Lyon County Bank agrees to lend the Grimwood Brick $100,000 on January 1. Grimwood Brick Company signs a $100,00O, 8%, 9 month 33. The entry made by Grimwood Brick Company on January 1 to record the lion below for questions 33 and 34 note. proceeds and issuance of the note is a. Interest Expense Cash 6,000 94,000 Notes Payable. b. Cash Notes Payable e. Cash Interest Expene Notes Payable d. Cash Interest Expense Notes Payable Interest Payable 34. What is the adjusting entry required if Grimwood Brick Company prepares financial statements on June 30? a. Interest Expense Interest Payable Interest Expense Cash e Intert Payable Cash 4. Interst Payable Interest Expense The revenue recogn 100,000 100,000 100,000 100,000 6,000 106,000 100,000 6,000 100,000 6,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 35
Lyon County Bank agrees to lend the Grimwood Brick $100,000 on January 1. Grimwood Brick Company signs a $100,00O, 8%, 9 month 33. The entry made by Grimwood Brick Company on January 1 to record the lion below for questions 33 and 34 note. proceeds and issuance of the note is a. Interest Expense Cash 6,000 94,000 Notes Payable. b. Cash Notes Payable e. Cash Interest Expene Notes Payable d. Cash Interest Expense Notes Payable Interest Payable 34. What is the adjusting entry required if Grimwood Brick Company prepares financial statements on June 30? a. Interest Expense Interest Payable Interest Expense Cash e Intert Payable Cash 4. Interst Payable Interest Expense The revenue recogn 100,000 100,000 100,000 100,000 6,000 106,000 100,000 6,000 100,000 6,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 35
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:Lyon County Bank agrees to lend the Grimwood Brick Company $100,000
on January 1. Grimwood Brick Company signs a $100,000, 8%, 9 month
33. The entry made by Grimwood Brick Company on January 1 to record the
rmation below for questions 33 and 34
flower shop follows GAAP and applies the revenue recognition principle. When is
b. when the performance obligation is satisfied.
A flower shop makes a large sale for $1,000 on November 30. The customer is
the $1.000 considered to be recognized?
d. in the period that income taxes are paid
sent a statement on December 5 and a check is received on December 10. The
note.
on
proceeds and issuance of the note is
a. Interest Expense.
Cash
6,000
94,000
Notes Payable
b. Cash
100,000
100,000
Notes Payable
c. Cash
Interest Expense
Notes Payable
d. Cash.
Interest Expense
Notes Payable
Interest Payable
34. What is the adjusting entry required if Grimwood Brick Company
prepares financial statements on June 30?
a. Interest Expense.
Interest Payable
b. Interest Expense
www*.
100,000
100,000
6,000
106,000
100,000
6,000
100,000
6,000
4,000
4,000
4,000
Cash
c Interest Payable
Cash
d. Interest Payable
Inter ecognition principle dictates that revenue should be recognized in
4,000
4,000
4,000
4,000
35
4,000
the accounting records:
a. when cash is received.
C at the end of the month.
36
a. December 5
b. December 10
C November 30
d December 1
O LIVE
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