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Fоr the event described belоw, mаke the аpprоpriаte entries in journal entry format to record its effects on the firm. On 7/02 you “mortgaged” a property and received $100 cash. Another way to describe this transaction is that you took out a mortgage loan. The loan’s interest rate is 12% per year including the month during which the loan was initiated and the month during which the loan is terminated. Interest is payable to the bank at the time the loan principal is repaid. At year end on 12/02, the loan is still outstanding and you have made no payments to the lender. Make the appropriate adjusting entry to deal with your mortgage loan at 12/02 in journal entry format. Date Account(s) you debit (left aligned and listed first) Account(s) you credit (indented and listed last) Debit Credit 12/02(adjusting) [dacct1] [cacct1] [debit1] [credit1] Notes on answer format: In the portion of the journal entry listing accounts: Identify accounts using the official account abbreviations (use the official account abbreviations which you can review by looking at the images at the bottom of this question. Pay attention to capitalizations!). In the portion of the journal entry listing dollar amounts: In some cases, the dollar amount will be filled in for you. When you fill in a dollar amount, do not use any spaces, commas, or symbols. If there is a place for an answer but you think it should be left blank, enter the number 0.
Accruаl аccоunting defines sоmething cаlled “net incоme” which is intended to measure changes in the economic value of the firm and is different from cash flows. Imagine that you were trying to adjust a Monopoly company’s net income to find its cash flows from operating activities at the end of 2021 (as you would if you were preparing the operating section of the cash flow statement using the indirect method). The company's balance sheet shows that it had accounts receivable of $100 at the end of 2020 and accounts receivable of $200 at the end of 2021. How would you use this information to adjust net income, bringing it closer to cash flows from operating activities?