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Problem 1: On January 1, 2014, Trinity Company loaned $901,560 to Litton Industries in exchange for a 3 year, zero- interest-bearing note with a face amount, $1,200,000. The prevailing rate of interest for a loan of this type is 10%. The adjusting journal entry made by Litton at December 31, 2014 with regard to the note will include
a. A credit to Discount on Notes payable for $90,160
b. A debit to Interest Expense for $120,000
c. A credit to Interest Payable for $60,000
d. A debit to Interest Expense for $29,850
During its first year of operations, Griffin Company bills credit customers $47,300 for services rendered. What amount of revenue should be shown on the income
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Prepare journal entries to record the separate issuances of stock. A corporation issued 750 shares of $50 par value preferred stock for $87,500 cash
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What do you think might influence your decision about whether you want this company as a client
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