Johan Sibelius negotiated a bank loan for $21,000 for 180 days at a bank rate of 10%.
Question:
Johan Sibelius negotiated a bank loan for $21,000 for 180 days at a bank rate of 10%. Assuming the interest is deducted in advance, prepare the entry for Johan to record the bank loan. Assume a 360-day year.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (12 reviews)
Cash Discount on Not...View the full answer
Answered By
FREDRICK MUSYOKI
Professional Qualities:
Solution-oriented.
Self-motivated.
Excellent problem-solving and critical thinking skills.
Good organization, time management and prioritization.
Efficient troubleshooting abilities.
Tutoring Qualities:
I appreciate students as individuals.
I am used to tailoring resources for individual needs.
I can integrate IT into student's lessons.
I am good at explaining concepts.
I am able to help students progress.
I have a wide curriculum knowledge.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780137504282
15th Edition
Authors: Jeffrey Slater, Mike Deschamps
Question Posted:
Students also viewed these Business questions
-
John Short negotiated a bank loan for $21,000 for 180 days at a bank rate of 10%. Assuming the interest is deducted in advance, prepare the entry for John to record the bank loan.
-
Jamie Smith negotiated a bank loan for $33,000 for 90 days at a bank rate of 14%. Assuming the interest is deducted in advance prepare the entry for Jamie to record the bank loan.
-
Jamie Soza negotiated a bank loan for $39,000 for 240 days at a bank rate of 12%. Assuming the interest is deducted in advance prepare the entry for Jamie to record the bank loan.
-
The P04_18.xlsx file contains a single-table Data Model on a companys sales and a single blank worksheet. The goal is to create a pivot table that shows the ratio of average revenue per transaction...
-
What is the difference between a scale joint venture and a link joint venture? Provide examples of both types of joint ventures and how their effective use can increase a firms sales.
-
Suppose the P-value in a two-tailed test is 0.0134. Based on the same population, sample, and null hypothesis, and assuming the test statistic z is negative, what is the P-value for a corresponding...
-
At what amount are current liabilities presented on the balance sheet?
-
You have obtained the following information about Rossburn Inc. (Rossburn) from its 2017 annual report: i. Rossburn's year-end is September 30. ii. Sales for the year ended September 30, 2017 were...
-
In what ways must the Logistics and Supply Chain Management professional prepare to meet the future of the industry? Use at least 2 examples.
-
A huge international oil company is considering its strategy in the Arctic Sea. The UK government has announced that a new drilling site in the Arctic Sea will be offered for sale on a competitive...
-
On May 15, 202X, Ramon Co. gave Silver Co. a 180-day, $14,000, 10% note. On July 14, Silver Co. discounted the note at 12%. Assume a 360-day year. a. Journalize the entry for Silver to record the...
-
Determine the maturity date for each of the following without the use of tables: Note Issued a. January 17, 202X b. July 14, 202X c. May 31, 202X d. June 25, 202X Length of Time 30 days 85 days 4...
-
a. Determine which delivery alternative would be most economical for 80 boxes of parts. Each box costs $200 and annual holding cost is 30 percent of cost. Freight costs are: b. For what range of unit...
-
6. The Singhs are looking to refinance their house to do some renovations. The current appraised value of their home is $425,000 and they have a $165,000 mortgage currently on it. Please discuss the...
-
What is the approximate duration and what is the dollar duration of a 6 year bond that is priced to yield 4% and has a 3% coupon rate with semi-annual coupons.
-
Discuss a company in the pharmaceutical sector whose patent for a drug expires. Will that impact the company's price, market share...etc.? Use a diagram to highlight your
-
Consider American call and put options on a debenture bond. The options expire in 55 days. The bond is currently at $1.10 with $1 par value and makes deferred payments over life of the option. The...
-
F4 You are sssigned to determine a fair value for AdvBioTech (ABT) Corporation. You determined that market multiples approach would be the best method to determine a fair value for this company. The...
-
Suggest a reasonable mechanism for the reaction of an -amino acid with ninhydrin.
-
Read the Forecasting Supply Chain Demand Starbucks Corporation case in your text Operations and Supply Chain Management on pages 484-485, then address the four questions associated with the...
-
Which method of depreciation does not deduct residual value in its calculation?
-
When a plant asset is sold, a loss results if the cash received is greater than book value. Agree or disagree? Please explain.
-
A loss on an exchange of plant assets that has commercial substance must be recognized in the accounting records. True or false?
-
A company wants to forecast its cash flows for the next 30 days. Which method should it use? Question 8 options: Direct Method Pro-forma balance sheet method. Adjusted Net Income Method. Accrual...
-
In an effort to understand homicide trends, researchers use a sample of 303 cities to explore how homicide varies by region and by characteristics of cities. Data were examined for every city in both...
-
4. Suppose you are an active fund manager with a limited capacity to generate alpha of 2.5 million/year. You charge a fee of 0.5% per year. Currently, your portfolio has AUM of 150 million. a. How...
Study smarter with the SolutionInn App