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BUSN 6550, Use the horizontal model (accounting equation) and write the journal entry
Subject
Business Finance
Question Description
BUSN 6550
Individual Assignment #1
1. Bishop has an account payable of $7,700 due to Jasper, Inc., one of its suppliers. The amount was due to be paid on October 15, 2017. Bishop only had enough cash on hand then to pay $1,700 of the amount due, so Bishop's treasurer called Jasper’s treasurer and agreed to sign a note payable for the balance. The note was dated October 15, 2017, had an interest rate of 8% per annum, and was payable with interest on December 31, 2017.
Use the horizontal model (accounting equation) and write the journal entry, to show the effect of:
a. The October 15, 2017 payment of $1,700 and the creation of a note payable for the balance
owed.
b. The October 31, 2017 accrual of interest expense for the month of October.
c. The December 31, 2017 payment of the note and all of the interest due. Interest for
November and December had not been accrued.
2. On January 10, 2017, Simpson paid $2,100 rent for a storage facility for the period from
January 10 through May 31. The rent charge is $450 per month.
Use the horizontal model (accounting equation) and write the journal entry, to show the effect of:
a. The January 10, 2017 rent payment assuming that the disbursement was recorded as an
expense.
b. The January 31, 2017 adjustment recorded to show the appropriate amount of expense in the
income statement of Simpson for the month of January.
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