Accounting Assignment/ Professional Essay Writers
Provide the appropriate journal entry for each independent situation in your answer packet. On March 31, 2009, Gator Co takes out a $200,000 five-year loan from a bank. The interest rate on the loan is 12%. Simple interest is payable semiannually from the date of issuance. Provide the adjusting journal entry, if any, that Gator Co should make at the close of the fiscal year on December 31, 2009, related to this loan. Assume that Gator Co always makes interest payments on the day they are due. If no adjusting entry is required, write â€œno entry required. On 1/1/2001 Lucky Co. delivered widgets to customers which cost Lucky $100,000 and were sold for $500,000. Of the total sales, $50,000 were for cash. $25,000 related to widgets delivered in satisfaction of prior orders; these customers had paid in advance in the previous year.
The remaining widgets were sold on account. Provide the journal entry/entries that Lucky Co would record on 1/1/2001 related to this transaction. Get Accounting help Today