My text book is Hospitality Industry Financial Accounting (4th edition). I am in chapter 12 -- CURRENT LIABILITIES AND PAYROLL now. There is a question asks me to "create the journal entries needed for Lakeside for November 1, 20x1; December 31,20x1; and February 1, 20x2." The scenario is the following: Lakeside Restaurant, Inc., borrowed $40,000 from Empire Savings on November 1, 20x1. The note was written for $40,000 at 12 percent interest for ninety days and was due on February 1, 20x2.

My text book is Hospitality Industry Financial Accounting (4th edition). I am in chapter 12 -- CURRENT LIABILITIES AND PAYROLL now. There is a question asks me to "create the journal entries needed for Lakeside for November 1, 20x1; December 31,20x1; and February 1, 20x2." The scenario is the following: Lakeside Restaurant, Inc., borrowed $40,000 from Empire Savings on November 1, 20x1. The note was written for $40,000 at 12 percent interest for ninety days and was due on February 1, 20x2.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 16EA: Discuss how each of the following transactions for Watson, International, will affect assets,...

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My text book is Hospitality Industry Financial Accounting (4th edition). I am in chapter 9 -- RECEIVABLES AND PAYABLES now. There is a question asks for journalize the transactions for this note payable. The scenario is the following: In 20X8 and 20X9, Dorothy's Restaurant made the following transactions: 1. On July 1, 20X8, Dorothy's Restaurant borrowed $20,000 from the Kansas Bank at 12 percent interest for nine months. 2. On December 31, 20X8, it accrued interest on the note. 3. On April 1, 20X9, it repaid the loan to Kansas Bank, including interest.
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Picasso Graphics is a graphics arts design consulting firm. Pablo Taylor, its treasurer and vice president of finance, has prepared a classified balance sheet as of July 31, 2016, the end of its fiscal year. This balance sheet will be submitted with Picasso Graphics' loan application to Paris Trust & Savings Bank. In the Current Assets section of the balance sheet, Pablo reported a $56,000 receivable from Becky Holt, the president of Picasso Graphics, as a trade account receivable. Becky borrowed the money from Picasso Graphics in January 2014 for a down payment on a new home. She has orally assured Pablo that she will pay off the account receivable within the next year. Pablo reported the $56,000 in the same manner on the preceding year's balance sheet. Evaluate whether it is acceptable for Pablo to prepare the July 31, 2016, balance sheet in this manner.
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