What the journal entry to record the note would include a

Assignment Help Financial Accounting
Reference no: EM133002692

Problem 1: On June 1, the company issues a $75,000, non-interest bearing note to Local Bank. The present value of the note is $71,000. The journal entry to record the note would include a

a. Credit to cash for $75,000
b. Debit to cash for $75,000
c. Credit to notes payable for $71,000
d. Debit to notes payable for $75,000
e. Credit to notes payable for $75,000

Reference no: EM133002692

Questions Cloud

Which the expense recognition principle dictates : Which the expense recognition principle ("matching") dictates? the ordering of current assets and current liabilities on the balance sheet.
Make all the journal entries for Sally Ltd on June : Make all the journal entries for Sally Ltd on 30 June 2019 and 30 June 2020 related to impairment and the reversal
Which of the expressions of accounting equation is correct : Which of the expressions of the accounting equation is correct? Stockholders' Equity = Assets - Liabilities./ Stockholders' Equity + Assets = Liabilities
Communication strategies in the workplace : Describe the business or organisation and role you are basing this project on and What are the expected work requirements (for yourself and others)
What the journal entry to record the note would include a : What the journal entry to record the note would include a? On June 1, the company issues a $75,000, non-interest bearing note to Local Bank.
Construct a contribution margin income statement for month : Construct a contribution margin income statement for the first month (in July) that reflects $2,400,000 in sales revenue for Micol & Co. Ltd
What will be reported by the leasing company as : If an apartment leasing company receives the rent for January 2018 from a tenant in December 2017, this will be reported by the leasing company as
What type of output gap is there in the economy : Question - What type of output gap is there in the economy at present and how will it look heading in 2022
Create an income statement for gross profit : Create an income statement. On the income statement, include the following five items: Gross profit, EBT, EBIT, EBITDA, Net income.

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!

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