FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12

Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?

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

Connect 2-semester For Auditing & Assurance Services A Systematic Approach

Connect 2-semester For Auditing & Assurance Services A Systematic Approach

Authors: Author

10th Edition

1259292045, 9781259292040

More Books

Students also viewed these Accounting questions

Question

★★★★★
Ace Maintenance, Inc., repairs heavy construction equipment and vehicles. Recently, the Shanti Construction Company had one of its giant earthmovers overhauled and its tires replaced. Repair work for...

Answered: 1 week ago

Question

★★★★★
Suppose that Tom and Lynda are considering reducing Hercules membership fee by 10%. Required: List Tom and Lyndas two options. Next, identify two costs and benefits that are controllable for this...

Answered: 1 week ago

Question

★★★★★
16. LO.4 What are the tax consequences if the alimony recapture rules apply to a cash payment to a former spouse?

Answered: 1 week ago

Question

★★★★★
Prestopino Corporation produces motorcycle batteries. Prestopino turns out 1,500 batteries a day at a cost of $6 per battery for materials and labor. It takes the firm 22 days to convert raw...

Answered: 1 week ago

Question

★★★★★
what are the differences between fraunhofer's ai builder and latenode? explain analytical and expain how to use latenode. give illustrative scenarios focusing on the differences

Answered: 1 week ago

Question

★★★★★
Q3A A shaft is used to transfer power from a gear transmission to propel an air-propeller. The steady state torque is 159.15 Nm at a nominal operating speed of 6000 rpm. In a preliminary design, the...

Answered: 1 week ago

Question

★★★★★
Zach has worked in the pizza business for ten years. He is tired of working for others and now wishes to start his own pizza restaurant. Zach created a corporation called Zach's Pizza. Wanting to...

Answered: 1 week ago

Question

★★★★★
1.When a bank customer deposits $1,000 into her checking and $1,000 into her savings and there is a reserve requirement ratio of 5%, how is this recorded in the bank's balance sheets? Group of answer...

Answered: 1 week ago

Question

★★★★★
What does mentoring provide that supervision does not? Mentoring involves meeting compliance standards and supervision does not. Mentoring involves a level of discourse that goes beyond supervision...

Answered: 1 week ago

Question

★★★★★
Explain the causes of indiscipline.

Answered: 1 week ago

Question

★★★★★
Which of these is not a way that organizations can develop ways to become more innovative? a. Promote a culture that encourages risk-taking b. Spending money on research & development c. Empowering...

Answered: 1 week ago

Question

★★★★★
develop ideas for a research project;

Answered: 1 week ago

Question

★★★★★
compare different approaches to HR research and the opportunities presented by an investigation of a business issue;

Answered: 1 week ago

Question

★★★★★
reflect upon the key relationships that will support and enhance your project;

Answered: 1 week ago

Previous Question Next Question