[marshall592]

The Journal Entry is as of November 31

1. On October 22, a loan was issued to company XYZ for $140,000, originating November 1. The company pays interest on the loan every 6 months along with a principal repayment of $20,000, beginning May 1. What would the journal entries and adjusting journal entries be for company XYZ?

2. If 500 dollars of inventory spoils (company is a restaurant) how would this look in a journal entry? What would be the debits and what would be the credits?

3. Would a sign for a company be an expense or asset? What about decorating, if it costs 4000 for artifacts, are they an asset or expense?

4. Would an electronic transfer be classified as Cash in a journal entry?

5. If the company spends $500 on advertising would it need an adjusting entry or only debiting advertising expense 500 and crediting cash 500?