Hello! I need help figureing out the interest revenue earned on the Year ended December 31. The answer was 573 but I don't know how they got there. More infoOct 1Dec 6Dec 16Dec 31Loaned $21,000 cash to Brandy Shields on a one-year, 10% note.Performed service for Lawn Pro, receiving a 90-day, 9% note for $5,000.Received a $4,000, six-month, 11% note on account from PeabodyCompany.Accrued interest revenue for the year.PrintDoneX

Notes receivablesAmountDatePeriodAnnual 12 months or 365 days interestPeriod Note remained…

Answered: More info Oct 1 Dec 6 Dec 16 Dec 31…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

6) Suppose that our business uses a monthly fiscal period. On March 1, 2020, we paid 6 months of rent, a value of $9,000 to our landlord, in advance, for the coming months. If we were to create an Adjusting Entry to record the consumption of prepaid rent on June 31, 2020, what would that look like? 1.Debit - Rent Expense $9000 </> Credit - Prepaid Rent $9000 2.Debit - Rent Expense $6000 </> Credit - Prepaid Rent $6000 3.Debit - Rent Expense $4500 </> Credit - Cash $4500 4.Debit - Rent Expense $7500 </> Credit - Cash $7500
M78.
Sam paid £8,874 for rent during the current year. At the beginning of the year, £745 had been brought forward as prepaid for rent, and at the end of the year, £1,450 had been prepaid. How much would be shown as the expense for rent in the income statement for the current period? A. The rent expense is £11,069 B. The rent expense is £8,169 C. The rent expense is £6,679 D. Cannot be determined from the data given
somerest leasing received $40800 for 12 months's rent in advance. how should somerest record this transaction?
The worksheet at the end of October has P4,000 in the Trial Balance credit column for Accumulated Depreciation and has P4,750 in the Balance Sheet credit column for Accumulated Depreciation. What was the amount of the Depreciation expense adjustment for the month of October? *
Near the end of 20X0, Jamboree Enterprises completes services for a customer and sends an invoice for $500. As of year-end, no payment has been received. If Jamboree reports 20X0 revenue of $500, it must be using _______ basis accounting.
As the owner of a hair salon business, you expect to recieve the utility bill on June 14 for the service provided in May. The average monthly bill is around $3,500. 1. When should the utility bill be recorded dated June 14? a) In June, because this is when you received the bill. b) In July, because this is when you will pay the bill. c) In May, because this is when the expense was incurred. Please explain for the answer.
5) Suppose that our business uses a monthly fiscal period. On March 1, 2020, we paid 6 months of rent, a value of $9,000 to our landlord, in advance, for the coming months. What would the journal entry in the general journal for the purchase of Prepaid rent look like? 1.Debit - Rent Expense $9000 </> Credit - Prepaid Rent $9000 2.Debit - Rent Expense $9000 </> Credit - Cash $9000 3.Debit - Prepaid Rent $9000 </> Credit - Building $9000 4.Debit - Prepaid Rent $9000 </> Credit - Cash $9000
Provide correct solution to the question
On October 1, the company lent $50,000 to a customer. The customer signed a note that required principle and interest at 8% to be paid in full on September 30 the following year. What is the adjusted journal entry?
Identify the letter for the principle or assumption from A through F in the blank space next to situation that it best explains or justifies: _________In December of this year, Chavez Landscaping received a customer’s order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year.
I am stuck on what my utility expense for my income statement. I had $30K utilities the first year and incurred an additional $35K and would assume the expense is $65K. Where am I going wrong?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

More info Oct 1 Dec 6 Dec 16 Dec 31 Loaned $21,000 cash to Brandy Shields on a one-year, 10% note. Performed service for Lawn Pro, receiving a 90-day, 9% note for $5,000. Received a $4,000, six-month, 11% note on account from Peabody Company. Accrued interest revenue for the year. Print Done X