Great Adventures obtains a $30,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31. Record the appropriate journal entry.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Great Adventures obtains a $30,000 low-interest loan for the company from the city council, which has recently passed an initiative ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Seller Kim tells her agent Greg that she would be willing to accept $185,000 on her $205,000 listed home. There are no offers on the property during the 6-month listing period and the listing expires.
Answers (1)
How many full-time volunteers are donating their time in the US, if you add up the average 3 hours that the 100 million volunteers are donating?
Answers (1)
Ms. Fresh bought 1,000 shares of Ibis Corporation stock for $5,000 on January 15, 2017. On December 31, 2019, she sold all 1,000 shares of her Ibis stock for $4,500.
Answers (1)
The business entity concept means that a. the owner is part of the business entity b. an entity is organized according to state or federal statutes c. an entity is organized according to the rules set by the FASB d.
Answers (1)
A taxpayer who has purchased several lots of stock on different dates at different purchase prices and cannot identify the lot of stock that is being sold should use either a weighted average approach or a LIFO approach. True / False.
Answers (1)
New Questions in Business
2. Winners and losers from free trade Consider the market for meekers in the imaginary economy of Meekertown. In the absence of international trade, the domestic price of meekers is $40. Suppose that the world price of meekers is $39.
Answers (1)
An economic system: A. requires a grouping of private markets linked to one another. B. is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem. C.
Answers (1)
Grading at a site refers to A) evaluating the existing subsurface conditions of a site. B) evaluating the groundwater conditions at a site. C) compacting the soil to required density. D) None of these.
Answers (1)
A machine with a cost of $130,000, accumulated depreciation of $85,000, and current year depreciation expense of $17,000 is sold for $40,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:A.
Answers (1)
Which investment has the highest liquidity and can be converted into cash easily? A - bonds B - mutual funds C - stocks D - certificates of deposit
Answers (2)