User Account

All Pages

Discuss what is the correcting journal entry

Assignment Help Accounting Basics
Reference no: EM131805801

On August 1 of 20X0, your company borrows $100,000 and signs a 5-year note with an annual interest rate of 8%. Principal and all accrued interest will be paid at maturity. In January of 20X1, before the books are closed, you discover that no interest was accrued for 20X0.

What is the correcting journal entry?

If no correcting journal entry is recorded, how are the 20X0 income statement and balance sheet, respectively, affected?

Reference no: EM131805801

Questions Cloud

Calculate carla vistas net income as a percent of sales : Vertical analysis (common-size) percentages for Carla Vista Co's sales revenue and cost of goods sold. Calculate Carla Vista's net income as a percent of sales.
Draw the demand curve faced by west coast gas : Draw the demand curve faced by West Coast Gas and the marginal revenue curve. Draw the company's marginal cost and average cost curves.
Economy converges to the general equilibrium : State what happens to the FE and IS curves. Explain with the help of graphs what happens in the short-run to the expected real interest rate
Prepare all adjusting entries at december : These are selected 2014 transactions for Amarista Corporation. Prepare all adjusting entries at December 31 to record amortization required by the events.
Discuss what is the correcting journal entry : What is the correcting journal entry, how are the 20X0 income statement and balance sheet, respectively, affected
Overall satisfaction with the produce : Each question should be answered using complete sentences with correct grammar, punctuation, spelling, and statistics vocabulary.
Find the equilibrium price and quantity : Demand and supply in the wheat market are given by: (a) Find the equilibrium price and quantity.
Calculate the cost of the delivery truck : Shellhammer Company purchased a delivery truck. The total cash payment was $30,020, including the following items. Calculate the cost of the delivery truck.
Find the actual and constant dollar amount : find the actual and constant dollar amount, If the market interest rate is 12% compounded annually

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd