Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=19)
-   -   Notes payable (https://www.askmehelpdesk.com/showthread.php?t=351900)

  • May 10, 2009, 01:10 AM
    littledepangel
    Notes payable
    2. Notes payable.
    On August 31, Grant Co. partially refunded $180,000 of its outstanding
    10% note payable made one year ago to Arma State Bank by paying $180,000
    Plus $18,000 interest, having obtained the $198,000 by using $52,400
    Cash and signing a new one-year $160,000 note discounted at 9% by the
    Bank.

    Instructions
    (1) Make the entry to record the partial refunding. Assume Grant Co.
    Makes reversing entries when appropriate.
    (2) Prepare the adjusting entry at December 31, assuming straight-line
    Amortization of the discount.
  • May 10, 2009, 01:54 AM
    morgaine300

    Please see the guidelines for posting homework problems:
    Ask Me Help Desk - Announcements in Forum : Homework Help

  • All times are GMT -7. The time now is 03:23 AM.