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ACC 304 Week 7 Chapter 13 Homework
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ACC 304 Week 7 Chapter 13 Homework
1) Takemoto Corporation borrowed $64,850 on November 1, 2014,
by signing a $68,450, 3-month, zero-interest-bearing note. Prepare
Takemoto’s November 1, 2014, entry; the December 31, 2014, annual
adjusting entry; and the February 1, 2015, entry. (If no entry is
required, select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
2) Kasten Inc. provides paid vacations to its employees. At December
31, 2014, 36 employees have each earned 2 weeks of vacation time.
The employees’ average salary is $513 per week. Prepare Kasten’s
December 31, 2014, adjusting entry. (If no entry is required, select "No
Entry" for the account titles and enter 0 for the amounts. Credit
account titles are automatically indented when amount is entered. Do
not indent manually.)