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armando1863
05.11.2020 •
Business
On September 1, Kennedy Company loaned $100,000, at 12% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end?
a. Debit Interest Expense, $12,000; credit Interest Payable, $12,000
b. Debit Interest Expense, $4,000; credit Interest Payable, $4,000
c. Debit Interest Receivable, $4,000; credit Interest Revenue, $4,000.
d. Debit Interest Receivable, $12,000; credit Cash, $12,000
e. Debit Cash, $4,000; credit Interest Revenue, $4,000.
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Ответ:
c. Debit Interest Receivable, $4,000; credit Interest Revenue, $4,000.
Explanation:
The interest payable = Principal x Rate x Time (period)
= $100,000 x 12% x 4/12 ( September to December)
$100,000 x 0.12 x 1/3
$100,000 x 0.04
=$4000
Journal entry to record accrued interest at Year end for loan issued on sept 1st.
Date Account titles Debit Credit
Dec 31st Interest Receivable $4000
Interest Revenue $4000
Ответ:
Un activo para el vendedor y un pasivo para el comprador.
Explanation:
Si registramos una venta a credito tenemos la siguiente transaction desde el punto de vista del vendedor:
D Cuentas por cobrar XY
C Ventas XY
Se genera un activo
Si registramos la transaction desde el punto de vista del comprador:
D Activo XY
C Cuentas por pagar XY
Aca generamos una pasivo