80.2K

Verified Solution

Link Copied!

Question 1 (Mandatory) (9 points) The requirement is to make journal entries. Put the journal entry in the box following "Journal entry". Debits first and then credits. Since only one row is allowed in the box, put debits and credits in the same row. But identify debits and credits using the symbol "Dr" and "Cr". For example, "Dr) Supplies $90 Cr) Cash $90". The accounting period of Y-Toys is one year. Y- Toys Inc has the following transactions in the year 2019: (1) The salary is $200 per person per day. On Jan 4, 2019, paid salaries to two employees for total 15 workdays (including 11 workdays at the end of December, 2018 and 4 workdays in Jan, 2019). On Dec 31, 2018, Y-Toys has made adjusting entries correctly to accrue the salaries of the 11 workdays. What's the journal entry on Jan 4, 2019? Journal entry: (2)On Apr 1, 2018, borrowed $200,000 from banks. The borrowing was already recorded on Apr 1, 2018. The bank loans bear 6% interest (6% is the annual interest rate) and are due one year later, April 1, 2019 Both the interest and principal are paid on the due date. On Dec 31, 2018, the adjusting entry to accrue interest has been correctly recorded What's the journal entry to record the principal and interest payment on Apr 1, 2019? B AI 9 8 hp

Answer & Explanation Solved by verified expert

See Answer