Silmaril, Inc., borrowed $25,000 from First National Bank by issuing a three-year, 10% note dated July 1,
Question:
Silmaril, Inc., borrowed $25,000 from First National Bank by issuing a three-year, 10% note dated July 1, 2011. Interest is payable semiannually on December 31 and June 30. The principal amount is to be repaid in full on June 30, 2014. Silmaril, Inc., reports on a calendar-year basis. Prepare all journal entries relating to the note during 2011, 2012, 2013, and 2014.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
2011 July 1 Cash 25000 Notes Payable 25000 Borrowed 25000 from First National Bank and issued a note ...View the full answer
Answered By
Mustafa olang
Please accept my enthusiastic application to solutionInn. I would love the opportunity to be a hardworking, passionate member of your tutoring program. As soon as I read the description of the program, I knew I was a well-qualified candidate for the position.
I have extensive tutoring experience in a variety of fields. I have tutored in English as well as Calculus. I have helped students learn to analyze literature, write essays, understand historical events, and graph parabolas. Your program requires that tutors be able to assist students in multiple subjects, and my experience would allow me to do just that.
You also state in your job posting that you require tutors that can work with students of all ages. As a summer camp counselor, I have experience working with preschool and kindergarten-age students. I have also tutored middle school students in reading, as well as college and high school students. Through these tutoring and counseling positions, I have learned how to best teach each age group. For example, I created songs to teach my three-year-old campers the camp rules, but I gave my college student daily quizzes to help her prepare for exams.
I am passionate about helping students improve in all academic subjects. I still remember my excitement when my calculus student received her first “A” on a quiz! I am confident that my passion and experience are the qualities you are looking for at solutionInn. Thank you so much for your time and consideration.
4.80+
2+ Reviews
10+ Question Solved
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Question Posted:
Students also viewed these Accounting questions
-
A debt of $40 000 is to be repaid in installments due at the end of each month for seven years. If the payments are deferred for three years and interest is 7% compounded quarterly, what is the size...
-
A bank is lending $20,000 today, to be repaid in a lump sum at the end of 20 years with interest at 8.5% (= im) compounded annually. What is the real rate of return, assuming that the general price...
-
A person borrows $200 to be repaid in 8 years with 14% annually compounded interest. The loan may be repaid at the end of any earlier year with no prepayment penalty. a. What amount will be due if...
-
Q5] A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items. (i) The cost of an asset Rs.23,000 has been taken as an expense (ii)...
-
Calculate by how much, AND AT WHAT COMPOUND ANNUALIZED RATE, U.S. per capita real income has increased between the first quarter of 1996 and today. If this growth persists for another 20 years what...
-
A student has seven books that she would like to place in her backpack. However, there is room for only four books. Regardless of the arrangement, how many ways are there of placing four books into...
-
Describe the operating cycle and explain the principles of cash management. - The operating cycle of the business starts when the business uses cash to purchase inventory. - When a business sells...
-
Percival Products manufactures its products in two separate departments: Machining and Assembly. Total manufacturing overhead costs for the year are budgeted at $ 1,090,000. Of this amount, the...
-
Please answer the question in excel formula. Paste BIU . A . Alignment Number Conditional Format as Cell Formatting Table Styles Cells Editing Clipboard Font Styles D15 X V A B C D E F G H 2 A...
-
Snookers Restaurant is open from 8:00 am to 10:00 pm daily. Besides the hours that they are open for business, workers are needed an hour before opening and an hour after closing for setup and...
-
Maloney Company borrowed $60,000 on a two-year, 8% note dated October 1, 2011. Interest is payable annually on October 1, 2012, and October 1, 2013, the maturity date of the note. The company...
-
Kohler Kleaners borrowed $50,000 on June 1, 2012, to finance the purchase of a building. The mortgage requires payments of $525 to be made at the end of every month for 12 years with the first...
-
How is the property b x + y = b x b y related to the property log b (xy) = log b x + log b y?
-
Social media offers aspiring sports marketing professionals many opportunities to interact with industry professionals through a wide range of groups, discussion forums, and online organizations....
-
ABC company manufacturers leather produces with various end users. The company applies factory overheads to individual jobs on the basis of machine hours for department A and on the basis of direct...
-
Turner Video will invest $82,500 in a project. The firm's cost of capital is 12 percent. The investment will provide the following inflows. Use Appendix A for an approximate answer but calculate your...
-
An engineer wanted to imitate 5-fold cross validation. He created 5 bootstraps from the original dataset. Then, he trained 5 models from the bootstraps, tested them on the original dataset, and...
-
Needham Company uses a job-order costing system. During the month of September, the company worked on three jobs. The job- order cost sheets for the three jobs contained the following information at...
-
For the mechanism shown in Fig.3.41, find the acceleration of point \(B\) in link 3. Given: \(\omega_{2}=30\) \(\mathrm{rad} / \mathrm{s}, O_{2} A=200 \mathrm{~mm}, A B=B C=175 \mathrm{~mm}, A C=600...
-
Catalytic hydrogenation of naphthalene over PdC results in rapid addition of 2 moles of H 2 . Propose a structure for this product.
-
Given a circuit with an applied voltage v = 14.14 cos t (V) and a resulting current i = 17.1 cos (t 14.05) (mA), determine the complete power triangle.
-
The football coach at a Midwestern university was given a 5-year employment contract that paid $225,000 the first year, and increased at an 8% uniform rate in each subsequent year. At the end of the...
-
Traffic at a certain intersection is currently 2000 cars per day. A consultant has told the city that traffic is expected to grow at a continuous rate of 5%per year for the next 4 years.
-
A local bank will lend a customer $1000 on a 2-year car loan as follows: Money to pay for car$1000 Two years' interest at 7%: 2 x 0.07 x 1000140 24 monthly payments = 1140/24 = $47.50$1140 The first...
-
1 5 . For the Coca - Cola bonds described in question 1 4 , prepare journal entries to record ( a ) any unrealized gains or losses occurring in 2 0 2 4 and ( b ) the sale of the bonds in 2 0 2 5 ,...
-
David was hired as the Chief Executive Officer (CEO) of Gamma Corporation, a publicly-traded company in the energy sector, on January 1, 2022. For the fiscal year 2023, Gamma Corporation compensated...
-
The following information pertains to ABC Corporation for the year ended December 31, 2023: Item Amount ($) Sales Revenue 11,000,000 Cost of Goods Sold 5,500,000 Gross Profit ? Operating Expenses...
Study smarter with the SolutionInn App