FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Moss County Bank agrees to lend the Carla Vista Co. $440000 on January 1. Carla Vista Co. signs a $440000, 6%, 9-month note. What entry

Moss County Bank agrees to lend the Carla Vista Co. $440000 on January 1. Carla Vista Co. signs a $440000, 6%, 9-month note. What entry will Carla Vista Co. make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?

Interest Expense 19800
Notes Payable 440000
Cash 459800
Notes Payable 440000
Interest Payable 19800
Cash 459800
Interest Payable 13200
Notes Payable 440000
Interest Expense 6600
Cash 459800
Notes Payable 459800
Cash 459800

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

Recommended Textbook for

Intermediate Accounting

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

9th Edition

9781259722660

Students also viewed these Accounting questions

Question

We asked the authors of this paper if we could have the SPSS data file so that we could use it as an exercise in this book, and they agreed. For the purposes of this exercise, we are going to ask you...

Answered: 1 week ago

Question

★★★★★
Gary Theater is in the Hoosier Mall. A cashier's booth is located near the entrance to the theater. Two cashiers are employed. One works from 1:00 to 5:00 P.M., the other from 5:00 to 9:00 P.M. Each...

Answered: 1 week ago

Question

★★★★★
you run a school in Florida. Fixed monthly cost is $5,421.00 for rent and utilities, $5,585.00 is spent in salaries and $1,570.00 in insurance. Also every student adds up to $104.00 per month in...

Answered: 1 week ago

Question

★★★★★
Show that the pressure rise in an impeller of a centrifugal pump is given by Gtu Gome (where C, = velocity of flow at inlet, Uz= blade velocity at outlet, C, = velocity of flow at outlet, and B2 =...

Answered: 1 week ago

Question

★★★★★
1. Reynolds Transport Theorem is given as follows DB Dr L [ pb d + [ pb V d4 dA a. Derive the Continuity equation in integral form (4 P) b. Derive the Momentum equation in integral form (8P) c. List...

Answered: 1 week ago

Question

★★★★★
Q1. You have been appointed as an accountant of M.K. Industries a company formed by Mr Mutiso and Mr K.Kyalo to manufacture cooking fats for sale. While reviewing the accounting records of the...

Answered: 1 week ago

Question

★★★★★
Task 9: Developing a first-aid emergency procedure 9 Based on the scenario only, what would your priorities be in any emergency first-aid procedure that you develop for the surgery?

Answered: 1 week ago

Question

★★★★★
Indirect materials 600 Repairs 900 Depreciation 5,000 Supervision 4,000 Total $143,000 a. Compute the fixed and variable factory overhead application rates per unit of production. b. Assuming...

Answered: 1 week ago

Previous Question Next Question