Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, riverbed corp. lent $46,000 to marin

On January 1, Riverbed Corp. lent $46,000 to Marin Ltd., accepting Marin's $61,226,...

90.2K

Verified Solution

Question

Accounting

image

On January 1, Riverbed Corp. lent $46,000 to Marin Ltd., accepting Marin's $61,226, three-year, zero-interest-bearing note. The implied interest is 10\%. (a) Prepare Riverbed's journal entries for the initial transaction, recognition of interest each year assuming use of the effective interest method, and the collection of $61,226 at maturity. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

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

Smitley and Davis studied the changes in gypsy moth egg mass density over one generation as...

Advance Math
1.2K views

1. Solve for the optimal values of C1 and C2 in the following optimization problem: MaxC1,C2...

Chemistry
1.2K views

Explain why the magnetic susceptibility of a transition metal complex is temperature dependent, whereas the magnetic...

General Management
1.2K views

compare a partnership creation in comparasion to a company formation

Basic Math
1.2K views

1 Each block contains either 1 or 2 angles with different degree meas Type a...

Statistics
1.2K views

You randomly select one card from a 52 card deck Find the probability of selecting...

Calculus
1.2K views

For the function z= -6x + 7y - 5xy, find ?z/?x , ?z/?y , ?z(1,1)/?x...

Algebra
1.2K views

At Question 56 of 60 Which act extended full citizenship and civil rights to African...

Algebra
1.2K views

Describe the difference between the formulas needed to solve the following problems How much fencing...

Accounting
1.2K views

The comparative financial statements prepared at December 31 for Pinnacle Plus showed the following summarized...

Finance
1.2K views

25,707,000 629,000 24,807,000 24,547,000 489,000 23,340,000 23,785,000 468,000 23,380,000 12/31/2020 12/31/2019 33,145,000 12/31/2018 29,432,000 -11,239,000...

Finance
1.2K views

Hisse senedi piyasasna yaplan bir yatrmn deerinin 1900'den bu yana ortalama bileik oranda yaklak %5...