1. Lyle Corp had supplies on hand at July 1 costing $1,200. They bought addition
ID: 2456002 • Letter: 1
Question
1. Lyle Corp had supplies on hand at July 1 costing $1,200. They bought additional supplies costing $900 on July 13th. At July 31 supplies costing $700 were on hand. Supplies expense for July of _____ would be recorded.
a. $1,200
b. $1,900
c. $2,100
d. $1,400
Use the following information to answer questions 2-3: County Bank agrees to lend the Allen Brick Company $200,000, 6%, 9-month note.
2. The entry made by Allen Brick Company on January 1 to record the proceeds
and issuance of the note is
a. Cash 200,000
Interest Expense 9,000
Notes Payable 200,000
Interest Payable 9,000
b. Cash 191,000
Interest Expense 9,000
Notes Payable 200,000
c. Cash 200,000
Notes Payable 200,000
d. Cash 200,000
Interest Expense 9,000
Notes Payable 209,000
3. What entry will Allen Brick Company make to pay off the note and interest at
maturity assuming that interest expense has been accrued to September 30?
a. Notes Payable 200,000
Interest Expense 9,000
Cash 209,000
b. Notes Payable 200,000
Interest Payable 6,000
Interest Expense 3,000
Cash 209,000
c. Notes Payable 200,000
Interest Payable 9,000
Cash 209,000
d. Notes Payable 209,000
Cash 209,000
1. Lyle Corp had supplies on hand at July 1 costing $1,200. They bought additional supplies costing $900 on July 13th. At July 31 supplies costing $700 were on hand. Supplies expense for July of _____ would be recorded.
a. $1,200
b. $1,900
c. $2,100
d. $1,400
Use the following information to answer questions 2-3: County Bank agrees to lend the Allen Brick Company $200,000, 6%, 9-month note.
2. The entry made by Allen Brick Company on January 1 to record the proceeds
and issuance of the note is
a. Cash 200,000
Interest Expense 9,000
Notes Payable 200,000
Interest Payable 9,000
b. Cash 191,000
Interest Expense 9,000
Notes Payable 200,000
c. Cash 200,000
Notes Payable 200,000
d. Cash 200,000
Interest Expense 9,000
Notes Payable 209,000
3. What entry will Allen Brick Company make to pay off the note and interest at
maturity assuming that interest expense has been accrued to September 30?
a. Notes Payable 200,000
Interest Expense 9,000
Cash 209,000
b. Notes Payable 200,000
Interest Payable 6,000
Interest Expense 3,000
Cash 209,000
c. Notes Payable 200,000
Interest Payable 9,000
Cash 209,000
d. Notes Payable 209,000
Cash 209,000
Explanation / Answer
1.$1200+$900-$700 = $1400
Therefore supplies expense to be recorded = $1400 I.e. option D
2.Entry to be made by Allen bricks on Jan 1 is option C I.e.
Cash a/c. Dr. 200000
Notes payable. 200000
3.Entry to pay off note and interest at maturity is option A I.e.
Notes payable a/c Dr. 200000
Interest expense a/c. Dr. 9000
Cash. 209000
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