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Question 1 Question 2 Question 3 Moss County Bank agrees to lend the Shamrock Company $500000 on January 1. Shamrock Company signs a $500000, 9%,
Question 1 Question 2Question 3
Moss County Bank agrees to lend the Shamrock Company $500000 on January 1. Shamrock Company signs a $500000, 9%, 9-month note. Recording the pay off of the note and interest at maturity assuming that interest has been accrued to September 30 includes a(n) Decrease to Interest Payable for $22500, decrease to Notes Payable for $500000, increase to Interest Expense for $11250 and a decrease to Cash for $533750. Increase to Interest Expense for $33750, decrease to Notes Payable for $500000 and a decrease to Cash for $533750. Decrease to Notes Payable and to Cash for $533750. Decrease to Notes Payable for $500000, decrease to Interest Payable for $33750, and a decrease to Cash for $533750. On January 9, a company pays $7,316 for salaries, of which $1,298 was reported as Salaries and Wages Payable on December 31. Indicate all accounts increased or decreased as well as dollar amounts when payment occurs. (Enter accounts in alphabetical order.) The transaction of January 9 $ $ and A cash register tape shows cash sales of $3200 and sales taxes of $360. The recording of this information includes al Increase to Cash and an increase to Sales Revenue for $3560. Increase to Cash for $3560, an increase to Sales Tax Payable for $360 and an increase to Sales Revenue for $3200. Increase to Cash for $3560, an increase to Sales Revenue for $3200 and an increase to Sales Tax Revenue for $360. Increase to Cash for $3200, an increase to Sales Tax Expense for $360 and an increase to Sales Revenue for $3560Step by Step Solution
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