1) On November 1, 2021, Tim's Toys borrows $30,000,000 at 9% to finance the holiday sales season. The note is for a six-
Posted: Mon May 30, 2022 7:09 am
1) On November 1, 2021, Tim's Toys borrows $30,000,000 at 9% to
finance the holiday sales season. The note is for a six-month term
and both principal and interest are payable at maturity. What is
the balance of interest expense for the loan as of December 31,
2022?
2) Tummy Foods purchased a two-year fire and extended
coverage insurance policy on August 31, 2021, and charged the
$4,200 premium to Prepaid insurance. At its December 31, 2021,
year-end, Tummy Foods would record which of the following adjusting
entries?
3) Eve's Apples opened its business on January 1, 2021, and
paid for two insurance policies effective that date. The policy for
equipment damage was $36,000 for 18 months, and the crop damage
policy was $12,000 for a two-year term. What is the balance in
Eve's insurance expense as of December 31, 2021?
4) willow rentals purchased office supplies for cash. the
general journal entry made by willow rentals will include a: debit
to accounts receivable. credit to willow, capital. debit to
accounts payable. credit to cash. credit to supplies.
I need assistance with these questions.
Thank you
finance the holiday sales season. The note is for a six-month term
and both principal and interest are payable at maturity. What is
the balance of interest expense for the loan as of December 31,
2022?
2) Tummy Foods purchased a two-year fire and extended
coverage insurance policy on August 31, 2021, and charged the
$4,200 premium to Prepaid insurance. At its December 31, 2021,
year-end, Tummy Foods would record which of the following adjusting
entries?
3) Eve's Apples opened its business on January 1, 2021, and
paid for two insurance policies effective that date. The policy for
equipment damage was $36,000 for 18 months, and the crop damage
policy was $12,000 for a two-year term. What is the balance in
Eve's insurance expense as of December 31, 2021?
4) willow rentals purchased office supplies for cash. the
general journal entry made by willow rentals will include a: debit
to accounts receivable. credit to willow, capital. debit to
accounts payable. credit to cash. credit to supplies.
I need assistance with these questions.
Thank you