Management accounting

Ceneplex Theatre has the following obligations at December 31:

(a) a note payable for $100,000 due in two years,

Don't use plagiarized sources. Get Your Custom Essay on
Management accounting
Just from $13/Page
Order Essay

(b) a ten-year mortgage payable of $200,000 payable in ten $20,000 annual payments,

(c) interest payable of $15,000 on the mortgage, and

(d) accounts payable of $60,000. For each obligation, indicate whether it should be classified as a current liability.

Banderas Spa borrows $60,000 on July 1 from the bank by signing a $60,000, 10 percent, one-year note payable. Prepare the journal entries to record

(a) the proceeds of the note and (b) accrued interest at December 31, assuming adjusting entries are made only at the end of the year.

Presented below are two independent transactions.

(a) Raja Restaurant accepted a VISA card in payment of a $200 lunch bill. The bank charges a 3 percent fee. What entry should Raja make?

(b) Wendy Company sold its accounts receivable of $80,000. What entry should Wendy make, given a service charge of 3 percent on the amount of receivables sold?

Place Order
Grab A 14% Discount on This Paper
Pages (550 words)
Approximate price: -
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Try it now!

Grab A 14% Discount on This Paper

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.