Jurassic Jumpers Co. (JJ Co.) offers bungee jumping for those looking for an extreme outing. JJ Co. prepares annual financialstatements and has a December 31, 2023 year-end.a. On April 1, 2023, JJ Co. took out a five-year, $960,000 bank loan with an interest rate of 3%. Interest expense is paid on the first dayof each month.b. On July 1, 2023, JJ Co. issued a two-year, $69.250 Note Receivable with an interest rate of 4%. Interest income will be collected onJanuary 1 and July 1 of each year.e. On December 15, 2023, JJ Co. took a university student club bungee jumping for $4,850. The student club was invoiced onDecember 31, 2023 and paid JJ Co. on January 15, 2024.Required:Record the adjusting journal entries at December 31, 2023.

Adjusting Entries Date General Journal Debit Credit 31-Dec…

Answered: Jurassic Jumpers Co. (JJ Co.) offers…

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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On January 1, 2021, Tropical Paradise borrows $50,000 by agreeing to a 6%, six-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $828.64 are due at the end of each month with the first installment due on January 31, 2021.Required: Record the issuance of the installment note payable and the first two monthly payments.

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