Q/ The following events that occur during year 2020 on Arjiwan CO: 1- On Mar 1, the company borrowed $360,000 from a local bank on a 10-years mortgage with annual interest rate is 10%. 2- 1/July company bought equipment costing $380,000 has useful life of 10 years and its estimated salvage value is $20,000 using the straight line method. 3- 1/Sep company paid rent 21000 cash for 7 months 4- 31/12 company found that it not paid rent 7000 for Oct Required: record the necessary entries
Q/ The following events that occur during year 2020 on Arjiwan CO: 1- On Mar 1, the company borrowed $360,000 from a local bank on a 10-years mortgage with annual interest rate is 10%. 2- 1/July company bought equipment costing $380,000 has useful life of 10 years and its estimated salvage value is $20,000 using the straight line method. 3- 1/Sep company paid rent 21000 cash for 7 months 4- 31/12 company found that it not paid rent 7000 for Oct Required: record the necessary entries
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Q/ The following events that occur during year 2020 on Arjiwan CO:
1- On Mar 1, the company borrowed $360,000 from a local bank on a 10-years mortgage
with annual interest rate is 10%.
2- 1/July company bought equipment costing $380,000 has useful life of 10 years and its
estimated salvage value is $20,000 using the straight line method,
3- 1/Sep company paid rent 21000 cash for 7 months
4- 31/12 company found that it not paid rent 7000 for Oct
Required: record the necessary entries](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F56a83479-f637-4bf6-850f-0aa835d4e55d%2F7a88e845-4909-41d4-b405-4c6382195c54%2Fvzm3ff_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Q/ The following events that occur during year 2020 on Arjiwan CO:
1- On Mar 1, the company borrowed $360,000 from a local bank on a 10-years mortgage
with annual interest rate is 10%.
2- 1/July company bought equipment costing $380,000 has useful life of 10 years and its
estimated salvage value is $20,000 using the straight line method,
3- 1/Sep company paid rent 21000 cash for 7 months
4- 31/12 company found that it not paid rent 7000 for Oct
Required: record the necessary entries
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education