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
Nastasia [14]
2 years ago
6

A company borrowed $10,000 from the bank at 5% interest. The loan has been outstanding for 45 days. Demonstrate the required adj

usting entry for this company by completing the following sentence. The required adjusting entry would be to debit the Interest __________________ account and ___________________ the Interest ___________________ account.
Business
1 answer:
baherus [9]2 years ago
6 0

Answer:

The required adjusting entry would be to debit the Interest <u>expense</u> account and <u>credit</u> the Interest<u> </u><u>payable</u> account.

Explanation:

The number of days that a loan debt stays unpaid is referred to as the outstanding number of days.

In line with the general accounting rules, all expenses must be debited. Therefore, the interest expense has to be debited.

Interest payable, however, is the amount owed to a lender by a firm and is thus credited as the matching journal entry to the interest expense.

Therefore, we have:

The required adjusting entry would be to debit the Interest <u>expense</u> account and <u>credit</u> the Interest<u> </u><u>payable</u> account.

You might be interested in
Abc company, which is headquartered in the united states, has production plants in mexico and vietnam. according to this informa
Eduardwww [97]

a multinational enterprise

5 0
3 years ago
Read 2 more answers
Which of the following is not an example of a liability?
finlep [7]
D , because liability means to be responsible for something, especially by law.
3 0
2 years ago
Read 2 more answers
The customer has decided to purchase a home instead of renting. The price of the home is $750,000 and the customer intends to pu
Natasha2012 [34]

Answer:

A. growth stocks and blue chip stocks immediately in the amount of $150,000 to obtain the necessary cash down payment

Explanation:

The customer wouldn't want to get the stock cashed out now, so he doesn't have to worry about the stock or market having a huge decline and so, he can't buy the house.

5 0
3 years ago
Barton Steel is considering the purchase of a new steel mill. The first option is a top of the line high efficiency mill with a
iris [78.8K]

Answer:

The first project should be chosen

Explanation:

Net present value is the present value of after-tax cash flows from an investment less the amount invested.

NPV can be calculated using a financial calculator

To determine which project to accept, calculate the NPV for the two projects

The first option

Cash flow in year 0 = $-25 million

Cash flow each year for year 1 - 5 = $10 million

Cash flow in year 6 =  $10 million - $15 million = $-5 million

I = 9.5

NPV = $10.50 million

Option two

Cash flow in year 0 = $-12 million

Cash flow each year for year 1 - 6 = $4 million

I = 9.5

NPV = $5.68 million

The first option should be chosen because the NPV of the first option yields the higher NPV

To find the NPV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

6 0
3 years ago
List four wan technologies that are carried over the pstn.
oee [108]
There is actually a lot of wan technologies that are carried over the pstn. But the first thing we have to do, is to know what does the pstn means. The pstn means Public Switched Telephone Network. Though they have some similarities, the atm and the wan are different machines.
8 0
3 years ago
Other questions:
  • Zeke purchased a life insurance policy 4 years ago. he inadvertently stated that he was 3 years younger than his actual age. if
    13·1 answer
  • How to write 600,000+30,000+4,000+700+30 in word form?
    15·1 answer
  • What is the amount of money you still owe to their credit card company called? ACredit Card Limit BCredit Card Balance CCredit C
    5·2 answers
  • The positioning strategy of using cost leadership or differentiation to produce a specialized product or service for a limited,
    5·1 answer
  • What is the shortcut to switch back and forth between windows?
    12·2 answers
  • Why we do need change management
    6·2 answers
  • b. Suppose that for each 25,000-bottle-per-day increase in production above 100,000 bottles per day, TC increases by $5,000 (so
    10·1 answer
  • For 2014, Bakers Manufacturing uses machine-hours as the only overhead cost-allocation base. The direct cost rate is $3.00 per u
    8·1 answer
  • Motivating, directing, and otherwise influencing people to work hard to achieve the organization's goals is the definition of wh
    5·1 answer
  • Sheila has recently been promoted to a senior position in the HR department of a multinational company. According to her new job
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!