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6. Great Kids received $9,000 advance payment from Childhood Friends Inc on Oct 1, 2010 for consulting services to be performed evenly in the next
6. Great Kids received $9,000 advance payment from Childhood Friends Inc on Oct 1, 2010 for consulting services to be performed evenly in the next 6 month. Make necessary journal entries related to the consulting fees. Journal entry made by Great Kid on Oct 1, 2010 Journal entry made by Great Kid on Oct 31, 2010 7. On Oct 1, 2010 Great Kids Inc received a loan of $10,000 from Super Dad Corp with annual interest rate of 12%. The interest will be paid every six month with first payment on March 31, 2011. The principal will be paid back to Super Dad in lump sum at due date on Sep 30, 2012. Make necessary journal entries related to the loan and interest. What journal entries should be made by Great Kids on Oct 1, 2010? What journal entries should be made by Great Kids on Oct 31, 2010? What journal entries should be made by Great Kids on Nov 30, 2010? What is the balance of Interest Payable Account in the ledger of Great Kids on Mar 1, 2011? What journal entries should Great Kid make on Mar 31, 2011? What is the balance of Interest Payable Account in the ledger of Great Kids on Sep 1, 2012
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