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
Aloiza [94]
3 years ago
6

Watunga County Bank agrees to lend Vaughn Granite Company $599000 on January 1. Vaughn Granite Company signs a $599000, 8%, 9-mo

nth note. The entry made by Vaughn Granite on January 1 to record the proceeds and issuance of the note is
Cash 599000
Interest Expense 35940
Notes Payable 599000
Interest Payable 35940
Interest Expense 35940
Cash 563060
Notes Payable 599000
Cash 599000
Notes Payable 599000
Cash 599000
Interest Expense 35940
Notes Payable 634940
What is the adjusting entry requited if Hoffman Granite Company prepares financial statements on June 30th?
Business
1 answer:
tangare [24]3 years ago
5 0

Answer:

DR Cash                             $599,000

CR Notes Payable                                $599,000

Explanation:

As this is the entry for the issuance of the note, interest will not be recorded as it is incurred as during the loan period.

Entry will be;

Date                  Details                                                 Debit                   Credit

Jan 1                  Cash                                                  599,000

                          Notes Payable                                                               599,000

You might be interested in
Most jobs are handed down from parent to child in a:
lubasha [3.4K]

Answer:

traditional economy.

Explanation:

7 0
3 years ago
Individuals and companies respond to incentives in order to allocate their scarce resources in ways that provide the __________
MakcuM [25]
Lowest because to show how scarce it is it will have to be low 
7 0
3 years ago
Read 2 more answers
Which tone would be most appropriate for a cover letter to accompany your resumé? friendly, but business-like casual and sincere
soldier1979 [14.2K]
The answer is: 
__________________________
[A]: <span>friendly, but business-like .
__________________________</span>
8 0
3 years ago
Read 2 more answers
Marisol, an HR manager at a technology firm, is entrusted with the task of hiring a member for a new team. She has already recei
sp2606 [1]

Answer: Recruitment

Explanation: In simple words, recruitment refers to the process of selecting the suitable employees within an organisation. It involves setting the criteria of selection, attracting the candidates and appointing them in the job they seem capable of.

In the given case, Marisol is hiring the employees and also evaluating the tasks to be performed in the new job.

Hence we can conclude that the correct option is B.

4 0
3 years ago
What amount of money was loaned if the borrower paid $950 in interest at the end of 6 months and was charged 7% annual interest?
Ronch [10]

Answer:

The loan amount was $27,142.86

Explanation:

Data provided in the question:

Total interest paid for the loan amount = $950

Time for which interest is charged = 6 months = 0.5 year

Annual interest rate = 7% = 0.07

Now,

Interest  = Principle × Rate × Time

or

$950 = Principle × 0.07 × 0.5

or

Principle = $950 ÷ 0.035

or

Principle = $27,142.86

Hence,

The loan amount was $27,142.86

4 0
3 years ago
Other questions:
  • Bliss corporation settles a liability by making a payment in cash. how does paying this liability affect the accounting equation
    10·1 answer
  • Savings accounts are limited in their transactions. how many transactions and what law
    5·1 answer
  • The Topangins are a minority group in the Canary Island, with a set of preferences, attitudes, and taboos, distinct from that of
    12·1 answer
  • West Calder Fabrication is trying to decide which of the following four cargo ships that should be used to ship their products,
    9·1 answer
  • In the AS/AD model, as the price level falls, the holders of money become richer and buy more. This is one reason why the aggreg
    14·1 answer
  • When making a major purchase first determine your
    15·1 answer
  • The first to add me as a friend i will make you brianlyest
    15·1 answer
  • Carr Manufacturing makes a product that incurs prime costs of $320,000. Production uses 1,000 setup hours and 1,900 machine hour
    8·1 answer
  • Hassock Corp. produces woven wall hangings. It takes 3 hours of direct labor to produce a single wall hanging. Hassock standard
    9·1 answer
  • Mike has a car accident and Maria saves his life. To show his appreciation, Mike gives Maria a life estate in one of the homes h
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!