On June 1, 2012, Micro Tel Enterprises lends $60,000 to MaxiDriver Inc. The loan will be repaid

Question:

On June 1, 2012, Micro Tel Enterprises lends $60,000 to MaxiDriver Inc. The loan will be repaid in 60 days with interest at 10%.

Required

1. Identify and analyze the transaction on Micro Tel's books on June 1, 2012.

2. Identify and analyze the adjustment on Micro Tel's books on June 30, 2012.

3. Identify and analyze the transaction on Micro Tel's books on July 31, 2012, when Maxi-

Driver repays the principal and interest.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Using Financial Accounting Information The Alternative to Debits and Credits

ISBN: 978-1111534912

8th edition

Authors: Gary A. Porter, Curtis L. Norton

See More Books

Question Posted: Nov 25, 2016 11:07 AM

See More Questions

On June 1, 2010, MicroTel Enterprises lends $60,000 to MaxiDriver Inc. The loan will be repaid in 60 days with interest at 10%. Required 1. Identify and analyze the transaction on MicroTels books on...
On June 1, 2017, MicroTel Enterprises lends $60,000 to MaxiDriver Inc. The loan will be repaid in 60 days with interest at 10%. Required 1. Identify and analyze the transaction on MicroTel's books on...
On June 1, 2014, MicroTel Enterprises lends $60,000 to MaxiDriver Inc. The loan will be repaid in 60 days with interest at 10%. Required 1. Prepare the journal entry on MicroTels books on June 1,...
Mookie The Beagle Concierge Trial Balance As of January 31,2023 is given 1001 Checking 1010 Money Market 1100 Accounts Receivable (A/R) 1210 Prepaid Expenses:Supplies 1220 Prepaid Expenses:Insurance...
Assume that Riersons indorsement on the check was a forgery. Would a court be likely to hold the bank liable for the amount of the check because it failed to verify the signature on the check? Why or...
1. A common mirage is formed when the air gets gradually cooler as the height above the ground increases. What might happen if the air grows gradually warmer as the height increases? This often...
Describir el mtodo de investigacin de mercados de cinco pasos que conduce a las acciones de marketing .
The following data were summarized from the accounting records for DeSalvo Construction Company for the year ended June 30, 2010: Prepare divisional income statements for DeSalvo Construction...
T ombro Industries is in the process of automating one of its plants and developing a flexible manufacturing system. The company is finding it necessary to make many changes in operating procedures....
Suppose staff members at the U.S. Department of Education conducted a study to determine whether there is a difference in the variation in teacher salaries between Oregon and Nebraska. The sample...
Lexington Builders owns property in Kaneland County. Lexington's 2011 property taxes amounted to $50,000. Kaneland County will send out the 2012 property tax bills to property owners during April...
During 2012, Carter Company acquired three assets with the following costs, estimated useful lives, and estimated salvage values: The company uses the straight-line method to depreciate all assets...
Refer to Data Set 7 in Appendix B and use the sex, age, and weight of the bears. For sex, let 0 represent female and let 1 represent male. Letting the response (y) variable represent weight, use the...
How do multi-track diplomacy frameworks, integrating official, unofficial, and grassroots efforts at different levels of society, enhance the effectiveness and inclusivity of conflict resolution...
As explained by Welch, what should managers do to determine what their own organizations have been up to ?
As an administrator how do you demonstrate below situation with suitable examples. 1 Completes tasks to a high standard 2 Demonstrates the necessary level of expertise required to complete tasks and...
What influences do the pharmaceutical companies have on psychiatry? What acronym can guide you in formulating a treatment plan (hint: Your instructor emphasizes this when creating a treatment plan,...
How do you write a board paper from an article? for example how would y a board paper from the article below look like? Aritcle...
Would you describe yourself as an extrovert or an introvert? Does this vary based on the situation? Provide examples to support your points.
Choose two matrices A and B with dimension 2 x 2. Calculate det A, det B, and det (AB). Repeat this process until you are able to discover how these three determinants are related. Summarize your...
Roberto is the plant superintendent of a small manufacturing company that is owned by a large corporation. The corporation has a policy that any expenditure over $1,000 must be approved by the chief...
Roberto is the plant superintendent of a small manufacturing company that is owned by a large corporation. The corporation has a policy that any expenditure over $1,000 must be approved by the chief...
Property, Plant, and Equipment Classification Which of the following would be in the Property, Plant, and Equipment balance sheet category? Land Buildings Accumulated depreciation Patent Leasehold...
Draw an interaction diagram for the following contract: If a collaboration diagram is used, be sure that all messages' sequence numbers are shown. Contract: Scheduling a Flight Operation:...
Columbus Industries makes a product that sells for $37 a unit. The product has a $29 per unit variable cost and total fixed costs of $10,000. At budgeted sales of 1,950 units, the margin of safety...
18. Suppose that Maxima shares are selling for $10 per share and you own a call option to buy Maxima shares at $7.50. The intrinsic value of your option is:

On June 1, 2012, Micro Tel Enterprises lends $60,000 to MaxiDriver Inc. The loan will be repaid

Question:

Step by Step Answer:

1 The effect of the transaction on June 1 2012 can b...View the full answer

Using Financial Accounting Information The Alternative to Debits and Credits

Students also viewed these Accounting questions