Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on 10/1/2018, marley company issues a 3-year inter

On 10/1/2018, Marley Company issues a 3-year interest bearing note payable with a face value...

90.2K

Verified Solution

Question

Accounting

On 10/1/2018, Marley Company issues a 3-year interest bearing note payable with a face value of $60,000 to Nelson Company in exchange for equipment. The note has a stated interest rate of 4%, which is compounded annually. Interest payments are due on 10/1 of each year.

What would the journal entry at 12/31/18 be based on this transaction?

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

Calculus
1.2K views

The figure shows a 800 foot tower on the side of a hill that forms...

Medical Sciences
1.2K views

The kidneys handle Na+ in different places of the nephron. Which statement is correct? Water is filtered...

Biology
1.2K views

18 What is Saltatory conduction of nerve impulse A Saltatory conduction is the propagation of...

Algebra
1.2K views

1. To concatenate two strings without using any built-in function 2. Check whether two strings...

Algebra
1.2K views

Let W be the subspace of R spanned by the vectors- 1988 1P =cijenBALL-WIN W-les...

Algebra
1.2K views

Write the polynomial function in factored form with real and rational coefficients with the given...

Accounting
1.2K views

Operating Leverage Decatur Company reports the following data: ...

Accounting
1.2K views

Exercise 11 (LO 11) Health care, statement of activities. Recover Rehabilitation Hospital has the following...

Accounting
1.2K views

Glant acqulred all of Small's common stock on January 1,2020, In exchange for...

Accounting
1.2K views

QUESTION THREE [15] Stan and Ben are in partnership,...

Accounting
1.2K views

4. A long-term promissory note for $10,000 is taken out on May 21,...

Finance
1.2K views

The financial statements of two companies are listed below for the recently concluded year 2020....