Hi everyone, I've been trying to understand and figure out how to tackle this, but it just confuses me even more (or maybe I'm overthinking it). If anyone can please explain this to me, and help how how to journalize it that would be appreciated :) .. van was purchased Oct 1 2009. Useful life...

Included in WWC's February 1 Accounts Receivable balance is a $2,000 account due from Kit Kat, a WWC customer. Kit Kat is having cash flow problems and cannot pay its balance at this time. WWC arranges with Kit Kat to convert the $2,000 balance to a note. And Kit Kat signs a 6-month not, at 12%...

This is the adjusting entry statement: The $48,000 note payable is dated August 31, 2004, and bears interest at 12 percent per annum. The note and interest are payable at the maturity on November 13, 2004. (Assume a 365-day year and round to the nearest dollar) I am preparing adjusting...

How would I journalize this adjusting entry? Invoices representing $1,000 of services performed during the month have not been recorded as of May 31. :confused:

Hi. I am unsure about the correct way to debit/credit these entries. Can someone help me? Window Washing Company opened on July 1, 2010. During July the following transactions were completed: July 1 Issued 14,456 shares of common stock for $14,456 cash. July 1 Purchased used truck for...