Homework Answers
Answer
| Date | Accounts title | Debit | Credit |
| Feb-01 | Cash | $330,000 | |
| Notes Payable | $330,000 | ||
| (to record issuance of notes) | |||
| Aug-01 | Interest Expense ($330000 x 10% x 6/12) | $16,500 | |
| Notes Payable | $330,000 | ||
| Cash | $346,500 | ||
| (to record repayment) |
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Rogers Machinery Company borrowed $330,000 on February 1, with a 6-month, 10%, interest-bearing note. Required: 1....
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QS 9-4 Interest-bearing note transactions LO P1 On November 7, Mura Company borrows $330,000 cash by...
QS 9-4 Interest-bearing note transactions LO P1 On November 7, Mura Company borrows $330,000 cash by signing a 90-day, 5%, $330,000 note payable. 1. Compute the accrued interest payable on December 31. 2. & 3. Prepare the journal entry to record the accrued interest expense at December 31 and payment of the note at maturity on February 5. Complete this question by entering your answers in the tabs below. Reg 1 Reg and 3 Compute the accrued interest payable on...
Entries for Installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed $36,000 by givin...
Entries for Installment Note Transactions
On the first day of the fiscal year, Shiller Company borrowed
$36,000 by giving a four-year, 8% installment note to Soros Bank.
The note requires annual payments of $10,942, with the first
payment occurring on the last day of the fiscal year. The first
payment consists of interest of $2,880 and principal repayment of
$8,062.
Journalize the entries to record the following:
a1. Issued the installment note for
cash on the first day of the fiscal...
1)On January 1, the first day of the fiscal year, a company issues a $950,000, 10%,...
1)On January 1, the first day of the fiscal year, a company issues a $950,000, 10%, 10-year bond that pays semiannual interest of $47,500 ($950,000 × 10% × ½ year), receiving cash of $950,000. (a) Journalize the entry to record the issuance of the bonds. (b) Journalize the entry to record the first interest payment on June 30. (c) Journalize the entry to record the payment of the principal on the maturity date. 2)On the first day of the fiscal year, a company...
Entries for installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed $47,000 by...
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Brown Corp. borrowed 100,000 on Oct. 1, 2018 and signed a 12 month note bearing interest...
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On October 1, Eder Fabrication borrowed $63 million and issued a nine-month, 10% promissory note. Interest...
On October 1, Eder Fabrication borrowed $63 million and issued a nine-month, 10% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the issuance...
3 Need this done asap. Thanks in advance! Journalizing Installment Notes On the first day of...
3
Need this done asap. Thanks in advance!
Journalizing Installment Notes On the first day of the fiscal year, a company issues $69,000, 9%, seven-year installment notes that have annual payments of $13,710. The first note payment consists of $6,210 of interest and $7,500 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. b. Journalize the first annual note payment. If an...
Cornerstone Exercise 8-20 (Algorithmic) Notes Payable Rogers Machinery Company borrowed $320,000 on June 1, with a 3-month, 7.5%, interest-bearing note. Required: 1. Record the borrowing transaction. Jun. 1 (Record issuance of note payable) 2. Record the repayment transaction. If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar, if required. Sept. 1 (Record payment of note and interest)
Entries for Discounted Note Payable A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. Assume a 360-day year. a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
QS 9-4 Interest-bearing note transactions LO P1 On November 7, Mura Company borrows $330,000 cash by signing a 90-day, 5%, $330,000 note payable. 1. Compute the accrued interest payable on December 31. 2. & 3. Prepare the journal entry to record the accrued interest expense at December 31 and payment of the note at maturity on February 5. Complete this question by entering your answers in the tabs below. Reg 1 Reg and 3 Compute the accrued interest payable on...
Entries for Installment Note Transactions
On the first day of the fiscal year, Shiller Company borrowed
$36,000 by giving a four-year, 8% installment note to Soros Bank.
The note requires annual payments of $10,942, with the first
payment occurring on the last day of the fiscal year. The first
payment consists of interest of $2,880 and principal repayment of
$8,062.
Journalize the entries to record the following:
a1. Issued the installment note for
cash on the first day of the fiscal...
Entries for installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed $47,000 by giving a four year, 9% installment note to Soros Bank. The note requires annual payments of $14,629, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of 54,230 and principal repayment of $10,399. Journalize the entries to record the following: al. Issued the installment note for cash on the first day of...
On October 1, Eder Fabrication borrowed $63 million and issued a nine-month, 10% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the issuance...
3
Need this done asap. Thanks in advance!
Journalizing Installment Notes On the first day of the fiscal year, a company issues $69,000, 9%, seven-year installment notes that have annual payments of $13,710. The first note payment consists of $6,210 of interest and $7,500 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. b. Journalize the first annual note payment. If an...
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