Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. entity a received a 10%, p200,000, one-year, no

1. Entity A received a 10%, P200,000, one-year, note receivable on July 1, 20x1. Entity...

90.2K

Verified Solution

Question

Accounting

1. Entity A received a 10%, P200,000, one-year, note receivable on July 1, 20x1. Entity A uses a calendar year period. The principal and interest on the note are due on July 1, 20x2. What is the adjusting entry on December 31, 2x1?

2. Entity A issued a 12%, P200,000, one-year, note payable on November 1, 20bd1. Entity A uses a calendar year period. The principal and interest on the note are due on November 1, 20x2. What is the adjusting entry on December 31, 2x1?

3. On January 1, 20x1, your business acquires computer equipment for 120,000. You expect to use the computer over the next 3 years. What is the adjusting entry on December 31, 2x1 to take up depreciation expense?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students