User Account

All Pages

What would be the entry Son Inc would make on August

Assignment Help Accounting Basics
Reference no: EM132873101

Question - On August 31, 2022, Sons, Inc. borrowed money at the bank by signing a 9 month note for $80,000. The interest rate on the note was 6%.

A. What would be the entry Son's Inc. would make on August 31, 2022?

B. What would be the adjusting entry made on December 31, 2022?

C. What would be the entry made on May 31, 2023, when the Note matured?

Reference no: EM132873101

Questions Cloud

Analyzes the basic legal-social and economic environment : Analyzes the basic legal, social, and economic environment in which the organizations operate
Determine any impairment loss needs to be recognised : At 30 June 2019, it is considered that the market would require a return of 6% on this item of plant. Determine any impairment loss needs to be recognised
Incorporated for uwear and paledenim : What standard policies could be incorporated for UWEAR and PALEDENIM that they can utilize?
Strategic plan for your organization : Write a paper of the strategic plan for your organization. Key success factors, budget, and forecasted financials, including a break-even chart
What would be the entry Son Inc would make on August : On August 31, 2022, Sons, Inc. borrowed money at the bank by signing a 9 month note for $80,000. What would be the entry Son Inc would make on August
Supply chain management is integration of activities : Supply chain management is the integration of activities that procure materials and services, transform them into intermediate goods and final products,
What is the cost per hour allocation rate : What is the cost per hour allocation rate that Marbles would use for one of these options? Briefly describe the reasoning for why Marbles would use each option
Determine the price : Johnson Marine has the following costs and expected sales from the coming year. If Johnson determines prices so as to receive a desired return on assets of 15%
Define company core competencies : Define the company's core competencies. Evaluate lululemon's strategy and its use of strategies to achieve company objectives.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the book value per share for preferred stock

What is the book value per share for both preferred stock and common stock assuming a call price per share of $52 for preferred and no dividends in arrears

  What amount of gain or loss does tonya recognize on the sale

What amount of gain or loss does Tonya recognize on the sale? Tonya Jefferson (single), a sole proprietor, runs a successful lobbying business in Washington

  Understand the factors impacting a sales budget

To help understand the factors impacting a sales budget, you are to visit three businesses with the same ownership or franchise membership. Record the selling prices of two identical products at each location, such as regular and premium gas sold ..

  Prepare all the necessary entries for information

The Feldbrand Corporation purchases 1,000 shares of IBM at $100 and 1,000 shares of Bell Labs at $125. It receives dividends of $1.00 per share on all shares. Prepare all the necessary entries for this information.

  What should it have done differently

Was it ethical to manufacture and sell DDT to other countries after the Environmental Protection Agency (EPA) banned its use in the United States due to its harmful effects?

  Explain the relevance of changes in net income to investors

Explain the relevance of changes in net income to investors. Determine the ending balance in shareholders' equity. Why would organizations such as labor unions.

  Problem regarding the stockholder stock

Problem: A CEO wants to maintain a target debt to equity ratio of 0.25. The overall WACC for the company is 18.6% and the cost of debt is 8.4% before tax.

  Nationwide manufacturing company manufactures three

nationwide manufacturing company manufactures three products from a common input in a joint processing system. joint

  Describe the organization and comment on the hr

Describe the organization and comment on the HR change that the organization should make. Utilize effective diagnostic tools to assess the organizations ability to change. Support assertions with theoretical evidence

  Method of reporting cash flows from operating activities

On the basis of the following data for Teller Co. for 2006 and the preceding year ended December 31, 2005, prepare a statement of cash flows in excel. Use the indirect method of reporting cash flows from operating activities.

  Determine the Stockholders equity as of December

Elevate and Succeed has assets of $1,200,000 and liabilities of $375,000. Determine the Stockholders equity as of December

  Discuss about cash flow statement

Discuss about Cash flow statement. Discuss what you learned about this statement and how it is related to the other financial statements.

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