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Question - C.S. Oriole Company had the following transactions involving notes payable.
July 1, 2022 Borrows $44,000 from First National Bank by signing a 9-month, 8% note.
Nov. 1, 2022 Borrows $47,000 from Lyon County State Bank by signing a 3-month, 6% note.
Dec. 31, 2022 Prepares adjusting entries.
Feb. 1, 2023 Pays principal and interest to Lyon County State
Apr. 1, 2023 Pays principal and interest to First National Bank.
Required - Prepare journal entries for each of the transactions.
On 9/30/16 Tanya received a 92-acre farm form her brother's estate. The farm was distributed to Tanya on 9/30/16. The farm cost her brother $184,000 and had a FMV at date of death of $8,214 per acre, but had a remaining mortgage of $96,300 that Tanya..
Busby Corp. uses cash-basis accounting for its records. During 2013, Busby collected $780,000 from its customers, made payments of $420,000 to its suppliers for inventory, and paid $170,000 for administrative costs. Customers owed Busby $40,000 at th..
Which of the following are assets? Cash, Accounts Payable, Common Stock, Accounts Receivable
Prepare the entry Lucy should make on May 1. Prepare the entry Lucy should make on June 30. Prepare the entries for the three events that Heather recorded.
As we explore the role of the Security and Exchange commission on the business environment (Chapter 12 Reading), we see that there are many rules and regulations that must be followed in order for a publically traded business to operate in the United..
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How much was Amazon’s long-term debt at December 31, 2009? Of this amount, how much was due within one year? How much was payable beyond one year in the future? Journalize in a single entry Amazon’s interest expense for 2009. Amazon paid cash of $32 ..
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Prepare all required journal entries and adjusting entries on Concord's books to recognize the transactions and events described
Hit or Miss Sports is introducing a new product this year. If its see-at-night soccer balls are a hit, the firm expects to be able to sell 55,000 units a year at a price of $60 each. If the new product is a bust, only 35,000 units can be sold at a pr..
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