Notes payable: Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs. To prepare: The journal to record cash proceeds for 7% notes payable.

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Answer 1

Question

Chapter 10, Problem 10.2BE

(a)

To determine

Notes payable:

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

To prepare: The journal to record cash proceeds for 7% notes payable.

(b)

To determine

To prepare: The adjusting journal to record cash proceeds for 7% notes payable.

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The accounts of Aggie Company have the following balances for 2012: Purchases $ 5,20,000 Inventory, January 1, 2012, 80,000 Purchase Returns Purchase Discounts Sales Sales Returns Freight-In 15,280 1,760 8,88,600 12,500 900 Freight-Out 1,000 The inventory count on December 1, 2012, is $96,000. Using the information given, compute the gross profit for Aggie Company for the year ending December 31, 2012. A. $388,240 B. $387,240 C. $389,140 D. $389,040 E. $413,240

Subject. General Account

General Account

Answer 2

Question

Chapter 10, Problem 10.2BE

(a)

To determine

Notes payable:

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

To prepare: The journal to record cash proceeds for 7% notes payable.

(b)

To determine

To prepare: The adjusting journal to record cash proceeds for 7% notes payable.

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Answer 3

Question

Chapter 10, Problem 10.2BE

(a)

To determine

Notes payable:

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

To prepare: The journal to record cash proceeds for 7% notes payable.

(b)

To determine

To prepare: The adjusting journal to record cash proceeds for 7% notes payable.

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Answer 4

Question

Chapter 10, Problem 10.2BE

(a)

To determine

Notes payable:

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

To prepare: The journal to record cash proceeds for 7% notes payable.

(b)

To determine

To prepare: The adjusting journal to record cash proceeds for 7% notes payable.

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Answer 5

Chapter 10, Problem 10.2BE

(a)

To determine

Notes payable:

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

To prepare: The journal to record cash proceeds for 7% notes payable.

(b)

To determine

To prepare: The adjusting journal to record cash proceeds for 7% notes payable.

Answer 6

Chapter 10, Problem 10.2BE

(a)

To determine

Notes payable:

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

To prepare: The journal to record cash proceeds for 7% notes payable.

Answer 7

Chapter 10, Problem 10.2BE

(a)

To determine

Notes payable:

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

To prepare: The journal to record cash proceeds for 7% notes payable.

Answer 8

(b)

To determine

To prepare: The adjusting journal to record cash proceeds for 7% notes payable.

Answer 9

(b)

To determine

To prepare: The adjusting journal to record cash proceeds for 7% notes payable.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 10 - Prob. 1Q Ch. 10 - Prob. 2Q Ch. 10 - Prob. 3Q Ch. 10 - Prob. 4Q Ch. 10 - Prob. 5Q Ch. 10 - (a) Identify three taxes commonly paid by...Ch. 10 - Prob. 7Q Ch. 10 - Prob. 8Q Ch. 10 - Contrast these types of bonds: (a) Secured and...Ch. 10 - Prob. 10Q

Notes payable: Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs. To prepare: The journal to record cash proceeds for 7% notes payable.

Solution Summary: The author explains that notes payable are written promises to pay a certain amount, with certain percentage of interest. Companies use them to meet short-term financing needs.

Notes payable:

Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.

To prepare: The journal to record cash proceeds for 7% notes payable.

To prepare: The adjusting journal to record cash proceeds for 7% notes payable.

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