Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on may 1, 2019, debts bank agreed to lend mirza en

On May 1, 2019, DEBTS Bank agreed to lend Mirza Enterprises $115,500. To that effect,...

80.2K

Verified Solution

Question

Accounting

image

On May 1, 2019, DEBTS Bank agreed to lend Mirza Enterprises $115,500. To that effect, Mirza signed a $115,500, 10- month, 8% per annum note. Mirza Enterprises has a year-end of December 31. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole dollar. For transactions with more than one debit, enter the accounts in alphabetical order. Prepare the journal entry for Mirza Enterprises: a) On the date the note was signed b) At year-end c) On March 1, 2020 when the note is repaid Date Account Title and Explanation Debit Credit May 1 To record the note payable Dec 31 To record interest payable from note Mar 1 To record repayment of note and additional interest

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