Transactions took place for parkers grocery

Assignment Help Financial Accounting

Reference no: EM131293015

The following transactions took place for Parker’s Grocery.

a. Jan. 1 Loaned $53,000 to a cashier of the company and received back a one-year, 8 percent note.

b. June 30 Accrued interest on the note.

c. Dec. 31 Received interest on the note. (No interest has been recorded since June 30.)

d. Dec. 31 Received principal on the note.

Required:

Prepare the journal entries that Parker's Grocery would record for the above transactions.

Reference no: EM131293015

Questions Cloud

Explain the variety of motivational theories : Analyze the relationship between the basic organizational behavior models of individual, group, and organizational processes, and the productivity of an organization.Explain the variety of motivational theories and job design considerations.

The various markets mentioned in given case study : Discuss the kind of marketing research that might be undertaken in the various markets mentioned in this case study.

Different forms of documentation : Describe 2 different forms of documentation that might be required when exporting and when they would be used. Use a supporting source (internet or library database) for additional information on at least one of the forms; reference your source in..

What are obligation and responsibility of being good manager : What are the obligations and responsibilities of being a good manager? What are some of the basic examples described where manager violate their ethical duties? Why does such behavior violate these ethical duties?

Transactions took place for parkers grocery : The following transactions took place for Parker’s Grocery. Prepare the journal entries that Parker's Grocery would record for the above transactions.

Assuming the amount on deposit will earn : Giles wants to retire at the end of 2016. His life expectancy is 20 years from his retirement. Giles has come to you, his CPA, to learn how much he should deposit on December 31, 2016 to be able to withdraw $55,000 at the end of each year for the nex..

Research the acceptability of low temperature detergents : What are the main difficulties in designing a research programme for the European detergent market?- How would you research the acceptability of low-temperature detergents?

Compute the amount of the inventory : The dollar-value LIFO method was adopted by Sheffield Corp. on January 1, 2017. Its inventory on that date was $346,700. On December 31, 2017, the inventory at prices existing on that date amounted to $324,800. The price level at January 1, 2017, was..

Good strategy for boosting revenue for stacey farms : Given that the elasticity of the poultry industry is -0.5, Stacey Farms raised prices of turkey during this year's Thanksgiving period from $0.99 per pound to $1.20 per pound. Is this price change a good strategy for boosting revenue for Stacey F..

User Account

All Pages