Author Question: The company determines that the interest expense on a note payable for period ending December 31 is ... (Read 43 times)

dbose

  • Hero Member
  • *****
  • Posts: 597
The company determines that the interest expense on a note payable for period ending December 31 is 775 . This amount is payable on January 1 . Prepare the journal entries required on December 31 and January 1.

Question 2

What is the general rule for recognizing revenues in governmental funds?
 
  a. revenues should be recognized when the budget is adopted
  b. revenues should be recognized when available and measurable
  c. revenues should be recognized when collected in cash
  d. revenues may be recognized either when collected in cash or when the budget is adopted, at the option of the government



tofugiraffe

  • Sr. Member
  • ****
  • Posts: 319
Answer to Question 1

Dec. 31 Interest Expense 775
Interest Payable 775
Jan. 1 Interest Payable 775
Cash 775

Answer to Question 2

b



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Although not all of the following muscle groups are commonly used, intramuscular injections may be given into the abdominals, biceps, calves, deltoids, gluteals, laterals, pectorals, quadriceps, trapezoids, and triceps.

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

The training of an anesthesiologist typically requires four years of college, 4 years of medical school, 1 year of internship, and 3 years of residency.

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

For a complete list of videos, visit our video library