Answered: Dec 31, 2024: Dr. Dr. Cr. Jan 1, 2025:…

Dec 31, 2024: Dr. Dr. Cr. Jan 1, 2025: Dr. Cr. = +A $ $ $ $ Prepare the necessary journal entries at the following dates for Pelican Inc. Jan 1, 2024: Dr. Cr. ÷ $

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

ChapterA2: Comprehensive Case Problems

Section: Chapter Questions

Problem 3.9CCP

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Question

On 1 January 2024, Pelican Inc. provided services to Eagle Co. in exchange for Eagle’s $300,000, 2-year 8% note with interest compounded semi-annually on July 1 and January 1. The current market rate of similar notes is 12%. Pelican Inc. financial year ends December 31.

In completing this next compound journal entry, the accounts being debited and credited MUST be listed in their descending order of value

Dec 31, 2024:
Dr.
Dr.
Cr.
Jan 1, 2025:
Dr.
Cr.
=
+A
$
$
$
$

Prepare the necessary journal entries at the following dates for Pelican Inc.
Jan 1, 2024:
Dr.
Cr.
÷
$

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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