Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. additional problem 5 your answer is partially corr

Additional Problem 5 Your answer is partially correct. Try again. In an effort to raise...

80.2K

Verified Solution

Question

Accounting

image
Additional Problem 5 Your answer is partially correct. Try again. In an effort to raise some cash for operating activities, Novak Corporation approached Flounder Ltd. and asked to borrow $127,000 (the Presidents of Novak and Flounder were cousins). Flounder agreed to loan $127,000 to Novak for three months at 6% interest. On August 1, Novak signed a promissory note for the amount, promising to repay the funds plus interest on November 1. Prepare all the journal entries on the books of Flounder to record the note receivable, assuming that Flounder's fiscal year-end is September 30 and repayment of the note receivable plus interest occurs on November 1 (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem) Debit August 1 Cash 127 Interest Income 5080 127000 Notes Receivable 127000 7620 S0BD Interest Income

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

Economics
1.2K views

Many people in the small town of Econville have complained that there is no park for...

Biology
1.2K views

Which of the following cell types exhibits the highest degree of phagocytic activity Neutrophils Eosinophils...

Geometry
1.2K views

How many ways can eight letters be arranged into groups of five where order matters...

Basic Math
1.2K views

Consider the following equation 28x+28x + 7 = 0.(a) Solve the equation by completing the...

Calculus
1.2K views

After t hours there are P t cells present in a culture where P t...

Algebra
1.2K views

describe each dilation and reflection as itrelates to the parent function y=-6x

Algebra
1.2K views

2 Grace and Kaitlyn are trying to find three consecutive integers such that the square...

Accounting
1.2K views

Piedmont Company segments its business into two regions-North and South. The company prepared...

Accounting
1.2K views

Differential Analysis Report for Machine Replacement Lone Wolf Technologies Inc. assembles circuit boards by using...

Accounting
1.2K views

Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data...

Accounting
1.2K views

A partnership has the following capital balances: Natalie (70% of gains and...

Accounting
1.2K views

Metlock Co. sold $1,880,000 of 12%, 10-year bonds at 105 on January 1, 2020. The...