The following information applies to the questions displayed below] Greener Past

Question

The following information applies to the questions displayed below] Greener Pastures Corporation borrowed $1450.000 on November 1, 2015. The note carried a 9 percent Interest rate with the princlpal and Interest payable on June 1, 2016. (a) The note issued on November 1 (b) The interest accrual on December 31. value 10.00 points 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to account balances with a minus sign. Do not round intermediate calculations.) Assets Liabilities Stockholders' Equity ea)

Explanation / Answer

Asset = Liabilities + Stockholder Equity a) $1,450,000 $1,450,000 b) $21,750 -$21,750 Date Particulars Debit $ Credit $ 01-Nov Cash $1,450,000 12% note payable $1,450,000 31-Dec Interest expense $21,750 Interest payable $21,750 ($1450000*9%*2/12)

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.