User Account

All Pages

Make journal entries for each of the transactions

Assignment Help Accounting Basics
Reference no: EM132696422

Question - C.S. Waterway Company had the following transactions involving notes payable.

July 1, 2020 Borrows $53,500 from First National Bank by signing a 9-month, 8% note.

Nov. 1, 2020 Borrows $62,200 from Lyon County State Bank by signing a 3-month, 6% note.

Dec. 31, 2020 Prepares adjusting entries.

Feb. 1, 2021 Pays principal and interest to Lyon County State Bank.

Apr. 1, 2021 Pays principal and interest to First National Bank.

Required - Make journal entries for each of the transactions.

Reference no: EM132696422

Questions Cloud

Find what cody cost of goods sold is : Decrease in raw materials inventory P 35,000. There was no work-in process inventory at the beginning or end of the year, Cody's 2020cost of goods sold is
Define and briefly explain discretionary transfer prices : Define and briefly explain "Discretionary Transfer Prices," "Negotiated Transfer Price," and "Goal Congruence.
Discuss the team dynamics for highly effective : Discuss the team dynamics for a highly effective or ineffective team of which you were a member. Can you explain why the team performed so well or so poorly?
Find the inventory item should be valued at : The net realizable value less normal profit margin is the original cost. Under lower of cost or net realizable value, the inventory item should be valued at
Make journal entries for each of the transactions : Nov. 1, 2020 Borrows $62,200 from Lyon County State Bank by signing a 3-month, 6% note. Make journal entries for each of the transactions
Find cost of the inventory using weighted average cost flow : If Cooka Lamps uses a periodic inventory system, the cost of the inventory using the weighted average cost flow assumption at January 31, 2020 is
Exchange rate for the us dollar : If the public believes him, predict what will happen to the exchange rate for the U.S. dollar. Answer the question by drawing the appropriate demand-supply diag
Make a general ledger and balance sheet : Paid telephone bills of Rp. 120,000, -; electricity Rp. 100,000, -and water Rp. 80,000, - Make a general ledger and balance sheet
Discuss organization need for physical security : Discuss an organization's need for physical security. What methods, approaches, and models can be used by organizations when designing physical security needs?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Assume you purchase a ticket to a local football game for

assume you purchase a ticket to a local football game for next week at a cost of 50. before the day of the game you

  Determine the amount of cash that should be reported

determine the amount of cash that should be reported in the balance sheet

  Adopt an hrm philosophy

Define the concept of HRM and elaborate on the main characteristics of a HRM approach. Also, explain why organisations should adopt an HRM philosophy

  Journalize the June transactions

The company purchased 240 units at $54 each on account, returned 10 units for credit, Journalize the June transactions

  Prepare a multiple- step income statement for the year

Insurance expense- salesperson's auto 2,250. Prepare a multiple- step income statement for the year ended December 31, 2008

  What is the effective interest rate for this loan

Norman's Lamps secures a loan $250,000 from their bank with an interest rate of 5%. What is the effective interest rate for this loan

  In todays technology environment hackers present a

in todays technology environment hackers present a substantial risk to a firms accounting or business system. as the

  What is the main accounting policy issue

What is main accounting policy issue(s) that need to be resolved in relation to the alleged underpayment of wages? Which Accounting Standard is most relevant

  Calculate the number of package tours

Calculate the number of package tours that must be sold to break even. Calculate the revenue needed to earn a target operating income of $102,000

  What are some possibilities for fraud in the property

What are some possibilities for fraud in the property, plant, and equipment accounts? What are some judgments that the auditor needs to make in this account?

  Should hart lower the price of a lead test

Prepare a 2018 sales budget for Hart & Sons assuming that Hart lowers the price of a lead test to $200. Should Hart lower the price of a lead test in 2018.

  How are the costs of debt and equity calculated

Please describe the weighted average cost of capital. How do firms use the weighted average cost of capital for decision making?

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