10. Grayson Bank agrees to lend the Trust Company $100,000 on January 1. Trust C
ID: 2409643 • Letter: 1
Question
10. Grayson Bank agrees to lend the Trust Company $100,000 on January 1. Trust Company signs a $t 8%,9-month note. The entry made by Trust Company on January l to record the proceeds and issu the note is: a. Cash 100,000 Notes Payable b. Interest Expense Notes Payable 100,000 8,000 92,000 Cash 100,000 c. Cash 108,000 Interest Expense Notes Payable 8,000 108,000 d. Notes Payable 100,000 Interest Payable 6,000 Cash Interest Expense 100,000 6,000 An element of internal control is a. risk assessment b. journals c. controlling accounts d. subsidiary ledgers 11. 12. 5 year 8% bonds with a face value of S 10,000,000 and annual interest payments A company issued company received $9,500,000 in cash from investors. The journal entry to record the uissuance of tl is; a. Cash 9,500,000 c. Cash 9,500,000 Discount500,000 Bonds Payable 9,500,000 Bonds payable 10,000,000 10,000,000 500,000 b. Cash d. Cash9,500,000 Discount Bonds payable 9,500,000 Bonds payable 10,500,000 Equipment with a cost of $130,000 has an estimated residual value of S10,000 and an estimated lif years or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount of de for the first full year, during which the equipment was used 3,300 hours? a. $24,000 b. $33,000 c. $35,750 d. $32,500 13. 14. If management intends to sell an investment security in less than one year, it should be classified a. b. trading none of the above c. d. held to maturity available for saleExplanation / Answer
As per Chegg Policy, I am answering the first MCQ. Kindly post rest questions separately. Thanks.
11. The entry that will be passed by Trust Company:
Cash 100,000
Notes Payable 100,000
Therefore, the correct option is (A).
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