menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Fundamental Accounting Principles Study Set 3
  4. Exam
    Exam 11: Current Liabilities
  5. Question
    On November 16,Predator Company Borrowed $112,000 from DT Bank
Solved

On November 16,Predator Company Borrowed $112,000 from DT Bank

Question 48

Question 48

Essay

On November 16,Predator Company borrowed $112,000 from DT Bank.The loan had an interest rate of 10% and was due in 90 days.Predator Company's fiscal year-end is December 31.
Prepare the journal entry to record the payment of the note on Predator's books.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q43: Explain the concept of interest.

Q44: A company sells its product subject to

Q46: The receipt of $6,000 in advance ticket

Q47: The characteristics of a liability include:<br>A) Occurrence

Q52: On November 16,2015,Williams Industrial gave Phillip Co.a

Q55: Contingent assets should be recognized as soon

Q78: A contingent liability exists when a potential

Q79: A long-term liability can have a current

Q87: Both partnerships and corporations calculate an income

Q88: Estimated liabilities include employee health benefits,property taxes,and

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines