nment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 8-2 Ivanho

Question

nment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 8-2 Ivanhoe Company borrows $91,200 on July 1 from the bank by signing a $91,200, 79%, 1-year note payable Prepare a tabular summary to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year. (Ifa transaction causes a decrease in Assets, Liabilitles or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' E quity Retained Earnings CashNotes Payable + Interest Payable +Common Stock+ Revenue ExpenseDividencd Interest expense LIST OF ACCOUNTS

Explanation / Answer

Workings:

Assets = Liablities + Stockholder's Equity Cash = Notes Payable Interest Payable + Common Stock + Revenue - Expenses - Dividend a          91,200                 91,200 b                        3,192         3,192

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