How to properly adjust the given items

Reference no: EM131779506

Question: It is December 31, 20x9 and TZ Corporation is making their necessary year-end adjusting entries. Their accountant is unsure how to properly adjust for the following items:

- Interest incurred on an outstanding loan of $21400.29 at 12%

- Interest earned on an outstanding loan of $18114.79 at 10%

Select one:

- A credit to interest revenue of $ 2568.03.

- A debit to interest expense of $ 1811.48

- A credit to interest revenue of $ 1811.48

- A credit to interest expense of $ 2568.03

Reference no: EM131779506

Questions Cloud

Determine the loss on impairment : Determine the loss on impairment that Sheffield Bank should recognize on December 31, 2019. (Round present value factors to 5 decimal places, e.g. 0.52500.

Discuss corporation is required to recognize gross income : The corporation is required to Recognize Gross Income from collecting the Life Insurance Proceeds

Calculate the total labor cost for the company : Ignoring employer payroll taxes, under each procedure calculate the total labor cost for the company

Disagreement in your community or in the larger society : What is one issue that elicits considerable disagreement in your community or in the larger society?

How to properly adjust the given items : It is December 31, 20x9 and TZ Corporation is making their necessary year-end adjusting entries. Their accountant is unsure how to properly adjust.

Business model innovation in practice : Business Model Innovation in Practice, discuss the challenge of implementing innovations within organizations that are naturally resistant to change.

Prepare a cost of goods manufactured schedule : Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) Prepare an entire income statement through net income

Prepare connelly adjusting entry to record the fees earned : On December 31, Connelly Company had performed $5,000 of management services for clients that had not yet been billed. Prepare Connelly's adjusting entry.

Destructive power that results in a total financial : Explain why derivatives such as CDOs and CDSs had such a destructive power that results in a total financial market meltdown, not only in the United States

User Account

All Pages