Notes Payable: Notes payable is a promissory note that is issued by the borrower to obtain a specific amount of money which the borrower promises to pay within a year on a specific date. It’s a kind of current liability. Journal Entries : Journal entries are the accounting transaction used to identify which accounts has been debited and credited in the journal. In the journal entries for every debit there must be a correspondence credit. Rules of Journal Entries: To increases balance of account: Assets Debit, Liabilities Credit, Expenses Debit, Revenue Credit, Capital Credit To decreases balance of account: Assets Credit, Liabilities Debit, Expenses Credit, Revenue Debit, Capital Debit 1. To identify: The best option.

Question

Want to see the full answer?

Answer 1

Question

Chapter 9, Problem 4BTN

To determine

Notes Payable:

Notes payable is a promissory note that is issued by the borrower to obtain a specific amount of money which the borrower promises to pay within a year on a specific date. It’s a kind of current liability.

Journal Entries:

Journal entries are the accounting transaction used to identify which accounts has been debited and credited in the journal. In the journal entries for every debit there must be a correspondence credit.

Rules of Journal Entries:

To increases balance of account: Assets Debit, Liabilities Credit, Expenses Debit, Revenue Credit, Capital Credit

To decreases balance of account: Assets Credit, Liabilities Debit, Expenses Credit, Revenue Debit, Capital Debit

1.

To identify: The best option.

2.

To determine

To prepare: Journal entries.

3.

To determine

To explain:-the journal entries prepare in part 2

4.

To determine

To prepare:-Journal entries assuming that the funds are borrowed on 1^s^t December.

5.

To determine

To explain: The journal entries prepare in part 4.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

None

Hii tutor please given answer general Accounting question

Hii ticher please given correct answer general Accounting question

Answer 2

Question

Chapter 9, Problem 4BTN

To determine

Notes Payable:

Notes payable is a promissory note that is issued by the borrower to obtain a specific amount of money which the borrower promises to pay within a year on a specific date. It’s a kind of current liability.

Journal Entries:

Journal entries are the accounting transaction used to identify which accounts has been debited and credited in the journal. In the journal entries for every debit there must be a correspondence credit.

Rules of Journal Entries:

To increases balance of account: Assets Debit, Liabilities Credit, Expenses Debit, Revenue Credit, Capital Credit

To decreases balance of account: Assets Credit, Liabilities Debit, Expenses Credit, Revenue Debit, Capital Debit

1.

To identify: The best option.

2.

To determine

To prepare: Journal entries.

3.

To determine

To explain:-the journal entries prepare in part 2

4.

To determine

To prepare:-Journal entries assuming that the funds are borrowed on 1^s^t December.

5.

To determine

To explain: The journal entries prepare in part 4.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 9, Problem 4BTN

To determine

Notes Payable:

Notes payable is a promissory note that is issued by the borrower to obtain a specific amount of money which the borrower promises to pay within a year on a specific date. It’s a kind of current liability.

Journal Entries:

Journal entries are the accounting transaction used to identify which accounts has been debited and credited in the journal. In the journal entries for every debit there must be a correspondence credit.

Rules of Journal Entries:

To increases balance of account: Assets Debit, Liabilities Credit, Expenses Debit, Revenue Credit, Capital Credit

To decreases balance of account: Assets Credit, Liabilities Debit, Expenses Credit, Revenue Debit, Capital Debit

1.

To identify: The best option.

2.

To determine

To prepare: Journal entries.

3.

To determine

To explain:-the journal entries prepare in part 2

4.

To determine

To prepare:-Journal entries assuming that the funds are borrowed on 1^s^t December.

5.

To determine

To explain: The journal entries prepare in part 4.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 9, Problem 4BTN

To determine

Notes Payable:

Notes payable is a promissory note that is issued by the borrower to obtain a specific amount of money which the borrower promises to pay within a year on a specific date. It’s a kind of current liability.

Journal Entries:

Journal entries are the accounting transaction used to identify which accounts has been debited and credited in the journal. In the journal entries for every debit there must be a correspondence credit.

Rules of Journal Entries:

To increases balance of account: Assets Debit, Liabilities Credit, Expenses Debit, Revenue Credit, Capital Credit

To decreases balance of account: Assets Credit, Liabilities Debit, Expenses Credit, Revenue Debit, Capital Debit

1.

To identify: The best option.

2.

To determine

To prepare: Journal entries.

3.

To determine

To explain:-the journal entries prepare in part 2

4.

To determine

To prepare:-Journal entries assuming that the funds are borrowed on 1^s^t December.

5.

To determine

To explain: The journal entries prepare in part 4.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 9, Problem 4BTN

To determine

Notes Payable:

Notes payable is a promissory note that is issued by the borrower to obtain a specific amount of money which the borrower promises to pay within a year on a specific date. It’s a kind of current liability.

Journal Entries:

Journal entries are the accounting transaction used to identify which accounts has been debited and credited in the journal. In the journal entries for every debit there must be a correspondence credit.

Rules of Journal Entries:

To increases balance of account: Assets Debit, Liabilities Credit, Expenses Debit, Revenue Credit, Capital Credit

To decreases balance of account: Assets Credit, Liabilities Debit, Expenses Credit, Revenue Debit, Capital Debit

1.

To identify: The best option.

2.

To determine

To prepare: Journal entries.

3.

To determine

To explain:-the journal entries prepare in part 2

4.

To determine

To prepare:-Journal entries assuming that the funds are borrowed on 1^s^t December.

5.

To determine

To explain: The journal entries prepare in part 4.

Answer 6

Chapter 9, Problem 4BTN

To determine

Notes Payable:

Notes payable is a promissory note that is issued by the borrower to obtain a specific amount of money which the borrower promises to pay within a year on a specific date. It’s a kind of current liability.

Journal Entries:

Journal entries are the accounting transaction used to identify which accounts has been debited and credited in the journal. In the journal entries for every debit there must be a correspondence credit.

Rules of Journal Entries:

To increases balance of account: Assets Debit, Liabilities Credit, Expenses Debit, Revenue Credit, Capital Credit

To decreases balance of account: Assets Credit, Liabilities Debit, Expenses Credit, Revenue Debit, Capital Debit

1.

To identify: The best option.

Answer 7

Chapter 9, Problem 4BTN

To determine

Notes Payable:

Notes payable is a promissory note that is issued by the borrower to obtain a specific amount of money which the borrower promises to pay within a year on a specific date. It’s a kind of current liability.

Journal Entries:

Journal entries are the accounting transaction used to identify which accounts has been debited and credited in the journal. In the journal entries for every debit there must be a correspondence credit.

Rules of Journal Entries:

To increases balance of account: Assets Debit, Liabilities Credit, Expenses Debit, Revenue Credit, Capital Credit

To decreases balance of account: Assets Credit, Liabilities Debit, Expenses Credit, Revenue Debit, Capital Debit

1.

To identify: The best option.

Answer 8

2.

To determine

To prepare: Journal entries.

Answer 9

2.

To determine

To prepare: Journal entries.

Answer 10

3.

To determine

To explain:-the journal entries prepare in part 2

Answer 11

3.

To determine

To explain:-the journal entries prepare in part 2

Answer 12

4.

To determine

To prepare:-Journal entries assuming that the funds are borrowed on 1^s^t December.

Answer 13

4.

To determine

To prepare:-Journal entries assuming that the funds are borrowed on 1^s^t December.

Answer 14

5.

To determine

To explain: The journal entries prepare in part 4.

Answer 15

5.

To determine

To explain: The journal entries prepare in part 4.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 19

Ch. 9 - Prob. 1QS Ch. 9 - Prob. 2QS Ch. 9 - Prob. 3QS Ch. 9 - Prob. 4QS Ch. 9 - Prob. 5QS Ch. 9 - Prob. 6QS Ch. 9 - Prob. 7QS Ch. 9 - Prob. 8QS Ch. 9 - Prob. 9QS Ch. 9 - Prob. 10QS

To prepare: Journal entries.

To explain:-the journal entries prepare in part 2

To prepare:-Journal entries assuming that the funds are borrowed on 1st December.

To explain: The journal entries prepare in part 4.

Want to see the full answer?

Chapter 9 Solutions

To prepare:-Journal entries assuming that the funds are borrowed on 1^s^t December.