« previous next »

Author Question: On September 1, 2011, Miracles, Inc. borrowed 30,000 on 12 note with both interest and principal due ... (Read 50 times)

azncindy619

  • Hero Member
  • *****
  • Posts: 562
on: Jul 5, 2018
On September 1, 2011, Miracles, Inc. borrowed 30,000 on 12 note with both interest and principal due on June 1, 2012. Post the adjusting entry for the year ended December 31, 2011 in the T-accounts below:
 
  What will be an ideal response?

Question 2

The journal entry to close expense accounts includes
 a. debiting the expense accounts and crediting Income Summary.
   b. debiting Income Summary and crediting the expense accounts.
   c. debiting the expense accounts and crediting the owner's capital account.
   d. debiting the expense accounts and crediting the drawing account.


nickk12214

  • Sr. Member
  • ****
  • Posts: 332
Reply #1 on: Jul 5, 2018
Answer to Question 1

Interest payable
1,200

Interest expense
1,200

Answer to Question 2

b


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Elderly adults are living longer, and causes of death are shifting. At the same time, autopsy rates are at or near their lowest in history.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Did you know?

Approximately one in three babies in the United States is now delivered by cesarean section. The number of cesarean sections in the United States has risen 46% since 1996.

Did you know?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

The ozone hole in September, 2003. Even as scientists verified that the rate of ozone depletion was The ozone hole in September, 2003. Even as scientists verified that the rate of ozone depletion was
Spiral Produced by twisting stresses that are spread along the length of a bone (note the break in t Spiral Produced by twisting stresses that are spread along the length of a bone (note the break in t
The sense of taste. Note: taste buds are located on the anterior and posterior portions of the ... The sense of taste. Note: taste buds are located on the anterior and posterior portions of the ...
Example of simplified note for one-time client. Example of simplified note for one-time client.
A mother invests $9000 in a bank account at the time of her daughter's birth. The interest is ... A mother invests $9000 in a bank account at the time of her daughter's birth. The interest is ...
Compound interest Compound interest
Video: Spermatogenesis Animation

For a complete list of videos, visit our video library