On September 5, 2015, McCrea Co. provided cash of $3,000 to Pilon & Company for a 150-day

Question:

On September 5, 2015, McCrea Co. provided cash of $3,000 to Pilon & Company for a 150-day period at 4%.
a. Journalize the required entry to record the September 5 transaction.
b. Journalize the adjusting entry for the year ended December 31, 2015.

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

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 978-0176509743

Volume 1, 2nd canadian Edition

Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,

See More Books

Question Posted: Sep 15, 2015 01:42 AM

See More Questions

Confucius Bookstores inventory is destroyed by a fire on September 5, 2015. The following data for year 2015 are available from the accounting records. Estimate the cost of the inventory destroyed....
On April 1, Vagabond Travel Agency Inc. was established. These transactions were completed during the month. 1. Stockholders invested $30,000 cash in the company in exchange for common stock. 2. Paid...
Transactions related to revenue and cash receipts completed by Bel-Aire Architects Co. during the period September 230, 2010, are as follows: Sept. 2. Issued Invoice No. 793 to Morton Co., $5,200. 5....
Wical Rental Management Services manages four apartment buildings, each with a different owner. Wicals CEO has observed that the apartment buildings with more expensive rental rates tend to require...
The Veblen Company and the Knight Company are identical in every respect except that Veblen is not levered. The Knight Companys 6 percent bonds sell at par value. Financial information for the two...
Think about the models that you have worked with recently and draft a standard audit sheet that you could use in your organisation. Identify the most relevant checks that could be usefully applied to...
9. What was the amount of patents at December 31, 2016? Show computations.
Draw a context diagram, a level 0 DFD, and a set of level 1 DFDs (where needed) for the campus housing use cases that you developed for the Your Turn 4-1 box in Chapter 4.
Benoit Company produces three products - A , B , and C . Data concerning the three products follow ( per unit ) : \ table [ [ , Product ] , [ , A , B , C ] , [ Selling price,$ , 8 0 . 0 0 , $ , 6 2 ....
Netflix demonstrated unprecedented agility in that it was able to transform itself from a DVD by mail company to a producer and streamer of award-winning content. How did their human resource policy...
On May 10, 2015, Hallihans Co-op provided cash of $4,000 to Chan Choi & Company for a year at 4%. a. Journalize the required entry to record the May 10 transaction. b. Journalize the adjusting entry...
Ash Realty Co. pays weekly salaries of $3,700 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period assuming that the...
Southern Management Corporation (SMC) fired Mukhtak Taha after some personality conflicts with his supervisor, Debra Wylie-Forth. Soon thereafter, Michael McGovern, a maintenance supervisor, notified...
Maria A Solo (SSN 318-01-6921) lives at 190 Glenn drive, grand rapids, Michigan 49527-2005. Maria (age 45 and single) claims her aunt, Selda Ray (ssn 282-61-4011), as a dependent. Selda lives with...
A clinical trial was conducted to test the effectiveness of a drug used for treating insomnia in older subjects. After treatment with the drug, 11 subjects had a mean wake time of 95.1 min and a...
PROBLEM 13-3 Translation-Local Currency Is the Functional Currency LO7 (This problem is a continuation of the illustration presented in the chapter.) On January 2, 2019, P Company, a US-based...
The operations manager for a local bus company wants to decide whether he should purchase a small, medium, or large new bus for his company. He estimates that the annual profits (in $000) will vary...
Claim: Fewer than 8.2% of homes have only a landline telephone and no wireless phone. Sample data: A survey by the National Center for Health Statistics showed that among 13,215 homes 5.78% had...
As shown in Figure VI.3, a square loop of wire, with a mass of $200 \mathrm{~g}$, is free to pivot about a horizontal axis through one of its sides. A $0.50 \mathrm{~T}$ horizontal magnetic field...
Three successive resonance frequencies in an organ pipe are 1310, 1834, and 2358 Hz. (a) Is the pipe closed at one end or open at both ends? (b) What is the fundamental frequency? (c) What is the...
The following financial statements apply to Hola Division, one of three investment centers operated by Costa Corporation. Costa Corporation has a desired rate of return of 15 percent. Costa...
Cash from Operating Activities: ______________ Cash from Investing Activities: ______________ Cash from Financing Activities: ______________ Problem 2: Financial Ratios The GAP Macys 1 Current Ratio...
On January 1, 2021, Winky Enterprises issued 12% bonds dated January 1, 2021, with a face amount of $2,800,000. The bonds mature in 2030 (10 years). For bonds of similar risk and maturity, the market...
Using the following accounts and balances, prepare the stockholders' equity vection of the balance sheet. Pilty thousand shares of common stock are authorised, and 1,000 shares have been recoured,...

On September 5, 2015, McCrea Co. provided cash of $3,000 to Pilon & Company for a 150-day

Question:

Step by Step Answer:

a Note Receivable 300000 Cash 300...View the full answer

Accounting

Students also viewed these Accounting questions