ACCT 2301 Financial Accounting Mid - semester Special Assignment Due: 10/31/2020 Answer all question on this sheet, and email this file back to me, by the deadline date. When answering a multiple-choice question, circle the correct letter only; do not show any workings. For non-multiple choice question, show your workings. You will be penalized if you do not show workings. * The bonus question (last question), is optional. Any points gained here will be added to your total earned score. Use the journal template below to answer questions 1 and 2. 1. On 2/01/2019, a company signed a note payable with its bankers for $25,000, payable in 90 (ninety) days at 4% interest. The loan is repayable with full interest on the due date. The company has a fiscal end period of 3/30/... a) Record the adjustment the company makes on 3/31/2019. 2 points b) Record the repayment of the loan at the due date. 3 points 2. A company with a fiscal accounting date of 6/30/-, purchased a piece of machinery for $63,000 on 3/01/2018. It is estimated that the machinery will be used for 10 years and at the end of use, a residual value will be $3,000. What journal entries will be prepared for end of period depreciation, on: a) 6/30/2018, and 3 points b) 6/30/2019? 2 points General Journal Number Date Accounts Dr. Cr s $ la 1b 2a 2b ACCT 2301 Financial Accounting Mid - semester Special Assignment Due: 10/31/2020 Answer all question on this sheet, and email this file back to me, by the deadline date. When answering a multiple-choice question, circle the correct letter only; do not show any workings. For non-multiple choice question, show your workings. You will be penalized if you do not show workings. * The bonus question (last question), is optional. Any points gained here will be added to your total earned score. Use the journal template below to answer questions 1 and 2. 1. On 2/01/2019, a company signed a note payable with its bankers for $25,000, payable in 90 (ninety) days at 4% interest. The loan is repayable with full interest on the due date. The company has a fiscal end period of 3/30/... a) Record the adjustment the company makes on 3/31/2019. 2 points b) Record the repayment of the loan at the due date. 3 points 2. A company with a fiscal accounting date of 6/30/-, purchased a piece of machinery for $63,000 on 3/01/2018. It is estimated that the machinery will be used for 10 years and at the end of use, a residual value will be $3,000. What journal entries will be prepared for end of period depreciation, on: a) 6/30/2018, and 3 points b) 6/30/2019? 2 points General Journal Number Date Accounts Dr. Cr s $ la 1b 2a 2b
