Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on november 1, 2023, alan company signed a 120-day

On November 1, 2023, Alan Company signed a 120-day, 10% note payable, with a face...

70.2K

Verified Solution

Question

Accounting

On November 1, 2023, Alan Company signed a 120-day, 10% note payable, with a face value of $63,000. Alan made a December 31 year-end accrual for interest earned. (Use 360 days a year.) 2a. Write the November 1st journal entry. How did the entry impact the 2023 financial statements? 2b. Write the December 31st journal entry. How did the entry impact the 2023 financial statements? 2c. Write the final journal entry in 2024 on the correct date. How did the entry impact the 2024 financial statements

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

The fundamental vibrational transition of the 12C16O in the electronic ground state from v=0 to v=1...

Chemistry
Q

You get a phone call that changes your life: your child or a relative's child has...

Biology
Q

post a paragraphs of 150 words about a new product that you thibk is the coolest...

General Management
Q

The following data is representative of that reported in an article on nitrogen emissions, with x...

Basic Math
Q

The Ridgefield Company manufactures? trendy, high-quality moderately priced watches. As Ridgefield?'s senior financial? analyst, you are asked to recommend a...

Accounting
Q

What is the days supply for this prescription Alprazolam 0 5mg tablets Disp 100 tabs...

Biology
Q

38 If radius of a solid sphere is decreased to half keeping density of sphere...

Physics
Q

XYZ Corporation reported net income of $2,700,000 for the year. The beginning total assets were...

Accounting
Q

On July 2 of the current year, Farb purchased and placed into service an apartment...

Accounting
Q

I was able to get this info, but am not sure how to complete part...

Accounting
Q

Aretha Foster, single, is marketing director for The Canterbury Community, a senior living center. She...

Accounting
Q

Prepare the journal entries to record the following transactions on Sunland Company's books under a...

Accounting