User Account

All Pages

What the journal entry to issue a promissory note

Assignment Help Financial Accounting
Reference no: EM132957890

Problem 1: The journal entry to issue a promissory note for a company lending $9,000 for one year at an annual interest rate of 11?% would? be:

a. Debit Cash for $9,990?, credit Notes Receivable for $9,000 and Interest Revenue for $990.
b. Debit Notes Receivable for $9,000?, credit Cash for $9,000.
c. Debit Cash for $9,000?, credit Notes Receivable for $9,000.
d. no entry is needed.

Reference no: EM132957890

Questions Cloud

How much is lakay lugawan total equity : If Lakay Lugawan has total assets of 115,000 pesos, and total liabilities of 12,500 pesos, how much is Lakay Lugawan total equity
FIN7016 Applied Financial Econometrics Assignment : FIN7016 Applied Financial Econometrics Assignment Help and Solution, Birmingham City Business School - Assessment Writing Service
How do companies use social media channel influencers : How do companies use social media channel "influencers" to promote their product? Discuss any legal or ethical issues associated with this type of promotion
What was cooper realized gain : Cooper exchanged a commercial building and land with a basis of $200,000 and a fair market value of $400,000. What was Cooper realized gain
What the journal entry to issue a promissory note : What the journal entry to issue a promissory note for a company lending $9,000 for one year at an annual interest rate of 11?% would? be
What is the maturity value of the note for University Bank : What is the maturity value of the note for University Bank? On July 7, University Bank lent $590,000 to Jazz Music Shop on a 60 day, 7% note.
What is the main objective of the audit : Exploring what CPA firms do during the course of a financial statement audit: What is the main objective of the audit of an entity's financial statements
What will be the amount of bad debts expense reported : What will be the amount of Bad Debts Expense reported on the income? statement? The Allowance for Bad Debts has a credit balance of $9,500
Determine what is the project payback period : What is the project's payback period? A project has an initial cost of $35,000, expected net cash inflows of $12,000 per year for 8 years

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd