Quiz 2 Fall 2010 - FULLNAME 1 $100,,2009foraperiodof . ?$5,000 2 OnMay21st2009

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ACC 311 – Quiz 2 – 5 points each FULL NAME_________________________ 1. Longhorn Enterprises borrowed $100,000 from Regions bank on January 1 st , 2009 for a period of  6 months at an annual interest rate of 10%.  Longhorn Enterprises will recognize how much  interest expense in 2009 from this transaction?    $5,000 2. On May 21 st  2009 Apple Inc. paid their landlord $375,000.  This payment represented rent for the  months of June, July, and August 2009.  What is the journal entry Apple Inc . must record for the  payment of $375,000 (the May 21 st  2009 transaction only)? Prepaid Rent Expense $375,000  (or just prepaid expense)                     Cash    $375,000 3. Referring to #2 above what is the adjusting journal entry that must be made at the end of June  2009? Rent Expense
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This note was uploaded on 05/26/2011 for the course ACC 311 taught by Professor Charrier during the Fall '08 term at University of Texas at Austin.

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Quiz 2 Fall 2010 - FULLNAME 1 $100,,2009foraperiodof . ?$5,000 2 OnMay21st2009

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