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Question - The following selected transactions relate to liabilities of Pacific Coast Adventures. Pacific Coast's fiscal year ends on December 31.
January 13 Negotiate a revolving credit agreement with First Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $10 million at the bank's prime rate.
February 1 Arrange a three-month bank loan of $4.7 million with First Bank under the line of credit agreement. Interest at the prime rate of 8% is payable at maturity.
May 1 Pay the 8% note at maturity.
Required - Record the appropriate entries, if any, on January 13, February 1, and May 1.
The type of adjusting entry (prepaid expenses, unearned revenues, accrued revenues, and accrued expenses) and
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you are a consultant for the professional service firm.strong and tastee inc. manufactures a line of single-cup brewing
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In April 2006, ABC Motors had Total Sales of $100,000; Total Expenses of $60,000 and a beginning balance of Retained Earnings of $25,000. The company will pay a $10,000 dividend this month (the dividend was declared this month as well). What is th..
Use the appropriate items listed above as a basis for determining: (a) Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory
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