Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on 10/1/2018, marley company issues a 3-year inter

On 10/1/2018, Marley Company issues a 3-year interest bearing note payable with a face value...

50.1K

Verified Solution

Question

Accounting

On 10/1/2018, Marley Company issues a 3-year interest bearing note payable with a face value of $60,000 to Nelson Company in exchange for equipment. The note has a stated interest rate of 4%, which is compounded annually. Interest payments are due on 10/1 of each year.

What would the journal entry at 12/31/18 be based on this transaction?

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

Suppose that an asteroid traveling straight toward the center of the earth were to collide with...

Physics
Q

What are the advantages and disadvantages of the PI controller, PD controller and PID controller ? ADVANCED...

Mechanical Engineering
Q

Verilog counter problem: Using the attached 4-bit up-counter module and testbench as a template, write a Verilog...

Electrical Engineering
Q

Product Costs and Product Profitability Reports, using a Single Plantwide Factory Overhead Rate Isaac Engines Inc. produces...

Accounting
Q

he inverse function f1 of the function tan x 7 2 7 x

Calculus
Q

Which of the below is a factor of a 64 a 4 a 8 a...

Algebra
Q

Angela and Jeremy are a married Canadian couple, with a 22-year old daughter Fiona and...

Accounting
Q

Larry donated 300 shares of Acme Corporation Stock to the Salvation Army, a qualified charitable...

Accounting
Q

Akari has a lot of different sources of gains and losses for 2022. The following...

Accounting
Q

complete the problem using Excel formula P-30: Analysis...

Accounting
Q

Crystal Charm Company makes handcrafted silver charms that attach to jewelry such as a necklace...

Accounting
Q

6. Paid 53 soe for Warier and wages due nnployees, of which 53,500 is for...

Accounting