On April 1, 2022, Green Gold Inc sells $515,000 of merchandise on a note, with 1 annual interest The note is due in 1 year, with interest and principle due at that time This company has a financial statement date of 12 31 22 What journal entries must Green Gold Inc record on April 1, 2022, December 31, 2022, and April 1, 2023 (3 points each of the 3 journal entries)

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Apr 20, 2022

On April 1, 2022, Green-Gold Inc. sells $515,000 of merchandise on a note, with 1% annual interest. The note is due in 1 year, with

On April 1, 2022, Green-Gold Inc. sells $515,000 of merchandise on a note, with 1% annual interest. The note is due in 1 year, with interest and principle due at that time. This company has a financial statement date of 12/31/22.

What journal entries must Green-Gold Inc. record on April 1, 2022, December 31, 2022, and April 1, 2023. (3 points each of the 3 journal entries)

Step by Step Solution

★★★★★

3.41 Rating (167 Votes )

There are 3 Steps involved in it

Step: 1

Computation of amount due at the end of the accounting ye... 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

Step: 3

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 IFRS

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

4th Edition

1119607515, 978-1119607519

More Books

Students also viewed these Accounting questions

Question

★★★★★

A loan of $1400 is due in 1 year at a simple interest rate of 12%. Partial payments of $400 in 2 months, $25 in 6 months, and $700 in 8 months are made A. Construct a timeline clearly showing the...

Answered: 1 week ago

Question

★★★★★

This company has a financial covenant to maintain debt to capital ratio (D/k) of no more than 50%. The financial covenant would be in any company's loan, note of bond agreement. Select the best...

Answered: 1 week ago

Question

★★★★★

Question 3 Find the equation of the plane containing the point P(0, 2, 5) and the line r(t) =(2, 1, 5) + t(2, -3, -2). [Hint: First find two vectors parallel to the plane (that is, find two vectors...

Answered: 1 week ago

Question

★★★★★

Which of the following would be least important in the pursuit of a time-based strategy? A) flexible technology B) operational agility C) reduced complaint resolution times D) quick changeover times...

Answered: 1 week ago

Question

★★★★★

A survey indicates that the vast majority of college students own their own personal computers. What information would you want to know before you accepted the results of this survey?

Answered: 1 week ago

Question

★★★★★

3. Suppose that your company has an equity position in a French firm. Discuss the condition under which dollar/euro exchange rate uncertainty does not constitute exchange exposure for your company.

Answered: 1 week ago

Question

★★★★★

Evaluate criticisms of DSM-5.

Answered: 1 week ago

Question

★★★★★

Pollution Busters Inc. is considering a purchase of 10 additional carbon sequesters for $ 100,000 apiece. The sequesters last for only 1 year before becoming saturated. Then the carbon is sold to the...

Answered: 1 week ago

Question

★★★★★

What are the benefits to China from adopting IFRS?

Answered: 1 week ago

Question

★★★★★

Required information [The following information applies to the questions displayed below] Tent Master produces Pup tents and Pop-up tents. The company budgets $300,000 of overhead cost and 50,000...

Answered: 1 week ago

Question

★★★★★

The number of residents being vaccinated per day in NCR follows an arithmetic progression. On the average, 24 people are being vaccinated a day. If the number of vaccinated residents on the 15^(th )...

Answered: 1 week ago

Question

★★★★★

1. In this question, we will see a technique commonly used in mathematics: comparison. We arcsin(x) da) in two different ways and compare the result. In compute the same quantity: general, this...

Answered: 1 week ago

Question

★★★★★

2.5% budget reduction: Budget used is between 91% and 95% of the budget allocated. 5.0% budget reduction: Budget used is less than 90% of the budget allocated. None: Budget used is greater than 95%...

Answered: 1 week ago

Question

★★★★★

As a member of the design team, I worked on a project to modify electrical switches. The Design Team consists of three members, namely a Coordinator, a Designer, and a Design Analyst. It was my...

Answered: 1 week ago

Question

★★★★★

When designing the distribution channel, one of the decisions we must make is deciding the type of distribution channel to use: direct, some variant of an indirect channel, multichannel, omnichannel....

Answered: 1 week ago

Question

★★★★★

An electronics company purchases a particular component from two sources: "Supplier A" and "Supplier B". The following statistics were gathered by testing a large number of the components to see if...

Answered: 1 week ago

Question

★★★★★

Gandar company clinches a contract to supply cleaning services to a hospital for the next 5 years. Under the contract, the company will be paid $1 million a year. To take up this contract, it would...

Answered: 1 week ago

Question

★★★★★

we have to compute the letter grades for a course. The data is a collection of student records stored in a file. Each record consists of a name(up to 20 characters), ID (8 characters), the scores of...

Answered: 1 week ago

Question

★★★★★

Duesbury Corporation amended its pension plan on January 1, 2022, and granted $120,000 of past service costs to its employees. The employees have an average time to vesting of 4 years. Current...

Answered: 1 week ago

Question

★★★★★

Coldwell AG issued a 100,000, 4-year, 10% note at face value to Flint Hills Bank on January 1, 2022, and received 100,000 cash. The note requires annual interest payments each December 31. Prepare...

Answered: 1 week ago

Question

★★★★★

On June 3, 2022, Hunt Company sold to Ann Mount merchandise having a sales price of $8,000 (cost $6,000) with terms of n/60, f.o.b. shipping point. Hunt estimates that merchandise with a sales value...

Answered: 1 week ago

Question

★★★★★

Refer to Exercise

Answered: 1 week ago

Question

★★★★★

Suppose that 50% of the overnight parcels are sent via express mail service E2 and the remaining 10% are sent via E3. Of those sent via E2, only 1% arrive late, whereas 5% of the parcels handled by...

Answered: 1 week ago

Question

★★★★★

One method used to distinguish between granitic (G) and basaltic (B) rocks is to examine a portion of the infrared spectrum of the suns energy reflected from the rock surface. Let R1, R2, and R3...

Answered: 1 week ago

Previous Question Next Question