Homework Answers
| CALCULATION OF THE CLOSING BALANCE OF 5% NOTE | ||||
| Balance as on Nov 01, 2014 = | $ 48,000 | |||
| Add: Interest @ 5%= | $ 2,400 | |||
| $ 50,400 | ||||
| Less: Payment with interest | $ 7,200 | |||
| (4,800 + 2,400) | ||||
| Balance as on Nov 01, 2015 | $ 43,200 | |||
| S0, Answer = Option 3 = $ 43,200 | ||||
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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...
maining: On 1/1/X1, Williams Corp. borrowed $460,000 by agreeing to a 10%, 10-year installment note with the bank. The note's proceeds will eventually be used to purchase a building 3:29 The journal entry to record the note is already shown in the journal below. The note will be paid back in nine equal annual installment payments of $ 74,800 on December 31 of each year beginning December 31, 20X1. Required: Using the above information, prepare the journal entries to record...
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