Question
Cider company purchased a 15-month, $50,000, 6% note on June 1, 2019. What is the journal entry for December 31, 2019? A. Interest Income $1500
Cider company purchased a 15-month, $50,000, 6% note on June 1, 2019. What is the journal entry for December 31, 2019?
A. Interest Income $1500
Interest receivables $1500
B. Interest Receivable: 1,500
interest income: 1,500
C. interest income: 1,750
interest receivable 1,750
D. interest receivable 1,750
interest income 1,750
On December 31, 2018, the payment on a $4,500, 120-day, 10% note dated November 1, 2018, will recognize: (please round to the nearest dollar and use 365 day year)
A. interest receivables $75
interest revenue: $75
B. Interest revenue: $75
interest receivable: $75
C. no entry needed
D. Interest Receivable: $148
interest revenue: $148
the LBG company is preparing its financial statements on December 31. During the year, they purchased IBM sock as a trading security for $20,000. on December 31, the market value of the stock is $8,000. The journal entry on December 31 will be:
A. Loss $8000
IBM stock $8000
B. IBM stock $12,000
loss $12,000
C. Loss $12,000
IBM stock $12,000
D. no etry
The bank statement balance is $6450, and shows a service charge of $30, interest earned of $25, and a NSF check for $475. Deposits in transit total $1850; outstanding checks are $1125. what is the adjusted bank balance?
A. $5,920
B. $6,450
C. $6,755
D. $7,175
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