Selanne Enterprises made the following entry on December 31, 2008. Interest Expense..........................................10,000 Interest Payable...........................................10,000 (To record interest

Question:

Selanne Enterprises made the following entry on December 31, 2008.

Interest Expense..........................................10,000

Interest Payable...........................................10,000

(To record interest expense due on loan from Anaheim National Bank.)

What entry would Anaheim National Bank make regarding its outstanding loan to Selanne Enterprises? Explain why this must be the case.

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

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting principles and analysis

ISBN: 978-0471737933

2nd Edition

Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso

See More Books

Question Posted: Apr 29, 2020 03:18 AM

See More Questions

Selanne Enterprises made the following entry on December 31, 2005. Dec. 31, 2005 Interest Expense ...................................... 10,000 Interest Payable...
Midwest Enterprises made the following entry on December 31, 2012. Interest Expense 10,000 Interest Payable 10,000 (To record interest expense due on loan from Anaheim National Bank) What entry would...
Comprehensive review problem. Exhibit 16.10 (On page 799) present a consolidated statement of income and retained earnings for 2009, and Exhibit 16.11 (on pages 800'801) presents a consolidated...
Assume the premises: S. S-P. P~N, ~R-N. Give a detailed informal proof of: R. Number each step and give an explanation for each. Write all the steps in the proof at once in the Math Editor. (it works...
List the resources that work within the PMO and their function.
A guy wire is helping to support a utility pole in Ilsis backyard, as shown in the diagram. The point U is located 3 feet below the top of the pole. a. What is the angle of elevation of the guy wire?...
Construct a time series plot for these data and describe in words what it reveals. The automobile sales in the United States (in thousands of cars) for the "Big Three" U.S. manufacturers (Ford,...
Eric Johnson was recently promoted to Controller of Research and Development (R&D) for PharmaCor, a Fortune 500 pharmaceutical company, which manufactures prescription drugs and nutritional...
Accounting problem and Accounting changes required for Macy's company and recommendation?
It is October 16, 2014, and you have just taken over the accounting work of China Moon Products, whose annual accounting period ends October 31. The company's previous accountant journalized its...
As discussed in Chapter 1, the International Accounting Standards Board (IASB) develops accounting standards for many international companies. The IASB also has developed a conceptual framework to...
On July 1, 2008, Blair Co. pays $18,000 to Hindi Insurance Company for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Blair Co. journalize the entry on July 1...
Could a ban on all IP-enabled devices from outside the corporation be a workable policy? Why or why not?
Number of units Unit Cost Sales Beginning inventory 800 $50 Purchased 600 $52 Sold 400 $80 Sold 350 $90 Ending inventory 650 In the table below, calculate the dollar value for the period for each of...
10. Dr. D went to MGM Springfield casino while the class was taking their midterm exam. He played a Konami machine entitled 88 Fortunes. A slot attendant accidently left the slot manual next to the...
10.) Steam enters a well-insulated turbine at 6 MPa, 400C and expands to 200 kPa, saturated vapor at a rate of 10 kg/s. (a) Draw a schematic of the process (5 pts). (b) Determine the exergy...
4. [8 marks] The tides in the Bay of Fundy are some of the largest in the world. The height, h(t), of the tide in meters after t hourse can be modeled by 39 h(t) = 25 con (77) + 30 4 COS 6 (a) What...
Wolfe, Inc. had credit sales for the period of $144,000. The balance in Allowance for Doubtful Accounts is a debit of $653. If Wolfe estimates that 2% of credit sales will be uncollectible, what is...
If the actual level of activity is greater than the planned level of activity, would you expect the activity variances for variable expenses to be favorable, unfavorable, or a combination of the two?
Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the...
Use the following information to determine this companys cash flows from operating activities using the indirect method. MOSS COMPANY Income Statement For Year Ended December 31,2015 MOSS COMPANY...
The plant assets section of the comparative balance sheets of Anders Company is reported below. Refer to the balance sheet data above from Anders Company. During 2015, equipment with a book value of...
Refer to the balance sheet data above from Anders Company. During 2015, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000. a. How much cash did...
To evaluate a proposed investment, the financial manager estimates the projected cash flows for a project and calculates its NPV and IRR. If the result shows a positive NPV and the IRR exceeding the...
Prancer Company purchased machinery for $162,240 on January 1, 2017. Straight-line depreciation has been recorded based on a $10,140 salvage value and a 5-year useful life. The machinery was sold on...
A company sells a plant asset which originally cost 630,000 for 210,000 on December 31, 2020. The Accumulated Depreciation account had a balance of 252,000 after the current year's depreciation of...

Selanne Enterprises made the following entry on December 31, 2008. Interest Expense..........................................10,000 Interest Payable...........................................10,000 (To record interest

Question:

Step by Step Answer:

Nature of transaction Anaheim National Bank given loan ...View the full answer

Intermediate Accounting principles and analysis

Students also viewed these Business questions