20. A company is in its first month of operations. On January 1, the company borrows $10,000 from the bank. The bank charges annual interest of 12% on the borrowed amount. Interest is due at the end of the year. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided. Record the annual interest of 12% payable at the end of the year on the $10,000 borrowings from the bank.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “20. A company is in its first month of operations. On January 1, the company borrows $10,000 from the bank. The bank charges annual ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Nathan has just begun his informative speech when jackhammers start making a racket in a nearby parking lot. This bothers both Nathan and the audience. The jack hammer noise is an example of a/an: a. Environmental distraction b. Noise pollution c.
Answers (1)
If consumption spending increases from $758 to $767 billion when disposable income increases from $912 to $927 billion, it can be concluded that the marginal propensity to consume is
Answers (1)
Which sentence indicates that consumer income has contributed to rising demand? The farmers have been able to harvest almost all of their fields and sell the crops at prices higher than costs paid to plant and sow.
Answers (1)
Reynolds Paper Products Corporation follows a strict residual dividend policy. All else equal, which of the following factors would be most likely to lead to an increase in the firm's dividend per share? Select one: a.
Answers (1)
Which of the following must be true in order for materials to be classified as direct materials? a. They must be an integral part of the finished product and be a significant portion of the total product cost. b.
Answers (1)
New Questions in Business
Regan grows flowers and makes ceramic vases. Jayson also grows flowers and makes ceramic vases. Regan can produce 3 times as many vases in a day as Jayson, and Regan can grow twice as many flowers in a month as Jayson.
Answers (2)
Danny "Dimes" Donahue is a neighborhood's 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $1.50 each, he sells 100. At a price of $1 each, he sells 300. a.
Answers (1)
Starting last December, one of the three major credit-score trackers, Experian, added paying monthly rent as one of its criteria for calculating a credit score.
Answers (1)
Odell's Furniture has a manufacturing facility in Rigby, Idaho that has an effective capacity of 106 furniture pieces per day and produces 88 furniture pieces per day. What is the facility's efficiency rate? a. Write your answer as a percentage. b.
Answers (1)
Benefits are offered by employers to attract good employees. a. True b. False
Answers (1)