Solution-Johnson corporation issued a two year note due

Johnson corporation issued a two year note due

Assignment Help Accounting Basics

Reference no: EM13871427

On January 1, 2010, the Johnson Corporation issued a two year note due December 31, 2011, with a face value of $10,000, receiving $7,694.68 in exchange.

Required:
Prepare the journal entries to account for the note:

1. On the date the note is issued

2. At the end of 2010

3. At the end of 2011

Reference no: EM13871427

Questions Cloud

Which groups are the major external users of governmental : Which groups are the major external users of governmental financial reports?

Justify the importance of validation : 1. Analyze the purpose of validating forensic data and determine why this is a necessary component of the investigation and analysis process. 2. As a system forensics manager, justify the importance of validation and determine the best method to use.

Compare and contrast the social contract theories of hobbes : Discuss the strengths and weaknesses of presidential or parliamentary systems of government. Use examples from Western liberal democracies to illustrate your answer.

Process stream leaving a storage vessel on a chemical plant : It has been found that to improve product quality, a process stream leaving a storage vessel on a chemical plant now needs to be cooled from a temperature of 100ºC to a temperature of 50ºC before entering the reactor. The ambient air temperature a..

Johnson corporation issued a two year note due : On January 1, 2010, the Johnson Corporation issued a two year note due December 31, 2011, with a face value of $10,000, receiving $7,694.68 in exchange.

Leisure city and its employees are required to contribute : Both Leisure City and its employees are required to contribute to the Employees, Retirement Fund. The fund contributions from the General Fund totaled $ 1,000,000; included in this amount was $ 500,000 from the employees and $ 500,000 from the cit..

Define various definitional perspectives of quality : Define Various definitional perspectives of quality

Experimental system consisting of a hot brick : Imagine you have an experimental system consisting of a hot brick and cool pail of water. You combine these by tossing the brick into the water. Assume that the resulting process does not change the volume of either the brick or the water. Also yo..

What are two key roles of laws in our society : What are two key roles of laws in our society? What might be the result if these laws were not in place? Explain the four primary legal sources of laws-constitutions, statutes, administrative regulations, and common laws

User Account

All Pages

Johnson corporation issued a two year note due

Reference no: EM13871427

Reference no: EM13871427

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT