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
adoni [48]
3 years ago
9

On January​ 1, 2018​, White Corporation signed a $ 120,000​, four​-year, 2​% note. The loan required White to make payments annu

ally on December 31 of $ 30,000 principal plus interest.
Required:
a. Journalize the issuance of the note on January 1, 2018
b. Journalize the first payment on December 31, 2018
Business
1 answer:
VladimirAG [237]3 years ago
3 0

Answer:

Dr cash                 $120,000

Cr Notes payable                         $120,000

Dr interest expense    $2,400

Dr notes payable       $30,000

Cr cash                                             $32,400

Explanation:

The issuance of the notes payable of $120,000 means that White Corporation's cash inflow has increased by $120,000 while its corresponding loan obligation has also gone up by the same amount.

On 31 December 2018,White Corporation would need to repay $30,000 principal plus interest of $2,400 ($120,000*2%).The interest payment is debited to interest expense while $30,000 repayment is debited to notes payable and cash is credited with the total of $32,400

You might be interested in
According to the _____, the most effective management theory or idea depends on the kinds of problems or situations that manager
german

Answer: The contingency approach

Explanation:

 The contingency approach is one of the type of management theory that helps in understanding the various types of principles in an organization and it is also refers as the situational approach.

The main objective of the contingency approach is that it provide manager the different types of ways to give reaction on the given issue and different types of situation.

 According to the question, the contingency approach helps in providing the different types of effective ideas to the manager where they facing different types of problems in an organization.  

 Therefore, contingency approach is the correct answer.

6 0
3 years ago
Which situation shows OSHA's three-pronged approach to improving safety?
ra1l [238]
D is the correct answer according to AREA Alabama Electric Co-ops
3 0
3 years ago
Read 2 more answers
Si tuvieras que decidir por pagar un artículo, ¿cuál de estas formas de pago escogerías, pagar en efectivo, pagar con tarjeta de
dexar [7]

Answer:

Possitife thinking

Explanation:

Bella Dally

5 0
2 years ago
During August, Salinger Company accumulated 580 hours of direct labor costs on Job 40 and 630 hours on Job 42. The total direct
Inga [223]

Answer:

Dr Work in process $13,210

Cr Wages payable $13,210

Explanation:

Based on the information given the appropriate journal entry to record the flow of labor costs into production during August is:

Dr Work in process $13,210

Cr Wages payable $13,210

(580*$13)+(630*$9)

($7540+$5670)

(To record the flow of labor costs into production during August)

6 0
3 years ago
Which of the following statements about employer prejudice is true?
Andrews [41]

Answer:

D. It would be impossible for employer prejudice to exist in a firm that sells its output in a competitive market unless all rivals also discriminate.

Explanation:

In a competitive market , efficiency of employee is the only factor that is taken into account to meet the challenges of the market . The employer can not afford the cost of being prejudiced against a staff because it only has deleterious effect on the morale of the employee. So in a competitive market ,there is no scope for employer's prejudice.

4 0
3 years ago
Other questions:
  • Which of the following best explains what a forward contract is?
    13·2 answers
  • Gilmore, Inc. recently embarked on an effort to increase coordination and cooperation within the company. During the process, Gi
    9·1 answer
  • Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area
    8·2 answers
  • When marine life is limited due to the lowest supply of any one of the essential requirements for life, the law of the _________
    14·1 answer
  • The board of directors of a tile manufacturing company meet to discuss the installment of a new high-end machinery. They all agr
    12·1 answer
  • Suppose a student graduates from college with a civil engineering degree and is now employed to grade papers,
    5·1 answer
  • According to Okun's law, when cyclical unemployment increases by one percentage point, the recessionary gap ______ by ______ per
    7·1 answer
  • Pete, a human resource intern, was given an assignment by his manager that meant he must obtain information from other departmen
    5·1 answer
  • Your attitude, existing relationships, professional role, education, skills and training, and philanthropic efforts all contribu
    9·1 answer
  • Among the major channels of management communications, _____ is the predominant method of communicating
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!