In a false-belief task, the experimenter shows kids a box of…

In a false-belief task, the experimenter shows kids a box of crayons and asks children what is inside. All children answer, “crayons.” Next, he shows them that the box actually contains candy. Finally, he asks them what a friend who has not seen the contents of the box would say was inside. Three-year-olds will answer _____, and 5-year-olds will answer _____. 

Segment Brands leased a portion of its store to another comp…

Segment Brands leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $800. Segment Brands collected the entire $6,400 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Segment Brands on December 31 would be:

On September 1, Johnson Company loaned $100,000, at 12% annu…

On September 1, Johnson Company loaned $100,000, at 12% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Johnson would need to make on December 31, the calendar year-end?

On November 1, Broome, Inc. signed a 120-day, 8% note payabl…

On November 1, Broome, Inc. signed a 120-day, 8% note payable, with a face value of $9,000. Broome made the appropriate year-end accrual. What is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was made? (Use 360 days a year.)