Reference no: EM133010330
Problem 1: ANL Dream Company borrowed P12,000 from the bank signing a 9%, 3-month note on September 1. Principal and interest are payable to the bank on December 1. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on September 30, would be:
Option 1: Debit Note Payable, P1,080; Credit Cash, P1,080.
Option 2: Debit Cash, P270; Credit Interest Payable, P270.
Option 3: Debit Interest Expense, P90; Credit Interest Payable, P90.
Option 4: Debit Interest Expense, P1,080; Credit Interest Payable, P1,080.
|
Determine what the required adjusting entry is
: Office Supplies account had a P359 debit balance. A physical count of the supplies showed P105 of unused supplies available. The required adjusting entry is
|
|
State the type of fraud and propose five controls
: State the type of fraud and propose five controls you would implement to address the fraud risk. Label each control as preventive or detective
|
|
Which would be the correct way to complete the recording
: Greyson Industries purchased supplies for P1,000. Which would be the correct way to complete the recording of the transaction?
|
|
Calculate the present value of a perpetuity bond
: Calculate the present value of a perpetuity bond that is expected to pay P50 of interest per year forever if the investor requires an annual return of 8 percent
|
|
What adjusting entry that company should make for interest
: If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on September 30, would be?
|
|
What amount should be reported as cash
: The entity has agreed to maintain a minimum balance of P200,000 in the unrestricted current bank account. What amount should be reported as cash
|
|
Prepare the journal entries to record the interest expense
: Prepare the journal entries to record each of the three transactions and the interest expense at the end of the first year for each.
|
|
Describe the intention and content of the article
: Identification of the paper you are critiquing/ reviewing, a statement of the purpose for your report and a brief outline of how you will discuss the selected
|
|
Determine the effective rate of interest
: Determine the effective rate of interest. On January 1, 2021, Darnell Window and Pane issued $18.8 million of 10-year, zero-coupon bonds for $6,621,068.
|