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

Question

1 Approved Answer

On June 5, Scavenger Company borrowed $125,000 from BC Bank. The loan had an interest rate of 10% and was due in 90 days. Scavenger

On June 5, Scavenger Company borrowed $125,000 from BC Bank. The loan had an interest rate of 10% and was due in 90 days. Scavenger Company's fiscal year-end is December 31. Prepare the journal entry to record the payment of the note on Scavenger's books. Your answer should be in the form of DR - account name and dollar value CR - account name and dollar value. (4 marks)

-- Font family -- -- Font size --

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

CLEP Financial Accounting Study Guide

CLEP Financial Accounting Study Guide

Authors: Passyourclass

1st Edition

1614330115, 978-1614330110

More Books

Students also viewed these Accounting questions

Question

★★★★★
Levels of insoluble ash (gm/kg) were measured in a sample of small (0.3 gm) aliquots of dried and ground alfalfa.6 Below are three confidence intervals for the mean: One is a 95% confidence interval,...

Answered: 1 week ago

Question

★★★★★
1.8. In 2006, Congress estimated that the cost of the Iraq War was approximately $100 billion a year. Since the U.S. government was running a budget deficit at the time, assume that the war was...

Answered: 1 week ago

Question

★★★★★
=+c. Can you think of a reasonable method of collecting data that would result in independent samples? Would such an experiment be as informative as a paired experiment? Comment.

Answered: 1 week ago

Question

★★★★★
A distributor imports olive oil from Spain and Italy in large casks. He then mixes these oils in different proportions to create three grades of olive oil that are sold domestically in the United...

Answered: 1 week ago

Question

★★★★★
On June 5, Scavenger Company borrowed $125,000 from BC Bank. The loan had an interest rate of 10% and was due in 90 days. Scavenger Company's fiscal year-end is December 31. Prepare the journal entry...

Answered: 1 week ago

Question

★★★★★
(Yield to maturity) Abner Corporation's bonds mature in 21 years and pay 7 percent interest annually. If you purchase the bonds for $725, what is your yield to maturity? Question content area bottom...

Answered: 1 week ago

Question

★★★★★
Redwood Company sells craft kits and supplies to retail outlets and through its catalog. Some of the items are manufactured by Redwood, while others are purchased for resale. For the products it...

Answered: 1 week ago

Question

★★★★★
A surface mount PCB placement/soldering line is to be installed for $2,300,000. It will have a salvage value of $100,000 after 5 years. Determine the depreciation deduction and the resulting...

Answered: 1 week ago

Question

★★★★★
How can stakeholders track how the planning team has addressed key issues during the development of the master plan study? Group of answer choices Preparation of meeting minutes Develop and follow a...

Answered: 1 week ago

Question

★★★★★
You are interested in the effects of time spent viewing television and Body Mass Index on cardiovascular fitness (CVF) in children. You have a sample of 60 middle school students. Each student...

Answered: 1 week ago

Question

★★★★★
The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets Assets At June 30 Cash Accounts receivable, net Prepaid expenses 2021 2020 $...

Answered: 1 week ago

Question

★★★★★
B Think about some of the potential ethical dangers of crossing the line between an informative and a persuasive speech in this case. Where might you be tempted to persuade your audience? How can you...

Answered: 1 week ago

Question

★★★★★
Choose an appropriate organizational pattern for your speech

Answered: 1 week ago

Question

★★★★★
Writing a Strong Conclusion

Answered: 1 week ago

Previous Question Next Question