Journal Entries for Insurance, Interest and Payment of Note
Not what you're looking for?
On December 1, 2007 Gates Company borrowed $45, 00 cash from FirstBank on a 90-day, 9% note payable.
a. Prepare Gate's general journal entry to record the insurance of the note payable.
b. Prepare Gates' general journal entry to record the accrued interest due at December 31, 2007.
c. Prepare Gate's general journal entry to record the payment of the note on March 1, 2008.
Purchase this Solution
Solution Summary
The solution explains step-by-step the journal entries to be made for insurance, interest and payment of note.
Solution Preview
5. On December 1, 2007 Gates Company borrowed $45, 00 cash from FirstBank on a 90-day, 9% note payable.
a. Prepare Gate's general journal entry to record the insurance of the note payable.
Dec 1 Cash Dr 45,000
...
Purchase this Solution
Free BrainMass Quizzes
Basic Social Media Concepts
The quiz will test your knowledge on basic social media concepts.
Business Ethics Awareness Strategy
This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.
Marketing Management Philosophies Quiz
A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media
Operations Management
This quiz tests a student's knowledge about Operations Management