3
Need this done asap. Thanks in advance!
Homework Answers
| No. | Accounts | Debit | Credit |
| a. | Cash | 69000 | |
| Notes payable | 69000 | ||
|
b. |
Notes payable | 7500 | |
| Interest expense | 6210 | ||
| Cash | 13710 | ||
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3
Need this done asap. Thanks in advance!
Journalizing Installment Notes On the first day of...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%,...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that have annual payments of $17,783. The first note payment consists of $7,810 of interest and $9,973 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that have annual payments of $17,783. The first note payment consists of $7,810 of interest and $9,973 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
6. Journalizing Installment Notes On the first day of the fiscal year, a company issues $45,000,...
6. Journalizing Installment Notes On the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that have annual payments of $9,734. The first note payment consists of $3,600 of interest and $6,134 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. Cash Notes Payable b. Journalize the first annual note payment. If an amount box does not...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%,...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that have annual payments of $17,783. The first note payment consists of $7,810 of interest and $9,973 of principal repayment. a. Journalize the entry to record the issuance of the installment notes b. Journalize the first annual note payment. For a compound transaction, If an amount box does not require an entry, leave it blank Times interest earned Berry Company reported...
Question 1 Journalizing Installment Notes On the first day of the fiscal year, a company issues...
Question 1 Journalizing Installment Notes On the first day of the fiscal year, a company issues $58,000, 10%, six-year installment notes that have annual payments of $13,317. The first note payment consists of $5,800 of interest and $7,517 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank. Question 2: Times interest...
n the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes...
n the first day of the fiscal year, a company issues $26,000,
12%, three-year installment notes that have annual payments of
$10,825. The first note payment consists of $3,120 of interest and
$7,705 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
Journalizing Installment Notes On the first day of the fiscal year, a company issues $58,000, 10%,...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $58,000, 10%, six-year installment notes that have annual payments of $13,317. The first note payment consists of $5,800 of interest and $7,517 of principal repayment a. Journalize the entry to record the issuance of the installment notes. Cash 58,000 Notes Payable v 58,000 Feedback Check My Work The cash payment is the same in each year. The interest and principal repayment, however, change each year. This...
Entries for Installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed...
Entries for Installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed $71,000 by giving a six-year, 11% installment note to Soros Bank. The note requires annual payments of $17,060, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $7,810 and principal repayment of $9,250. 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 $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...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that have annual payments of $17,783. The first note payment consists of $7,810 of interest and $9,973 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that have annual payments of $17,783. The first note payment consists of $7,810 of interest and $9,973 of principal repayment. a. Journalize the entry to record the issuance of the installment notes b. Journalize the first annual note payment. For a compound transaction, If an amount box does not require an entry, leave it blank Times interest earned Berry Company reported...
n the first day of the fiscal year, a company issues $26,000,
12%, three-year installment notes that have annual payments of
$10,825. The first note payment consists of $3,120 of interest and
$7,705 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
Journalizing Installment Notes On the first day of the fiscal year, a company issues $58,000, 10%, six-year installment notes that have annual payments of $13,317. The first note payment consists of $5,800 of interest and $7,517 of principal repayment a. Journalize the entry to record the issuance of the installment notes. Cash 58,000 Notes Payable v 58,000 Feedback Check My Work The cash payment is the same in each year. The interest and principal repayment, however, change each year. This...
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...
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