Chapter 8 and 9 Homework
Assignment Print View
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Score: 100
out of 100 points (100%)
1.
award:
5 out of 5.00 points On November 1, Bahama Cruise Lines borrows $3 million and issues a six month, 6% note payable. Interest is payable at maturity. Record the issuance of the note and the appropriate adjustment for interest expense at December 31, the end of the reporting period. (Enter your answers in dollars not in millions. Do not round intermediate calculations. Omit the "$" sign in your response.) Date Nov. 1 General Journal Cash Notes payable Debit 3,000,000 Credit 3,000,000 30,000 30,000
Dec. 31 Interest expense Interest payable
Worksheet
Learning Objective: 08-02 Account for notes payable and interest expense.
On November 1, Bahama Cruise Lines borrows $3 million and issues a six month, 6% note payable. Interest is payable at maturity. Record the issuance of the note and the appropriate adjustment for interest expense at December 31, the end of the reporting period. (Enter your answers in dollars not in millions. Do not round intermediate calculations. Omit the "$" sign in your response.) Date Nov. 1 General Journal Cash Notes payable Dec. 31 Interest expense Interest payable 30,000 30,000 Debit 3,000,000 Credit 3,000,000
Explanation: Interest expense = 3,000,000 × .06 × 2/12 = 30,000
2.
award:
5 out of 5.00 points On November 1, Bahama National Bank lends $3 million and accepts a six month, 6% note receivable. Interest is due at maturity. Record the acceptance of the note and the appropriate adjustment for interest revenue at December 31, the end of the reporting period. (Enter your answers in dollars not in millions. Do not round intermediate calculations. Omit the "$" sign in your response.) Date Nov. 1 General Journal Notes receivable Cash Debit 3,000,000 Credit 3,000,000 30,000 30,000
Dec. 31 Interest receivable Interest revenue
Worksheet
Learning Objective: 08-02 Account for
http://ezto.mhecloud.mcgraw-hill.com/hm.tpx?todo=printview
Score: 100
out of 100 points (100%)
1.
award:
5 out of 5.00 points On November 1, Bahama Cruise Lines borrows $3 million and issues a six month, 6% note payable. Interest is payable at maturity. Record the issuance of the note and the appropriate adjustment for interest expense at December 31, the end of the reporting period. (Enter your answers in dollars not in millions. Do not round intermediate calculations. Omit the "$" sign in your response.) Date Nov. 1 General Journal Cash Notes payable Debit 3,000,000 Credit 3,000,000 30,000 30,000
Dec. 31 Interest expense Interest payable
Worksheet
Learning Objective: 08-02 Account for notes payable and interest expense.
On November 1, Bahama Cruise Lines borrows $3 million and issues a six month, 6% note payable. Interest is payable at maturity. Record the issuance of the note and the appropriate adjustment for interest expense at December 31, the end of the reporting period. (Enter your answers in dollars not in millions. Do not round intermediate calculations. Omit the "$" sign in your response.) Date Nov. 1 General Journal Cash Notes payable Dec. 31 Interest expense Interest payable 30,000 30,000 Debit 3,000,000 Credit 3,000,000
Explanation: Interest expense = 3,000,000 × .06 × 2/12 = 30,000
2.
award:
5 out of 5.00 points On November 1, Bahama National Bank lends $3 million and accepts a six month, 6% note receivable. Interest is due at maturity. Record the acceptance of the note and the appropriate adjustment for interest revenue at December 31, the end of the reporting period. (Enter your answers in dollars not in millions. Do not round intermediate calculations. Omit the "$" sign in your response.) Date Nov. 1 General Journal Notes receivable Cash Debit 3,000,000 Credit 3,000,000 30,000 30,000
Dec. 31 Interest receivable Interest revenue
Worksheet
Learning Objective: 08-02 Account for