Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

people are telling me different answers they are taking either the long term notes payable or the short term notes receivable. osnt it the short

people are telling me different answers they are taking either the long term notes payable or the short term notes receivable. osnt it the short term one that is what they are asking for. please explain! image text in transcribed
The company issued a 6 month, 12% interest note short-term note for the amount listed on the unadjusted trial balance on Oct. 1. 2017. All interest and principal will be paid back at the end of the 6 months. Write the adjusting journal entry required for its financial statements as of Dec 31, 2017 1,500 Francis Company, Inc. December 31, 2017 Unadjusted Trial balance Cash 45,000 Accounts Receivable 23,000 Allowance for Doubtful Accounts Short Term Note Receivable 84.000 Interest Receivable 0 Supplies 5.000 Prepaid Insurance 40,000 Inventory 12,000 Vehicle 16.000 Equipment 75,000 Accumulated Depreciation Accounts Payable Uneamed Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2017) Dividends 3,000 Sales Sales Returns & Allowances 2.300 Sales Discounts 1.900 Cost of Goods Sold 45.500 Delivery Expense 2.000 Depreciation Expense 16.000 Bad Debt Expense 0 Rent Expense 98,300 Insurance Expense 40,000 200.000 Wages Expense Supplies Expense 15,500 Interest Revenue 0 Loss on Disposal 6.500 Interest Expense 36.000 Income Tax Expense Total 767,000 42.000 14,000 18.000 7,000 65.000 106,000 2.500 511,000 0 767.000

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

Horngrens Financial And Managerial Accounting The Managerial Chapters And The Financial Chapters Plus Pearson Mylab Accounting With Pearson Global Edition

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

6th Global Edition

1292270756, 978-1292270753

More Books

Students also viewed these Accounting questions