Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. first state bank lends dorchester company $100,000

First State Bank lends Dorchester Company $100,000 on March 1, accepting a one year, 5%...

80.2K

Verified Solution

Question

Accounting

image
First State Bank lends Dorchester Company $100,000 on March 1, accepting a one year, 5% interest note. First State Bank prepares financial statements on March 31. What adjusting entry should be made March 31 st before the financial statements can be prepared? debit Note Receivable 100,000; credit Cash 100,000 debit Accounts Receivable 5,000; credit Interest Revenue 5,000 debit Interest Payable 4,167; credit Interest Revenue 4,167 debit Interest Receivable 417; credit Interest Revenue 417

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

given the expiremental data below, determine the equation that models the data. first plot the data...

Advance Math
Q

Question 2: Describe the three methods of sample selection and list the advantages and disadvantages of each...

Statistics
Q

Ethics in Animal Research Written Assignment In this written assignment, you will act as the Animal Care Committee...

Psychology
Q

Charge q1= +0.225 nC is at the origin. Charge q2 = -0.913 nC is at y=...

Physics
Q

IT Alignment and Strategic Planning" Analyze the manner in which the use of technology improves the...

General Management
Q

beginning "U.S. -China") discussing Google's challenges in providing the Android operating system in China.What strategic modifications might...

General Management
Q

An object is moving at a speed of 95 kilometers every 7 5 weeks Express...

Basic Math
Q

In a study to determine if using low intensity laser therapy reduces pain for orthodontic...

Statistics
Q

Exercise 9-7 (Algo) Flexible Budgets and Activity Variances [LO9-1, LO9-2] Jakes Roof Repair has provided...

Accounting
Q

Ayayai Corporation's adjusted trial balance contained the following asset accounts at December 31,2025: Cash $7,520,...

Accounting
Q

5. Problem 13.07 Click here to read the eBook: Business and Financial Risk FINANCIAL LEVERAGE...

Finance
Q

Federal Income Tax I 2020 tax return How can I enter the following data into...

Finance