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

Question

1 Approved Answer

On November 16, Ray Co. borrowed $40,000 from CRB Bank. The loan had an interest rate of 11% and was due in 90 days. Prepare

image text in transcribed
On November 16, Ray Co. borrowed $40,000 from CRB Bank. The loan had an interest rate of 11% and was due in 90 days. Prepare the journal entry to record the payment of the note on Ray's books, assuming an adjusting entry was made at December 31st, Ray Co.'s year end

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

ISO 9001 2015 Audit Procedures

ISO 9001 2015 Audit Procedures

Authors: Ray Tricker

4th Edition

ISBN: 1138025895, 978-1138025899

More Books

Students also viewed these Accounting questions

Question

★★★★★
How might cold forging be used to substantially reduce material waste?

Answered: 1 week ago

Question

★★★★★
12.46 CI versus PI Using the context of the previous exercise, explain the difference between the purpose of a 95% prediction interval (PI) for an observation and a 95% confidence interval (CI) for...

Answered: 1 week ago

Question

★★★★★
Describe current views of long-term memory, particularly the contents and types of long-term memory, individual differences, and the processes of retrieving information from long-term memory.

Answered: 1 week ago

Question

★★★★★
In keeping with a modernization of corporate statutes in its home state, UMC Corporation decided in 2011 to discontinue accounting for reacquired shares as treasury stock. Instead, shares repurchased...

Answered: 1 week ago

Question

★★★★★
During October, Dorinirl Corporation incurred $66,700 of direct labor costs and $9,300 of indirect labor costs. The journal entry to record the accrual of these wages would include a? debit to Work...

Answered: 1 week ago

Question

★★★★★
Please answer Consider an Overlapping generations economy with constant population NV = 100 of young individuals are born each period. Individuals are endowed with y1 units of the consumption good...

Answered: 1 week ago

Question

★★★★★
manufacturing has its challenges, especially when the product is high production quantities at low margins. This has made quality inspection more common place in manufacturing processes. Which points...

Answered: 1 week ago

Question

★★★★★
Refer to Step 3.3. In the "Constrained" or "Long Only" version of the optimal risky portfolio, what is the portfolio standard deviation? answer as a percentage, with no percentage symbol ("%"),...

Answered: 1 week ago

Question

★★★★★
As a security operative for a Fortune 1000 company, how would I protect my organization's assets?

Answered: 1 week ago

Question

★★★★★
Olney LLC only purchased one asset this year. Olney LLC placed in service on July 19, 2023, machinery and equipment (seven-year property) with a basis of $1,330,000. Assume that Olney has sufficient...

Answered: 1 week ago

Question

★★★★★
A marketing company needs to decide how much time to allocate between radio and television advertising during the next month. The manager has determined that at least 80% of the time should be...

Answered: 1 week ago

Question

★★★★★
1. Stereotypes in Your Life. List some of the stereotypes you have heard about U.S. Americans. Then answer the following questions:

Answered: 1 week ago

Question

★★★★★
a. What is the historical relationship between this group and other groups (particularly the dominant cultural groups)?

Answered: 1 week ago

Question

★★★★★
4. What factors in your experience have led to the development of positive feelings about your own cultural heritage and background? What factors have led to negative feelings, if any?

Answered: 1 week ago

Previous QuestionNext Question