User Account

All Pages

Journalize spectrum industries entries to record payment

Assignment Help Financial Accounting
Reference no: EM132755854

Question - Entries for notes payable

Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory.

Assume a 360-day year. If an amount box does not require an entry, leave it blank.

a. Journalize Bennett Enterprises' entries to record:

1. the issuance of the note.

2. the payment of the note at maturity.

b. Journalize Spectrum Industries' entries to record:

1. the receipt of the note.

2. the receipt of the payment of the note at maturity.

Reference no: EM132755854

Questions Cloud

What amount is debited to doubtful accounts expense : What amount is debited to doubtful accounts expense if the balance of the allowance for doubtful accounts on Oct 1 is P135050?
Limitations of blockchain and emerging concepts : Blockchain continues to be deployed into various businesses and industries.
What the managerial accountant can do to avoid the situation : Discuss how a misunderstanding of the accounting could occur in a business setting and what the Managerial Accountant can do to avoid the situation
Find how much is unadjusted total bank credit for month : Epsilon Corporation has unadjusted cash in bank balances of P1,000,000 and P900000. How much is the unadjusted total bank credit for the month?
Journalize spectrum industries entries to record payment : Bennett Enterprises issues a $400,000, 90-day, Journalize Spectrum Industries' entries to record the receipt of the payment of the note at maturity
Calculate the amortization for the first two years : Calculate the amortization for the first two years under each of the options. Assume it was purchased at the start of the fiscal year.
Significance of voting rights to the ordinary shareholders : What is the significance of voting rights to the ordinary shareholders? What is a proxy? Why do proxy fights occur?
Organisational behaviour : A recent study reported that lecturers are frequently required to engage in emotional labour. ‘Happy employees create happy customers.'
Find what is the standard labor cost allowed to prepare : What is the standard labor cost allowed (SH × SR) to prepare 4,400 meals? SkyChefs, Inc., prepares in-flight meals for a number of major airlines.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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