Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On October 31, 2020, Klaus Corp. borrowed $52,500 by signing a 3-month, 10% note, note with Poe United Bank. Which of the following debits or

image text in transcribed

On October 31, 2020, Klaus Corp. borrowed $52,500 by signing a 3-month, 10% note, note with Poe United Bank. Which of the following debits or credits are part of Klaus's December 31, 2020. a) Debit Cash for $52,500 b) Debit Interest Expense for $875 c) Debit Notes Payable for $52,500 d) Debit Interest Payable for $875 Question 30 (1 point) Olaf Inc. sells home improvement magazine subscriptions to customers. On September 30, 2020, the company sold 13,500 annual subscriptions for $16 each. Assume that the home improvement magazines are published and delivered on a monthly basis. Determine the entry on December 31, 2020. 72,000 a) Unearned Revenue Subscription Revenue 72,000 b) Cash 216,000 Unearned Revenue 216,000 54,000 Unearned Revenue Subscription Revenue 54,000 216,000 d) Unearned Revenue Subscription Revenue 216,000

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

Front Office Operations And Auditing Workbook

Authors: Patrick J. Moreo, Gail Sammons, Jeff Beck

2nd Edition

0130324930, 978-0130324931

More Books

Students also viewed these Accounting questions

Question

Organize and support your main points

Answered: 1 week ago

Question

Move smoothly from point to point

Answered: 1 week ago

Question

Outlining Your Speech?

Answered: 1 week ago