Please Help with accounting :)?

Answers:0   |   LastUpdateAt:2012-08-24 10:42:21  

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VICTOR
Asked at 2012-08-24 10:42:21
1. Kile Company borrows $ 90,000 on July 1 from the bank by signing a $ 90,000, 8% , 1-year note. Prepare journal entries to record ( a) the proceeds of the note and ( b ) accrued interest at December 31 assuming adjusting entries are made only at the end of the year . MedlinePlus MedlinePlus one . a current asset . MedlinePlus b. an intangible asset . MedlinePlus c. long-term investment . MedlinePlus d. property, plant and equipment. MedlinePlus MedlinePlus 2. MedlinePlus Collection $ 600 Accounts receivable MedlinePlus one . decreases an asset $ 600; decreases a liability $ 600 MedlinePlus . b. assets increased $ 600 , $ 600 decreases MedlinePlus asset . c. decreases a liability $ 600 . ' Equity increased $ 600 MedlinePlus d. increase $ 600 of assets, liabilities decreased $ 600 MedlinePlus . MedlinePlus 3.Howard Company had a transaction resulting in an increase of $ 5,000 in assets and total liabilities . This operation could have been a ( n ) : MedlinePlus MedlinePlus one . Purchase of office equipment for $ 5,000 cash . MedlinePlus b. Purchase of office equipment for $ 12,000, paying $ 7,000 cash and the issuance of a promissory note for the balance . MedlinePlus c. Investment of $ 5,000 cash in the business of shareholders . MedlinePlus d. Repayment of a bank loan of $ 5,000.
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