Answered step by step
Verified Expert Solution
Question
1 Approved Answer
requirement 4 please On August 1, 2019, The Spa at Mill Lake, Inc, purchased Inventory costing 544 000 by signing a 12%six-month, short-term note payable.
requirement 4 please
On August 1, 2019, The Spa at Mill Lake, Inc, purchased Inventory costing 544 000 by signing a 12%six-month, short-term note payable. The com the entire note (principal and interest) on the note's maturity date Read the requirements al niel 18 21 Requirement 1. Journalize the company's purchase of inventory (Record debits first, then credits Exclude explanations from joumal entries) Journal Entry Date Accounts Debit Credit 2019 1 Inventory 44,000 Note Payable, Short-term 44,000 21 Aug 15 uel ect Requirement 2. Make the adjusting entry for accrual of interest on the note payable on December 31, 2019. (Record dubits first the credits Exclude explanations from Journal entries) Journal Entry Date Accounts Debit Credit 2019 Dec 31 Interest Expense 2200 Interest Payable 2,200 Ronnement Atharemher 31 2019 what is content on the balance sheet related to this note nawala hawa 10/2 Homework: C... Question 3, E8-12A (sim. HW Score: 57 88%, 8.68 of 15 points Save Part 4 of 4 Points: 1.24 of 2 On August 1, 2019, The Spa at Mill Lake, Inc, purchased inventary costing 544,000 by sigrng a 12% six-monthnhort-term nato payable. The company will pay the entire note (principal and interest) on the noto's maturity dato Read the requirements Amount Requirement 3. A1 December 31, 2019, what is reported on the balance shoot related to this note payable? (lt a box is not used in the table, leave the box emply do not select a label or enter a zero) Balance Sheet (partial) on December 31, 2019 Account Current abilities Note payable, short-term 5 44,000 Interest payable 2 200 Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date (Record debits first then credits Exdude explanations from journal entries.) Date Journal Entry Accounts Debit Credit 2020 Feb 1 Holn men this CS Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started