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...

50.1K

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

Basic Math
1.2K views

4 a Determine the equation of the quadratic in factored form that has zeros 3...

Finance
1.2K views

Discuss the significance of the efficient markets hypothesis to your understanding of financial reporting. Discuss the role...

Basic Math
1.2K views

In another case –control study researchers investigated cleft lip with or without cleft palate by smoking...

Statistics
1.2K views

A security consultant has observed that the attempts to breach the security of the companys computer...

Biology
1.2K views

. Identify the type of POINT mutation (BASE SUBSTITUTION or frameshift mutation)in the following gene, also...

Physics
1.2K views

Unit 2 Accelerations ... Compute the answers and match the following. A rock is thrown vertically into...

Basic Math
1.2K views

An equivalent expression to cos(-x) is:a) - sin(x)b) cos(x)c) sin(x)d) - cos(x)

Accounting
1.2K views

as detailed as possible would be great, trying to see what i did wrong...

Accounting
1.2K views

Dubad The AL CARMEN IC Share tending for the 2 interna BALANCE SENET 20 000...

Accounting
1.2K views

21. Dexter Products, Inc., manufactures...

Accounting
1.2K views

14. (10 Points) The selling price of Rendel Corporation's only product is $210.00 per unit...

Finance
1.2K views

Q4. You anticipate that Canuck Industries will make total payouts of $4.675 billion at the...