Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 15 2 pts What would be the journal entry to make the full payment on a notes payable for a piece of equipment costing

image text in transcribed

Question 15 2 pts What would be the journal entry to make the full payment on a notes payable for a piece of equipment costing $10,000 and was purchased on a 60 day notes payable discounted at 6%? Debit NP $10,000 and Debit Interest expense $100; Credit Cash $10,100 Debit NP $10,000; Credit Cash $10,000 Debit Cash $10,100; Credit NP $10,000 and credit Interest expense $100 Debit Cash $10,000; Credit NP $10,000 Question 16 2 pts What would be the amount of interest expense on a $10,000 notes payable for 120 days at 5% interest? O $169.33 O $171.25 0 $148.67 O $166.67 Question 17 2 pts Which of the following is included in the cost of constructing a building? O interest on money borrowed to finance the construction while being built cost of paving parking lot cost of repairing vandalism damage during construction Cost of removing an old building existing on the land when it was purchased

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting

Authors: Charles E. Davis, Elizabeth Davis

2nd edition

1118548639, 9781118800713, 1118338448, 9781118548639, 1118800710, 978-1118338445

More Books

Students also viewed these Accounting questions

Question

your ultimate goal upon graduation (i.e., career goals).

Answered: 1 week ago