Billings Company takes out a 12%, 90-day, $100,000 loan with First National Bank on March 1, 2014.

Question:

Required
1. Prepare the journal entry on March 1, 2014.
2. Prepare the adjusting entries for the months of March and April 2014.
3. Prepare the entry on May 30, 2014, when Billings repays the principal and interest to First National.

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting The Impact on Decision Makers

ISBN: 978-1285182964

9th edition

Authors: Gary A. Porter, Curtis L. Norton

See More Books

Question Posted: Aug 25, 2018 06:33 AM

See More Questions

Prepare the journal entry to record income taxes on December 31, 2011, assuming that Turner Corporations income tax expense is $35,000 and that it owes $30,000 in income taxes to the government....
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
Use the following table, Present Value of an Annuity of 1 Period 8% 9% 10% 1 0.926 0.917 0.909 2 1.783 1.759 1.736 3 2.577 2.531 2.487 A company has a minimum required rate of return of 9 %. It is...
Use waterfall model which is known as SDLC models and applied it, in the development and implementation of a secureonline shopping platform. Define the SDLC model and methodology; identify which SDLC...
Discuss the advantages and disadvantages of nego tiated transfer prices. LO6
If the opening inventory is 400 units, demand is 900 units, and production is 800 units, what will be the ending inventory? LO.1
1. To compute the price elasticity of demand, we divide the percentage change in_______ by the percentage change in _______and then take the _______value of the ratio. 2. If a 10 percent increase in...
Prepare a bank reconciliation as at October 31. (Hint: Items that were outstanding last month but have been processed this zimal places, e.g. 125.25.) Oriole Holdings Ltd. (OHL), a Calgary-based...
In the extension of an infinite field K by K(x,y), the intermediate field K(x) is Galois over K, but not stable (relative to K(x,y) and K). [See Exercise 9] Data from exercise 9 (a) If K is an...
Some companies use an eight-column work sheet rather than the ten-column format illustrated in the chapter. Which two columns are not used in the eight-column format? Why could these two columns be...
Why do the income statement columns appear before the balance sheet columns on a work sheet?
The space shuttle main engine consumes approximately $140.3 \mathrm{~kg} / \mathrm{s}$ of liquid hydrogen and $374.2 \mathrm{~kg} / \mathrm{s}$ of liquid oxygen at full power. The overall ratio...
Explain the background and prerequisites of supply chain management. Present the basic factors for implementing cooperation between companies in relation to supply chain integration, and discuss what...
You're soliciting for a $2M non-commercial research and development effort to produce prototypes for a handheld virus scanner. There appears to be only one source capable of performing this...
1. what is the Nordic Model to prostitution?2. what are the advantages/disadvantages of the Nordic Model?3. many groups (including the ACLU) advocate for the decriminalization or legalization of sex...
A property owner is considering installing electric valves with automatic timers on their sprinkler systems. They estimate needing 45 valves and timers costing $65 for each set. Initial installation...
Will each scenario shift the aggregate supply curve, the aggregate demand curve, both, or neither? Items (4 items) (Drag and drop into the appropriate area below) A new technology makes workers more...
(a) Find the critical numbers of f, if any, (b) Find the open intervals on which the function is increasing or decreasing, (c) Apply the First Derivative Test to identify all relative extrema, (d)...
Write a paper by answer the following question: Should Recycling Be Mandatory?
You have won a lottery! You will receive $200,000, after taxes, each year for the next five years. Required Describe the process you will go through in determining how to invest your winnings....
Accounting for Credit Card Sales On July 20, Wolverine presents credit card drafts to its bank in the amount of $10,000; the collection charge is 4%. Identify and analyze the transaction on...
You have inherited $1 million! Required Describe the process you will go through in determining how to invest your inheritance. Consider at least two options and choose one. You may consider the...
Nitin is paid a base salary of $200 per week and commission at the rate of 3% for sales over $5000, 4% if his sales are over $8000, and 5% if sales are over $15,000. How much will Nitin earn in a...
Safa is paid a base salary of $1500 per month and a commission of 6% on all sales over $75,000. Last month, Safa's gross salary was $4440. What were her sales for the month? a$149,000 b$124,000...
Your regular hourly rate of pay is $15.86, and you are paid double time for all work on weekends and for any time over forty hours per week (Monday to Friday). Calculate your gross earnings for a...

Billings Company takes out a 12%, 90-day, $100,000 loan with First National Bank on March 1, 2014.

Question:

Step by Step Answer:

1 2 3 Journal Mar 1 Entry Analysis Cash Notes Paya...View the full answer

Financial Accounting The Impact on Decision Makers

Related Video

Students also viewed these Business questions