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adjusting entry for the note

adjusting entry for the note

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer both. This is part A and B
On September 1, 2021, Daylight Donuts signed a $140,000, 10%, Six-month note payable with the amount borrowed plus accrued interest due sx months later on March 1, 2022. Daylight Donuts records the appropriate adjusting entry for the note on December 31, 2021. In recording the pavment of the note plus accrued Interest at maturity on March 1, 2022, Daylight Donuts would: (Do not round your Intermedlate calculatlons.) Multiple Cholce Debit Interest Expense, $7,000 Debit Interest Payable, $2,333. Debit Interest Expense, $4,667. Debit Interest Expense, $2,333.
Transcribed Image Text:On September 1, 2021, Daylight Donuts signed a $140,000, 10%, Six-month note payable with the amount borrowed plus accrued interest due sx months later on March 1, 2022. Daylight Donuts records the appropriate adjusting entry for the note on December 31, 2021. In recording the pavment of the note plus accrued Interest at maturity on March 1, 2022, Daylight Donuts would: (Do not round your Intermedlate calculatlons.) Multiple Cholce Debit Interest Expense, $7,000 Debit Interest Payable, $2,333. Debit Interest Expense, $4,667. Debit Interest Expense, $2,333.
Richard's Sporting Goods reports net Income of $200,000, net sales of $530,000, and average assets of $2,000,000. The profit margin Is: Multiple Cholce 26 times. 37.7%. 26.5%. 10.0%.
Transcribed Image Text:Richard's Sporting Goods reports net Income of $200,000, net sales of $530,000, and average assets of $2,000,000. The profit margin Is: Multiple Cholce 26 times. 37.7%. 26.5%. 10.0%.
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