Interest relating to an investment for the year ended

Assignment Help Financial Accounting
Reference no: EM13753009

The company has earned (but not recorded) $6,000 of interest relating to an investment for the year ended December 31, 2014. A check for this amount will be received on January 9, 2015. How would the company record the related adjusting entry dated December 31, 2014?

Debit Cash for $6,000 and credit Interest Revenue for $6,000.

Debit Interest Receivable for $6,000 and credit Interest Revenue for $6,000.

Debit Interest Expense for $6,000 and credit Interest Revenue for $6,000.

Debit Cash for $6,000 and credit Interest Receivable for $6,000.

Debit Interest Revenue for $6,000 and credit Income Summary for $6,000.

Reference no: EM13753009

Questions Cloud

Most associated with managerial accounting : Which of the following is most associated with managerial accounting? a) must follow GAAP b)may rely on estimates and forecast c) is prepared for users outside the organization d) always reports to the entire entity
How to record the adjustment on a journal : How to record the adjustment on a journal: Employee salaries in the amount of $55,000 were incurred for the year. Of that amount $50,000 had been paid in cash, the remainder was still owed to employees at the end of the year. Record the journal entry..
Adjustment required for the investment account : On May 20, 2013, Montero Co. paid $1,000,000 to acquire 40% of ORD Corp.’s outstanding stock. Also assume that ORD Corp. paid a $100,000 dividend on November 1, 2013, and reported a net income of $700,000 for 2013. (a) Prepare the entry to record the..
Had megametals'' csr initiatives shaded into bribery : Had Megametals' CSR initiatives shaded into bribery (or even, could the two be distinguished from one another) - How could the company's CSR efforts be used/extended for strategic advantage - Had Megametals' CSR initiatives shaded into bribery (or ev..
Interest relating to an investment for the year ended : The company has earned (but not recorded) $6,000 of interest relating to an investment for the year ended December 31, 2014. A check for this amount will be received on January 9, 2015. How would the company record the related adjusting entry dated D..
Network security and access control : Network Security and Access Control-You are a senior network security professional at your company. Your company has 150 employees
Debit depreciation expense : Depreciation on the company's equipment for 2014 is $24,000. The company prepares and records adjusting entries on a monthly basis. How would the company record the related adjusting entry on December 31, 2014?
What kinds of economic policy mistakes : Once you finish reading the Case Study, you are to answer the following questions: 1. What kinds of "economic policy mistakes" did the U.S. make in late 1920s that may have resulted in the Great Depression?2. What role did you think the gold standar..
Describe ethical perspectives in the global organization : Identify ethical perspectives in the global organization. Compare these perspectives across cultures involved in the organization

Reviews

Write a Review

Financial Accounting Questions & Answers

  Who has incurred subsequent reasonable expenses

Tickets to a football game with hospital administrators to celebrate successful negotiation of a surgical contract earlier in the day.

  Calculation of overhead rate using traditional abc and

calculation of overhead rate using traditional abc and overhead cost allocation.venable inc. produces golf carts.nbsp

  Computation of basic and diluted earnings per share

Determine the number of shares used to compute basic earnings per share for the year and determine the number of shares used to compute diluted earnings per share for the year ended December 31, 2011.

  The entry to record the purchase of the stock

If the market rate of interest is lower than the stated rate, bonds will sell at an amount and the entry to record the purchase of the stock should include a debit

  Compute the weighted-average contribution margin per ticket

Compute the weighted-average contribution margin per ticket and calculate the total number of tickets Wet Weekend must sell to break even.

  Juston concerts inc was organized on may 1 2010 by two

juston concerts inc. was organized on may 1 2010 by two students majoring in education the two entrepreneurs provided

  An application program interface

An application program interface (API)

  Financial accounting standards board

Ultimately, do you believe that the area of revenue recognition is more suited for a principles-based approach or do you think that it is an area that inherently requires detailed specialized guidance?

  Question q1 a couple age 50 52 file a joint return for 2012

question q1 a couple age 50 52 file a joint return for 2012 the couple claims their son as a dependent. the wife is

  Prepare closing entries for alistair co

Prepare closing entries for Alistair Co. on December 31, 2012. (Omit explanations.)

  Determine the working capital for the current period

Determine the working capital for the current period? What has caused this ratio to change over the last few years?

  Determine the path followed by capital per worker output

Determine the path followed by capital per worker and output per worker in the first 10 periods after z falls. Again, show this in a figure. D) What conclusions can you draw from your results in part a through c? Discuss

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