Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 08, 2023

The company pledged its $20,000 notes receivables to a bank and received a loan of $15,000. The note is NOT paid on the maturity. The

The company pledged its $20,000 notes receivables to a bank and received a loan of $15,000. The note is NOT paid on the maturity. The company protested the note, notary fee $10. Paid the bank the principal amount of the loan plus $1,500 interest.

Journalize the transactions

Step by Step Solution

★★★★★

3.42 Rating (158 Votes )

There are 3 Steps involved in it

Step: 1

Transaction 1 Pledging Notes Receivable and Receiving Loan Account Debit C... 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

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

Recommended Textbook for

College Algebra

Authors: Michael Sullivan, Michael Sullivan III

11th Edition

0135226864, 9780135226865

More Books

Students also viewed these Accounting questions

Question

★★★★★

Siblings Jordan and Morgan Hartley are partners in a trendy toy store called ToyMania! Jordan, as senior partner, receives an annual salary allowance of $20,000 and 60 percent of all income/losses...

Answered: 1 week ago

Question

★★★★★

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Answered: 1 week ago

Question

★★★★★

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...

Answered: 1 week ago

Question

★★★★★

When dealing with a recession, governments may... a) increase spending b) raise taxes c) increase regulations d) decrease spending

Answered: 1 week ago

Question

★★★★★

Sunshine Enterprises included the following statement in its 2012 financial report: Required(a) Convert each of the accrual-basis income statement accounts to a cash basis. Would you classify this...

Answered: 1 week ago

Question

★★★★★

Why might the expected return be different from the yield to maturity?

Answered: 1 week ago

Question

★★★★★

=+ Suppose, for example, that the probability of a late exam were only 0.1. How would that change the expected values?

Answered: 1 week ago

Question

★★★★★

1. Describe how the work thats done at Google can result in employees feeling both very stressed and also very positive about their work and the company. In what way do these effects depend on Google...

Answered: 1 week ago

Question

★★★★★

Use the information below for Maple Inc. for 2015 and 2016 to answer the following question. Equipment, December 31, 2015 $65,000 Equipment, December 31, 2016 $72,000 Accumulated depreciation,...

Answered: 1 week ago

Question

★★★★★

Required information Use the following information for the Quick Study below. [The following information applies to the questions displayed below.) Carlberg Company has two manufacturing departments,...

Answered: 1 week ago

Question

★★★★★

Read the case study, VF Brands: Global Supply Chain Strategy, Once you have read and reviewed the case scenario, respond to the following question with thorough explanations and well-supported...

Answered: 1 week ago

Question

★★★★★

Machine Company manufactures pressure-relief valves and they have determined that 0.1% of valves they produce are defective due to critical flaws which affect the material strength. Due to the...

Answered: 1 week ago

Question

★★★★★

Now having had experience with each aspect of the strategic analysis process from conducting an external and internal environment scan of current strategies, assessing a firm's current strategy and...

Answered: 1 week ago

Question

★★★★★

1. Find out the categories in Activity based costing: 1.Indirect consumables 2. Inspection of products 3.Plant security 4.Design of the product 5.Advertising costs 6.Building maintenance 2. A firm...

Answered: 1 week ago

Question

★★★★★

"Saeed Al-Ghamdi" is the third employee to enter your office today, expressing his objection to the promotion of "Abdullah Ahmed" to a supervisory position, even though he only spent one year in the...

Answered: 1 week ago

Question

★★★★★

Loyalty to the organization is the paramount duty. It requires the individual to put the interests of the corporation before self-interest. Specifically, no director is permitted to gain personally,...

Answered: 1 week ago

Question

★★★★★

Assignment 2 Name: HID Exercise 3-3 Preparing adjusting entries (annual)-prepaid expense LO4 Dr. Erica Chan, MD owns EC Health Clinic. She prepares annual financial statements and hasa December 31,...

Answered: 1 week ago

Question

★★★★★

Dawson Companys balance sheet information at the end of 2019 and 2020 is as follows: Additional information: The company did not issue any common stock during 2020. Required : Next Level Fill in the...

Answered: 1 week ago

Question

★★★★★

In Problems 914, find the domain of each function. f(x) = 2 - x

Answered: 1 week ago

Question

★★★★★

In Problems 2734, determine whether the product is defined. If it is defined, find the product; if it is not write not defined. -4 -4 1 2 3 0 -1

Answered: 1 week ago

Question

★★★★★

In Problems 1968, solve each equation, if possible. 4 x - 2 -3 x + 5 + 7 (x + 5)(x - 2)

Answered: 1 week ago

Question

★★★★★

Examine the test statistic used in testing a population proportion. Why is it impossible to test the hypothesis that the population proportion equals zero using such a test statistic? Try to...

Answered: 1 week ago

Question

★★★★★

The Oasis Chemical Company develops and manufactures pharmaceutical drugs for distribution and sale in the United States. The pharmaceutical business can be very lucrative when useful and safe drugs...

Answered: 1 week ago

Question

★★★★★

Discuss the two types of statistical errors that can occur when a hypothesis is tested. Illustrate what you mean by using a business example for each.

Answered: 1 week ago

Previous Question Next Question