17,18,19 and 20 17)Greene Corporation loaned $150,000 to another corporation on December 1,2021 and received a 3-month, 8% interest-bearing note with a face value of$150,000. What adjusting entry should Greene make on December 31, 2021?A. Debit Interest Receivable and credit Interest Revenue, $3,000.B. Debit Cash and credit Interest Revenue, $1,000.C. Debit Interest Receivable and credit Interest Revenue, $1,000.D. Debit Cash and credit Interest Receivable, $3,000.18)Camel Corporation had revenues of $300,000, expenses of $180,000, anddividends of $45,000. When Income Summary is closed to Retained Earnings, theamount of the debit or credit to Retained Earnings is aA. Debit of $75,000.B. Debit of $120,000.C. Credit of $75,000.D. Credit of $120,000.19)Montana Co. had the following account balances:Sales revenue$ 180,00090,00015,00030,0006,00012,00030,00018,00016,50019,500Cost of goods soldSalaries and wages expenseDepreciation expenseDividend revenueUtilities expenseRent revenueInterest expenseSales returns and allowancesAdvertising expenseWhat would Montana report as total expense in a single-step income statement?Gross billings for merchandise sold by Gomez Company to its customers last20)year amounted to $12,720,000; sales returns and allowances were $370,000, salesdiscounts were S175,000, and freight-out was $140,000. Net sales last year forGomez Company were?1263 wordsO Focus目e here to search

solution note dear student as per the Q&A guideline we are required to answer the first question…

Greene Corporation loaned $150,000 to another corporation on December 1, 17) 2021 and received a 3-month, 8% interest-bearing note with a face value of $150,000. What adjusting entry should Greene make on December 31, 2021?

Greene Corporation loaned $150,000 to another corporation on December 1, 17) 2021 and received a 3-month, 8% interest-bearing note with a face value of $150,000. What adjusting entry should Greene make on December 31, 2021?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

17,18,19 and 20

17)
Greene Corporation loaned $150,000 to another corporation on December 1,
2021 and received a 3-month, 8% interest-bearing note with a face value of
$150,000. What adjusting entry should Greene make on December 31, 2021?
A. Debit Interest Receivable and credit Interest Revenue, $3,000.
B. Debit Cash and credit Interest Revenue, $1,000.
C. Debit Interest Receivable and credit Interest Revenue, $1,000.
D. Debit Cash and credit Interest Receivable, $3,000.
18)
Camel Corporation had revenues of $300,000, expenses of $180,000, and
dividends of $45,000. When Income Summary is closed to Retained Earnings, the
amount of the debit or credit to Retained Earnings is a
A. Debit of $75,000.
B. Debit of $120,000.
C. Credit of $75,000.
D. Credit of $120,000.
19)
Montana Co. had the following account balances:
Sales revenue
$ 180,000
90,000
15,000
30,000
6,000
12,000
30,000
18,000
16,500
19,500
Cost of goods sold
Salaries and wages expense
Depreciation expense
Dividend revenue
Utilities expense
Rent revenue
Interest expense
Sales returns and allowances
Advertising expense
What would Montana report as total expense in a single-step income statement?
Gross billings for merchandise sold by Gomez Company to its customers last
20)
year amounted to $12,720,000; sales returns and allowances were $370,000, sales
discounts were S175,000, and freight-out was $140,000. Net sales last year for
Gomez Company were?
1263 words
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