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The first image is the original question and the following images are the answer choices for each box Question 4 1 pts Your company obtains
The first image is the original question and the following images are the answer choices for each box
Question 4 1 pts Your company obtains a short term loan on September 1st, 2019 to cover costs to purchase inventory. The loan is for $50,000, the annual interest rate is 8%. The loan is for 7 months and matures on March 31st, 2020. The journal entry on September 1st, 2019 is a Debit to [Select] and a Credit [Select] Assuming a December 31 fiscal year end, the journal entry your company does on December 31, 2019 to accrue interest is a Debit [Select] and a Credit [ Select ] How much interest expense does your company record on March 31st, 2020 when the loan matures? [Select] How much total cash will your company pay back on March 31st, 2020? [Select ] Question 4 1 pts Your company obtains a short term loan on September 1st, 2019 to cover costs to purchase inventory. The loan is for $50,000, the annual interest rate is 8%. The loan is for 7 months and matures on March 31st, 2020. The journal entry on September 1st. 2019 is a Debit Select and a Credit Cash $50,000 Interest Payable $50,000 to [Select] Notes Receivable $50,000 Notes Payable $50,000 Assuming a December 31 fiscal year end, the journal entry your company does on December 31, 2019 to accrue interest is a Debit Select] and a Credit [ Select] How much interest expense does your company record on March 31st, 2020 when the loan matures? [Select] How much total cash will your company pay back on March 31st, 2020? [Select] Question 4 1 pts Your company obtains a short term loan on September 1st, 2019 to cover costs to purchase inventory. The loan is for $50,000, the annual interest rate is 8%. The loan is for 7 months and matures on March 31st, 2020. The journal entry on September 1st, 2019 is a Debit to Select] and a Credit to [Select] Assuming a December 31 fiscal year end, the journal entry your company does on December 31, 2019 to accrue interest is a Debl [ Select ] and a Credit Interest Receivable $1,333.33 Interest Payable $1,333.33 [ Select] Interest Expense $1,333.33 Interest Revenue $1,333.33 How much interest expense does your company record on March 31st, 2020 when the loan matures? [Select] How much total cash will your company pay back on March 31st, 2020? [Select] Question 4 1 pts Your company obtains a short term loan on September 1st, 2019 to cover costs to purchase inventory. The loan is for $50,000, the annual interest rate is 8%. The loan is for 7 months and matures on March 31st, 2020. The journal entry on September 1st, 2019 is a Debit to Select] and a Credit to [ Select] Assuming a December 31 fiscal year end, the journal entry your company does on December 31, 2019 to accrue interest is a Debit (Select] and a Credit [Select] Interest Receivable $1,333.33 Interest Payable $1,333.33 Cash $1,333.33 Interest Expense $1,333.33 Tutuivos es your company record on March 31st, 2020 when the loan How much total cash will your company pay back on March 31st, 2020? [Select] Question 4 1 pts Your company obtains a short term loan on September 1st, 2019 to cover costs to purchase inventory. The loan is for $50,000, the annual interest rate is 8%. The loan is for 7 months and matures on March 31st, 2020. The journal entry on September 1st, 2019 is a Debit to [Select] and a Credit to [Select] Assuming a December 31 fiscal year end, the journal entry your company does on December 31, 2019 to accrue interest is a Debit [Select] and a Credit [Select] How much interest expense does your company record on March 31st, 2020 when the loan matures [Select 1 How mu $333.33 $1,333.33 $1,000 $4,000 pay back on March 31st, 2020? [Select Question 4 1 pts Your company obtains a short term loan on September 1st, 2019 to cover costs to purchase inventory. The loan is for $50,000, the annual interest rate is 8%. The loan is for 7 months and matures on March 31st, 2020. The journal entry on September 1st, 2019 is a Debit to [Select] and a Credit to [Select] Assuming a December 31 fiscal year end, the journal entry your company does on December 31, 2019 to accrue interest is a Debit [Select] and a Credit [Select] How much interest expense does your company record on March 31st, 2020 when the loan matures? [Select] How much total cash will your company pay back on March 31st, 2020? [Select ] $51,333.33 $52,333.33 $51,000 $54,000Step by Step Solution
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