Accrued interest payable journal entry
[DOC File]E15-3(Stock Issued for Land) Twenty-five thousand shares ...
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Jun 12, 2010 · The company uses the effective interest method. 1. Prepare a bond interest expense and premium amortization schedule. 2. Assume the company retired the bonds on September 30, 2011 for $630,000, which includes accrued interest. Prepare the journal entry to record the bonds retirement.
[DOC File]Acct 2210 GQ#2 - Chp 3 - WCNet
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Accrued interest on notes payable amounted to $1,500. e. The company received a $14,400 advance payment during the year on services to be performed. By the end of the year, two-thirds of the services had been performed. ... If the item does not require a journal entry, write "no entry." (a) Sold merchandise costing $4,500 for $1,000 cash and ...
Houston Community College
The journal entry to record this sale would include a: ... What is the adjusting entry to record accrued salaries at the end of June? ... Feedback: Accrued interest payable = $30,000,000 × …
[DOC File]Accounting Equation:
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The journal entry consists of a debit to Cash and a credit to Bonds Payable for the face amount of the bond. When periodic interest is paid or accrued, the journal entry consists of a debit to Bond Interest Expense and a credit to Cash or Interest Payable. The formula for calculating interest …
[DOC File]CHAPTER 1
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c. Short-term notes payable are current obligations evidenced by promissory notes. Interest is usually stated separately on the face of the note. d. Accrued liabilities (also called accrued expenses) are actual or estimated liabilities that exist at the balance sheet date but are unrecorded at that date.
[DOC File]Old Exam Packet – Acct 284 - Iowa State University
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Jun 16, 2009 · Assume that accrued interest payable was credited when the bonds were issued. (Round to nearest dollar.) b. Prepare the entry(ies) to record the conversion on April 1, 2008. (Book value method is used.) Assume that the entry to record amortization of the bond discount and interest payment has been made. (a) Interest Payable ($200,000 X 2/6) 66,667
Interest payable - Definition, Explanation, Journal entry ...
The journal entry follows: Account Debit Credit Salaries Expense $ 2,000 Salaries Payable $ 2,000 When the salary is paid, the liability will be reduced. Accrued Interest: Interest is accrued for the use of money borrowed during a period if the cash payment for interest will be made in a future period.
[DOCX File]Chapter 02 Review of the Accounting Process Answer Key
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General Journal Page 1 Date Account Title P.R. Debit Credit 2014 Adjusting Entries Dec. 31 Salaries Expense 12,000.00 Salaries Payable 12,000.00 An adjusting entry, such as one for an accrued expense, affects both the income statement and the balance sheet) as it results in an increase (debit) to an expense account and an increase (credit) to a ...
[DOC File]CHAPTER 1
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The journal entry to record accrued interest expense on a note payable involves: a. a credit to interest expense and a debit to cash. b. a credit to interest expense and a debit to interest payable. c. a debit to interest expense and a credit to interest payable. d. a credit to interest receivable and a debit to interest expense.
[DOC File]CHAPTERS 3 AND 9—ADJUSTING ENTRIES AND …
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On December 31, 2005, your journal entry for the quarter should: A. Increase Interest Expense for $3,000 and increase Interest Payable for $3,000. B. Increase Cash for $3,000 and increase Accrued Interest for $3,000. C. Increase Interest Expense for $6,000 and decrease Cash for $6,000. D.
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