Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I asked for help but the answers were wrong. I need some help on these two! Ch U9 Homework 1 Saved Help Check my work

I asked for help but the answers were wrong. I need some help on these two!

image text in transcribedimage text in transcribed

Ch U9 Homework 1 Saved Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate comp Total through maturity interest Expense 2017 Interest Expense 2018 $ $ 9.5 points Principal Rate(%) Time Total interest $ 105,000 11% 150/360 $ 4,813 105,000 11% 60/360 1,957 X 105,000 11% 90/360 2,856 X $ $ 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2017, and (c) payment of the note at maturity. (Assume no reversing entries are made.) (Use 360 days a year. Do not round intermediate calculations.) X Answer is not complete. Transaction General Journal Credit No 1 Debit 105,000 Cash Notes payable 105,000 Interest expense Interest payable Notes payable Interest expense 105,000 2,856 Ch U9 Homework 1 Saved Help Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate comp LITT - 9.5 points 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2017, and (c) payment of the note at maturity. (Assume no reversing entries are made.) (Use 360 days a year. Do not round intermediate calculations.) Answer is not complete. General Journal Credit No 1 Transaction (a) Debit 105,000 Cash Notes payable 105,000 (b) Interest expense Interest payable Notes payable Interest expense Interest payable 105,000 2,856 % 1,957 Cash 109,813

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Implementing Change With Clinical Audit

Authors: Richard W. Baker, Hilary M. Hearnshaw, Noelle Robertson

1st Edition

0471982571, 978-0471982579

More Books

Students also viewed these Accounting questions