Interest payable-quarterly adjustments

Assignment Help Accounting Basics

Reference no: EM13986630

Interest Payable-Quarterly Adjustments

Glendive takes out a 12%, 90-day, $100,000 loan with Second State Bank on March 1, 2014. Assume that Glendive prepares adjusting entries only four times a year: on March 31, June 30, September 30, and December 31.

Required

1. Prepare the journal entry on March 1, 2014.

2. Prepare the adjusting entry on March 31, 2014.

3. Prepare the entry on May 30, 2014, when Glendive repays the principal and interest to Second State Bank.

Reference no: EM13986630

Questions Cloud

Which the electron makes the transitions : What are the minimum value and maximum value of ni for the energy levels from which the electron makes the transitions corresponding to these lines?

Question regarding property taxes payable-annual adjustments : Lexington Builders owns property in Kaneland County. Lexington's 2013 property taxes amounted to $50,000. Kaneland County will send out the 2014 property tax bills to property owners during April 2015.

Did the radioactive material in reactors break containment : Explain why contaminated water has been such a big issue for Fukushima. Did the radioactive material in the reactors break containment? Explain

What is the speed of the other puck after the collision : Two hockey pucks of equal mass approach each other head-on with equal speeds of 8.4 m/s. They collide and one puck leaves the collision with a speed of 6.4 m/s. What is the speed of the other puck after the collision?

Interest payable-quarterly adjustments : Glendive takes out a 12%, 90-day, $100,000 loan with Second State Bank on March 1, 2014. Assume that Glendive prepares adjusting entries only four times a year: on March 31, June 30, September 30, and December 31.

Problem regarding the wages payable : Denton Corporation employs 50 workers in its plant. Each employee is paid $10 per hour and works seven hours per day, Monday through Friday. Employees are paid every Friday. The last payday was Friday, September 19.

Problem regarding the concert tickets sold in advance : Rock N Roll produces an outdoor concert festival that runs from June 28, 2014, through July 1, 2014. Concertgoers pay $80 for a four-day pass to the festival, and all 10,000 tickets are sold out by the May 1, 2014, deadline to buy tickets. Assume ..

Problem regarding the subscriptions-customer deposits : Horse Country Living publishes a monthly magazine for which a 12-month subscription costs $30. All subscriptions require payment of the full $30 in advance.

Why do we need units of measure in our daily lives : How does the composition of varying types of matter affect the electromagnetic radiations throughout the spectrum? How different do you think medicine would be today without medical imaging? Why do we need units of measure in our daily lives

User Account

All Pages