Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. at december 31, 2021, carla vista company had a fi

At December 31, 2021, Carla Vista Company had a five-month, 4%, $81,600 note receivable that...

60.1K

Verified Solution

Question

Accounting

At December 31, 2021, Carla Vista Company had a five-month, 4%, $81,600 note receivable that was issued on October 1, 2021. Interest and principal are payable at maturity on March 1, 2022.

image

Prepare the January 1, 2022, reversing entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 (To record reversing entry) e Textbook and Media List of Accounts Prepare the March 1, 2022, entry to record the receipt of cash at maturity for the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Mar. 1 (To record collection of note and interest) e Textbook and Media Lict of Account

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1. You have a $30,000 portfolio that consists of equal dollar investments in stocks A, B,...

Finance
Q

Regulation of Blood pH. Describe the details of external respiration (what moves, where, how, and why?) If the...

Medical Sciences
Q

Fully answer the following question in 2 paragraphs using credible resources. Does media play a role...

Psychology
Q

4 Find the missing values for the following right triangle SL X H ZA 24...

Geometry
Q

Hunter invested $580 in an account paying an interest rate of 4.6% compounded monthly. Assuming...

Basic Math
Q

Determine the exact value of two trig functions of a given angle (one in degrees...

Basic Math
Q

Consider the following system dx dt dy dt Find the eigenvalues of the coefficient matrix...

Algebra
Q

Apply It Group Problem Solving Tasks G In a class there is a 2 3...

Algebra
Q

Comparative balance sheet accounts of Nash Inc. are presented below. NASH INC. COMPARATIVE...

Accounting
Q

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available...

Accounting
Q

The Cougar Creamery enters into the following transactions during the month of June: 1. Purchase...

Accounting
Q

Comfy Furniture sells 2,600 couches per year at an average price of $1,060. The carrying...

Finance