Answer: See explanation

Explanation:

The general journal entries necessary to adjust the interest accounts at December 31 will be:

1. December 31:

Debit: Interest Expenses = $8,000 × 9% × 51/ 360 = $102

Credit: Interest payable = $102

(To accrue interest expenses for the note issued on November 10).

2. December 31:

Debit: Interest Expenses = $12,000 × 10% ×30/360 = $120

Credit: Interest payable = $120

(To accrue interest expenses for the note issued on December 1)

3. December 31:

Debit: Interest Expenses = $12,000 × 10% × 11/360 = $36.67

Credit: Interest payable = $36.67

(To accrue interest expenses for the note issued on December 20).

You might be interested in
If a cost is a common cost of the segments on a segmented income statement, the cost should:_________.
worty [1.4K]

Answer:

the correct answer is

If a cost is a common cost of the segments on a segmented income statement, the costshould:A) be allocated to the segments on the basis of segment sales.

Explanation:

hope this helps u!!!

8 0
3 years ago
What is in dynamic equilibrium ??????? I need it for my physical education exam​
choli [55]

Answer:

A dynamic equilibrium is a chemical equilibrium between a forward reaction and the reverse reaction where the rate of the reactions are equal.

Explanation:

8 0
3 years ago
Miguel is planning on serving a roasted vegetable platter at the reception he's catering. Vegetables with _______ are best suite
telo118 [61]
C i believe is correct
5 0
4 years ago
Read 2 more answers
In​ _______, there are generally only a few large suppliers or sellers of a product or service.
Troyanec [42]
There are four types of market structures namely; perfect competition, monopoly, monopolistic competition and oligopoly. Perfect competition is where large number of small firms  compete with each other with a homogeneous product. In a monopoly market there is only one producer of a given product who determines the price of the product. In monopolistic competition the market combines the aspect of monopoly and perfect competition. In this case, In Oligopoly there are a few suppliers or sellers of a particular product.
8 0
3 years ago
Publicity is part of a company’s
denis-greek [22]

Answer:

Publicity is part of a company's <u>promotion mix</u>.

7 0
3 years ago
Other questions:
  • Many personal care companies combine toothpaste with a toothbrush at a reduced price. this is an example of​ __________ pricing.
    14·1 answer
  • Which of the following statements about the relationship between the financial market and the economy is TRUE?
    15·1 answer
  • if interest rates are positive, the future value of a given sum will always be less than the present value
    6·1 answer
  • The relevant range of activity refers to the_______________.
    13·1 answer
  • The following are national income account data for a hypothetical economy in billions of dollars: gross private domestic investm
    12·1 answer
  • The following financial information is available for Monty Corporation. (in millions) 2022 2021 Average common stockholders’ equ
    8·1 answer
  • ____ 24. the banking system currently has $50 billion of reserves, none of which are excess. people hold only deposits and no cu
    10·1 answer
  • Strengths and weaknesses Group of answer choices should be kept confidential. are areas of high and low capability. relate to th
    5·1 answer
  • Petty Cash Fund Entries Journalize the entries to record the following: Check is issued to establish a petty cash fund of $1,200
    6·1 answer
  • For the past year, lp gas, inc., had cash flow from assets of $38,100 of which $21,500 flowed to the firm's stockholders. the in
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!