Question
In: Accounting
Great Adventures obtains a $41,000 low-intrest loan for the company from the cuty council, which has...
Great Adventures obtains a $41,000 low-intrest loan for the company
from the cuty council, which has recently passed an initiative
encouraging business developement related to outdoor activities.
The loan is due in three years, and 6% annual intrest is due each
year on July 31. Record the appropriate journal entry
Solutions
Expert Solution
| The solution has been made on the basis that the company closes its books on 31st December every year | |||||
| I have provided the entry for all three years |
ekkarill92 answered 1 year agoRelated Solutions
Great Adventures obtains a $42,000 low-interest loan for the company from the city council, which has...
Great Adventures obtains a $42,000 low-interest loan for the
company from the city council, which has recently passed an
initiative encouraging business development related to outdoor
activities. The loan is due in three years, and 6% annual interest
is due each year on July 31. Record adjusting entries as of
December 31, 2018.
Assume the following ending balances for the month of July.
Cash $ 27,250 Prepaid insurance 5,640 Supplies (Office) 1,800
Equipment (Bikes) 15,700 Accounts payable 1,800 Deferred revenue...
You have just purchased a car and taken out a $41,000 loan. The loan has a...
You have just purchased a car and taken out a
$41,000 loan. The loan has a five-year term with monthly
payments and an APR of 6.1%.
a. How much will you pay in interest, and how much will you pay
in principal, during the first month, second month, and first
year? (Hint: Compute the loan balance after one month, two
months, and one year.)
b. How much will you pay in interest, and how much will you pay
in principal,...
On July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures...
On July 1, 2021, Tony and Suzie organize their new company as a
corporation, Great Adventures Inc. The articles of incorporation
state that the corporation will sell 27,000 shares of common stock
for $1 each. Each share of stock represents a unit of ownership.
Tony and Suzie will act as co-presidents of the company. The
following transactions occur from July 1 through December 31.
Jul.
1
Sell $13,500 of common stock to Suzie.
Jul.
1
Sell $13,500 of common stock...
On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures...
On July 1, 2018, Tony and Suzie organize their new company as a
corporation, Great Adventures Inc. The following transactions occur
from August 1 through December 31. Also, the balances are provided
for the month ended July 31.
The articles of incorporation state that the corporation will sell
28,000 shares of common stock for $1 each. Each share of stock
represents a unit of ownership. Tony and Suzie will act as
co-presidents of the company. The following business activities...
On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures...
On July 1, 2018, Tony and Suzie organize their new company as a
corporation, Great Adventures Inc. The following transactions occur
from August 1 through December 31. Also, the balances are provided
for the month ended July 31.
Aug. 1 Great Adventures obtains a $30,000 low-interest loan for the
company from the city council, which has recently passed an
initiative encouraging business development related to outdoor
activities. The loan is due in three years, and 6% annual interest
is...
On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures...
On July 1, 2018, Tony and Suzie organize their new company as a
corporation, Great Adventures Inc. The following transactions occur
from August 1 through December 31. Also, the balances are provided
for the month ended July 31.
The articles of incorporation state that the corporation will sell
21,000 shares of common stock for $1 each. Each share of stock
represents a unit of ownership. Tony and Suzie will act as
co-presidents of the company. The following business activities...
On July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures...
On July 1, 2021, Tony and Suzie organize their new company as a
corporation, Great Adventures Inc. The articles of incorporation
state that the corporation will sell 39,000 shares of common stock
for $1 each. Each share of stock represents a unit of ownership.
Tony and Suzie will act as co-presidents of the company. The
following transactions occur from July 1 through December 31.
Jul.
1
Sell $19,500 of common stock to Suzie.
Jul.
1
Sell $19,500 of common stock...
On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures...
On July 1, 2018, Tony and Suzie organize their new company as
a corporation, Great Adventures Inc. The following transactions
occur from August 1 through December 31. Also, the balances are
provided for the month ended July 31.
The articles of incorporation state that the corporation will
sell 27,000 shares of common stock for $1 each. Each share of stock
represents a unit of ownership. Tony and Suzie will act as
co-presidents of the company. The following business activities
occur...
On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures...
On July 1, 2018, Tony and Suzie organize their new company as a
corporation, Great Adventures Inc. The following transactions occur
from August 1 through December 31. Also, the balances are provided
for the month ended July 31.
Aug. 1 Great Adventures obtains a $30,000 low-interest loan for the
company from the city council, which has recently passed an
initiative encouraging business development related to outdoor
activities. The loan is due in three years, and 6% annual interest
is...
On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures...
On July 1, 2018, Tony and Suzie organize their new
company as a corporation, Great Adventures Inc. The following
transactions occur from August 1 through December 31. Also, the
balances are provided for the month ended July 31.
Aug. 1 Great Adventures obtains a $30,000 low-interest loan for
the company from the city council, which has recently passed an
initiative encouraging business development related to outdoor
activities. The loan is due in three years, and 6% annual interest
is due...
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