Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. answer all questions. 7. bell corporation purc

Answer all questions. 7. Bell Corporation purchases inventory on...

90.2K

Verified Solution

Question

Accounting

Answer all questions. image
7. Bell Corporation purchases inventory on February 1, 2019 for $80,000 in exchange for a short-term note payable, due in one year, with interest at 8%. The entry on February 1, 2019 includes a: A. debit to Inventory, $80,000. B. credit to Interest Payable, $6,400. C. credit to Notes Payable, Short-term, $80,000. D. Both A and C Refer to Question #7. On December 31, 2019, the corporation's year end, the amount of accrued interest payable will be: A. $6,400 B. $5,867 C. $533 D. There is no interest accrued until the due date. 8. Refer to Question #7 and #8. On February 1, 2020, the maturity value will be: A. $80,533 B. $85,867 C. $86,400 D. $80,000. 9

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Case Study – Diabetes Mellitus Mohinder, a 28 year old male, had been diagnosed with diabetes...

Medical Sciences
Q

Define each of the following reaction mechanism, giving its distinguishing characteristics a) direct reaction; b) compound nucleus...

Physics
Q

Recall that a standard 52-card deck has four suits, ?, ?, ?, and ?, each of...

Advance Math
Q

True False oxide atmospher screens out much of the ultraviolet radiation from the sun 2...

Biology
Q

A rocket of initial mass 6000 kg ejects gases at rate of 16 kg sec...

Physics
Q

er circuit is set up as shown The potential gradient across the potentiometer wire is...

Physics
Q

Find the measure of Z1 through 27 700 m21 m42 157 m 3 m25 m46...

Basic Math
Q

If f(x)=1-5x, find each of the following.(a) f(-6) (b) f(0) (c) f(9)(a) f(-6)(Simplify your answer.)

Basic Math
Q

The plane area is bounded by the functions y=x^2 and y=4x - x^2 Find the...

Basic Math
Q

What factors should the auditor consider when evaluating the professional qualifications of a specialist?

Accounting
Q

17.1 Stellar Company has the following investments as of December 31, 2020: ...

Accounting
Q

Multiple Choice Question 59 E] Your answer is incorrect. Try again. You are considering two...

Finance