Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Determine the maturity date and compute interest for each note. (Use Note Contract Date March 19 May 11 October 20 Principal $28,000 33,000 21,000 Interest

image text in transcribed

image text in transcribed

image text in transcribed

Determine the maturity date and compute interest for each note. (Use Note Contract Date March 19 May 11 October 20 Principal $28,000 33,000 21,000 Interest Rate 6% 8 Period of Note (Term) 60 days 90 days 45 days Nm 4 Contract Date Maturity Month Maturity Date Interest Expenses 1. March 19 2. May 11 3. October 20 On December 1, Daw Co. accepts a $14,000, 45-day, 6% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on Dec (2) Prepare the entry required on the note's maturity date assuming it is honored. View transaction list EX 1 Record the year-end adjustment related to this note, if any. 2 Record the journal entry on the note's maturity date assuming it is honored. Assume Daw Company does not prepare reversing entries. Credit Note: = journal entry has been entered Record entry Clear entry View general A company owns a machine that cost $126,500 and has accumulated depreciation of $90,400. Prepare the entry to record the disposal of the machine on January 1 in each separate situation. 1. The machine needed extensive repairs and was not worth repairing. The company disposed of the machine, receiving nothing in return. 2. The company sold the machine for $16,600 cash. 3. The company sold the machine for $36,100 cash. 4. The company sold the machine for $40,100 cash. View transaction list x 1 Record the disposal of the machine receiving nothing in return. 2 Record the sale of the machine for $16,600 cash. 3 Record the sale of the machine for $36,100 cash. 4 Record the sale of the machine for $40,100 cash. credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions