1. Michael Brown contributed his motor vehicle to the firm. Original cost: $13000. Current market value: $3000 in exchange for ordinary shares @$1 per share 2. Arranged an interest only loan with Grand Bank for $8000; interest at 5% p.a.; payable quarterly. Principal amount is to be repaid 31 December 2033. Loan amount is deposited in the account today. How to record these in xero

Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, Pharoah’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023.     what is the entry to record the receipt of the funds from the loan?    what is the entry to accrue the interest on June 30?

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Accounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it.  Long Term Liability?

The owner, Billy Bong, increased his capital by depositing R30 000, 00 directly into the Received cash from R Roxy's in settlement of his debt as on 1 March; issued receipt no 002. rium ad or service is sold for? set the prices deellers) Transactions for March 2020 02 business's current bank account: receipt no. 001 was isued. 06 Cash sales of goods according to cash register roll, R3 200.00. 13 Received cash from L Lizzy for R3 530 00 in part settlement of the amount owed on 1 March 2020; issued receipt no. 003. 18 Sold goods on credit to R Roxy, R16 830.00: issued invoice no. 654. 23 Received cash from R Roxy in settiement of all his debt to date, receipt no. 004. 29 Credit sales of goods to L Lizzy, R7 450,00: issued invoice no. 655. Debtors journal of Billabong Traders - March 2020 DJ3 Doc Detals Fol Sales Cost of sales No

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Kinsella Seed borrowed $200,000 on October 1, 2022, at 10% interest. The interest and principal are due on October 1, 2023. What journal entry should be made with respect to the interest payment on October 1, 2023? a. Debit Cash 20,000; credit Interest Expense 15,000; credit Interest Payable 5,000. b. Debit Interest Expense 15,000; credit Cash 15,000. c. Debit Interest Expense 20,000; credit Cash 20,000. d. Debit Interest Expense 15,000; debit Interest Payable 5,000; credit Cash 20,000.   Feedback Area

signment #7 (Chapter 3) Due 7 April 2024 Saved Help $550,000; You are evaluating the balance sheet for SophieLex's Corporation. From the balance sheet you find the following balances: cash and marketable securities = $340,000; accounts receivable = $1,300,000; inventory = $2,200,000; accrued wages and taxes = accounts payable $850,000; and notes payable = $700,000. = Calculate SophieLex's current ratio, quick ratio, and cash ratio. Note: Round your answers to 2 decimal places. Current ratio Quick ratio Cash ratio times times times W

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On January 1, 2024, Nantucket Ferry borrowed $14,000,000 cash from BankOne and issued a four-year, $14,000,000, 6% note. Interest was payable annually on December 31. Prepare the journal entries for both firms to record interest at December 31, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.