Right Foot Shoes issued a two-year, $46,000 interest-bearing note on January 1,

ID: 2385328 • Letter: R

Question

Right Foot Shoes issued a two-year, $46,000 interest-bearing note on January 1, 2008, in exchange for new equipment. Interest accrues at 6.3 percent annually but is not paid until maturity.

rev: 02-28-2011

The equipment purchase on January 1, 2008. (In cases where no entry is required, please select the option "NE" for your answer to grade correctly. Leave no cells blank - be certain to select "0" wherever required. Omit the "$" sign in your response.)

The interest adjustment on December 31, 2008. (In cases where no entry is required, please select the option "NE" for your answer to grade correctly. Leave no cells blank - be certain to select "0" wherever required. Omit the "$" sign in your response.)

The payment on December 31, 2009. (In cases where no entry is required, please select the option "NE" for your answer to grade correctly. Leave no cells blank - be certain to select "0" wherever required. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)

rev: 02-28-2011

Record the journal entries and accounting equation effects for each of the following.

Explanation / Answer

(a)

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Right Drive Tyres Ltd has just completed a $20,000 feasibility study into automa

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Right Foot Shoes issued a two-year, $46,000 interest-bearing note on January 1,

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Explanation / Answer

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