How would enter on an accounting journal entry

Assignment Help Financial Accounting
Reference no: EM132482758

Your parents lend the company $10,000 cash in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity.

Question 1: Don't understand how would enter the on an accounting journal entry. There are two spots to enter debits and 1 spot to enter credit. Would calculate the interest rate and enter it under debit and then the sum of both debits under credit?

Reference no: EM132482758

Questions Cloud

Describe aspects of differentiated parent support : Profile the kind of empirical evidence at Los Pen that supports the school's transformation. Focus on quantitative data. Based on the statistical data gleaned.
Determine what is the firm cash flow from financing activity : Determine what is the firm cash flow from financing activity, equipment with book value of $75,000 was sold for $50,000,investments in abc corporation's stocks
Calculate the depletion of the timber tract : Calculate the 2021 depletion of the timber tract and depreciation of the logging roads assuming the units-of-production method is used for both assets
Discuss your understanding of what constitutes bad acting : After watching a PowerPoint Presentation: The Actor, watch the first group of two video clips associated with this discussion. (Bad Acting and Henry Thomas).
How would enter on an accounting journal entry : How would enter on an accounting journal entry? Would calculate the interest rate and enter it under debit and then the sum of both debits under credit?
Determine for papst company the estimated cash receipts : Determine for Papst Company for the month of May: The estimated cash receipts from accounts receivable collections
What are the unique contributions you could make to a team : As you think about yourself as a teacher, regardless of the level at which you teach, plan to teach, or the subject in which you are specializing, what are the.
Define how your completed lesson plan is appropriate : In 250-500 words, rationalize your instructional choices specific to the activity and aligning strategies. Be sure to address how your completed lesson plan.
Compute the annual interest rate : Compute the annual interest rate (%) and round to 4 decimal places given the information below. Can you please show how to arrive at the answer

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is its P-E ratio

What is its ROE? Round your answer to two decimal places - What is its P/E ratio? The stock price should be rounded to the nearest cent. Round your answer

  How much of the accounting department costs

The costs will be allocated based on the number of employees using the direct method. Information regarding costs and how much of the accounting department costs will be allocated to the production

  What is the number of orders the company expects to receive

Tee Times, Inc. produces and sells the finest quality golf clubs in all of Moore County. The company has priced its Pinehurst No. 2 Series golf clubs at $600 per set. Normally, an order consists of one set of clubs. What is the number of orders the c..

  Transactionsnbsp treated in bank reconciliation

transactionsnbsp treated in bank reconciliation statements.1.nbspfor each of the following items indicate whether its

  Compute the anticipated return after financing costs

Compute the anticipated return after financing costs with the most aggressive asset-financing mix

  Flexible budgeting is a reporting system

Flexible budgeting is a reporting system where in the:

  Actual expense method for calculating home office expenses

Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other tha..

  Prepare the journal entries to record the sales and hedge

Assume that the forward contract is designated as a cash flow hedge, since the sale is highly probable.

  Locate?financial statements for a company of choice

Question 1: Locate?financial statements for a company of your?choice and?review the cash flow statement.

  Impact of change in credit policy on the debt ratiocollins

impact of change in credit policy on the debt ratio.collins company had the following partial balance sheet and

  What are four basic purpose of financial statements?

What is the primary purpose of each of the four basic financial statements?

  Identify relevant sections of the corporations act

Identify relevant sections of the Corporations Act 2001 (Cth) and apply these to the facts and identify and discuss at least two relevant cases.

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!

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