Q: Jenny Kane and Cindy Travis borrowed $15,000 on a
Jenny Kane and Cindy Travis borrowed $15,000 on a 7-month, 8% note from Golden State Bank to open their business, KT’s Coffee House. The money was borrowed on June 1, 2014, and the note matures Januar...
See AnswerQ: On May 15, Criqui Outback Clothiers borrowed some money on a
On May 15, Criqui Outback Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the am...
See AnswerQ: On June 1, Fancher Company Ltd. borrows $60,
On June 1, Fancher Company Ltd. borrows $60,000 from First Bank on a 6-month, $60,000, 8% note. The note matures on December 1. Instructions: (a) Prepare the entry on June 1. (b) Prepare the adjustin...
See AnswerQ: Data for Susan Braun are presented in BE10-5. Prepare
Data for Susan Braun are presented in BE10-5. Prepare the employer’s journal entries to record (a) Susan’s pay for the period and (b) the payment of Susan’s wages. Use January 15 for the end of the p...
See AnswerQ: Jenny Kane and Cindy Travis borrowed $15,000 on a
Jenny Kane and Cindy Travis borrowed $15,000 on a 7-month, 8% note from Golden State Bank to open their business, KT’s Coffee House. The money was borrowed on June 1, 2014, and the note matures Januar...
See AnswerQ: During the month of March, Olinger Company’s employees earned wages of
During the month of March, Olinger Company’s employees earned wages of $64,000. Withholdings related to these wages were $4,896 for Social Security (FICA), $7,500 for federal income tax, $3,100 for st...
See AnswerQ: On May 15, Criqui Outback Clothiers borrowed some money on a
On May 15, Criqui Outback Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the am...
See AnswerQ: On June 1, Fancher Company Ltd. borrows $60,
On June 1, Fancher Company Ltd. borrows $60,000 from First Bank on a 6-month, $60,000, 8% note. The note matures on December 1. Instructions: (a) Prepare the entry on June 1. (b) Prepare the adjustin...
See AnswerQ: On August 1, 2014, Ortega Corporation issued $600,
On August 1, 2014, Ortega Corporation issued $600,000, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Ortega’s year-end is December 31. Instructions: Prepare journal entri...
See AnswerQ: During the month of March, Olinger Company’s employees earned wages of
During the month of March, Olinger Company’s employees earned wages of $64,000. Withholdings related to these wages were $4,896 for Social Security (FICA), $7,500 for federal income tax, $3,100 for st...
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