Short-Term Debt Expected to Be Refinanced, IFRS. Using the information provided m BE14-30 , prepare the journal entry required on December 31, 2017, to reflect the refinancing agreement under IFRS. BE14-30. Short-Term Debt Expected to Be Refinanced, U.S. GAAP. Saxon Woods, Inc. has a fiscal year-end of December 31, 2017. The company reported $124,500 in short-term notes payable due on April 1, 2018. on its year-end balance sheet Saxon Woods extended the due date for this debt to January 31, 2019, during the post-balance sheet period. The bank agreed to extend the debt term for $100,000 of the total amount of the loan; $24,500 is due on its original due date. Prepare the journal entry required on December 31, 2017 to reflect the refinancing agreement under U.S. GAAP.
Short-Term Debt Expected to Be Refinanced, IFRS. Using the information provided m BE14-30 , prepare the journal entry required on December 31, 2017, to reflect the refinancing agreement under IFRS. BE14-30. Short-Term Debt Expected to Be Refinanced, U.S. GAAP. Saxon Woods, Inc. has a fiscal year-end of December 31, 2017. The company reported $124,500 in short-term notes payable due on April 1, 2018. on its year-end balance sheet Saxon Woods extended the due date for this debt to January 31, 2019, during the post-balance sheet period. The bank agreed to extend the debt term for $100,000 of the total amount of the loan; $24,500 is due on its original due date. Prepare the journal entry required on December 31, 2017 to reflect the refinancing agreement under U.S. GAAP.
Solution Summary: The author explains the process of journalizing the transactions of an organization in a chronological order.
Short-Term Debt Expected to Be Refinanced, IFRS. Using the information provided m BE14-30, prepare the journal entry required on December 31, 2017, to reflect the refinancing agreement under IFRS.
BE14-30. Short-Term Debt Expected to Be Refinanced, U.S. GAAP. Saxon Woods, Inc. has a fiscal year-end of December 31, 2017. The company reported $124,500 in short-term notes payable due on April 1, 2018. on its year-end balance sheet Saxon Woods extended the due date for this debt to January 31, 2019, during the post-balance sheet period. The bank agreed to extend the debt term for $100,000 of the total amount of the loan; $24,500 is due on its original due date. Prepare the journal entry required on December 31, 2017 to reflect the refinancing agreement under U.S. GAAP.
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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7.2 Ch 7: Notes Payable and Interest, Revenue recognition explained; Author: Accounting Prof - making it easy, The finance storyteller;https://www.youtube.com/watch?v=wMC3wCdPnRg;License: Standard YouTube License, CC-BY