Question

Brief Exercise 13-3 Ayayai Corporation borrowed \$56,000 on November 1, 2017, by signing a \$57,320, 3-month, zero-interest-bearing note. Prepare Ayayai’s November 1, 2017, entry; the December 31, 2017, annual adjusting entry; and the February 1, 2018, entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Answer #1

Know the answer?
Your Answer:

#### Post as a guest

Your Name:

What's your source?

#### Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
• ### Brief Exercise 13-2 Sunland Company borrowed \$37,200 on November 1, 2017, by signing a \$37,200, 9%, 3-month note. Prepar...

Brief Exercise 13-2 Sunland Company borrowed \$37,200 on November 1, 2017, by signing a \$37,200, 9%, 3-month note. Prepare Sunland’s November 1, 2017, entry; the December 31, 2017, annual adjusting entry; and the February 1, 2018, entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Brief Exercise 13-2 Sunland Company borrowed \$37,200 on November 1, 2017,...

• ### Brief Exercise 13-4 Sarasota Limited borrowed \$45,000 on November 1, 2017, by signing a \$45.000, three-month,...

Brief Exercise 13-4 Sarasota Limited borrowed \$45,000 on November 1, 2017, by signing a \$45.000, three-month, 9% note. Prepare Sarasota's November 1, 2017 try; and the Februsry 1, 2018 entry, (Cresdit account titkes are automafically indented when the amount is entry; the December 31, 2017 annual adjyasting er usry 1, 2018 entry, (Credit account titles are automaticaly indented when the amount tered. Do not indent manually. If no entry is roguiresd, sefect "No Entry for the account titkes and enter...

• ### Sunland Corporation borrowed \$55,200 on November 1, 2020, by signing a \$56,490, 3-month, zero-interest-bearing note. Prepare...

Sunland Corporation borrowed \$55,200 on November 1, 2020, by signing a \$56,490, 3-month, zero-interest-bearing note. Prepare Sunland's November 1, 2020, entry; the December 31, 2020, annual adjusting entry, and the February 1, 2021, entry. (if no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

• ### Sunland Company borrowed \$50,400 on November 1, 2017, by signing a \$50,400, 9%, 3-month note. Prepare...

Sunland Company borrowed \$50,400 on November 1, 2017, by signing a \$50,400, 9%, 3-month note. Prepare Sunland’s November 1, 2017, entry; the December 31, 2017, annual adjusting entry; and the February 1, 2018, entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 11/1/17 12/31/17 2/1/18

• ### Upland Company borrowed \$40,000 on November 1, 2020, by signing a \$40,000, 9%, 3-month note

Brief Exercise 13-02 Upland Company borrowed \$40,000 on November 1, 2020, by signing a \$40,000, 9%, 3-month note. Prepare Upland's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

• ### Brief Exercise 21-4 Ayayai Corporation recorded a capital lease at \$187,600 on January 1, 2017. The...

Brief Exercise 21-4 Ayayai Corporation recorded a capital lease at \$187,600 on January 1, 2017. The interest rate is 12%. Ayayai Corporation made the first lease payment of \$36,702 on January 1, 2017. The lease requires 7 annual payments. The equipment has a useful ife of 7 years with no salvage value. Assume that at December 31, 2017, Ayayai made an adjusting entry to accrue interest expense of \$18,108 on the lease. Prepare Ayayai's Jamuary 1, 2018, journal entry to...

• ### CurrentAttemptinrrogress Cullumber Company borrowed \$27,600 on November 1, 2020, by signing a \$27,600, 9% , 3-month...

CurrentAttemptinrrogress Cullumber Company borrowed \$27,600 on November 1, 2020, by signing a \$27,600, 9% , 3-month note. Prepare Cullumber's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry. (If no entry is required, select "No Entry" for the account titles and enter 0for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Account...

• ### CALCULATOR HESSAGEMYINSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 13-2 Coronado Company borrowed \$43,200 on...

CALCULATOR HESSAGEMYINSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT Brief Exercise 13-2 Coronado Company borrowed \$43,200 on November 1, 2017, by signing a \$43,200, 9%, 3-month note. Prepare Coronado's November 1, 2017, entry: the December 31, 2017, annual adjusting entry; and the February 1, 2018, entry. (f no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually,) Date Account Titles...

• ### Brief Exercise 14-8 Pearl Corporation issued \$650,000 of 9% bonds on November 1, 2017, for \$694,171....

Brief Exercise 14-8 Pearl Corporation issued \$650,000 of 9% bonds on November 1, 2017, for \$694,171. The bonds were dated November 1, 2017, and mature in 10 years, with interest payable each May 1 and November 1. Pearl uses the effective-interest method with an effective rate of 8%. Prepare Pearl's December 31, 2017, adjusting entry. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to O decimal places, e.g. 38,548. If no entry is required, select "No...

• ### Ayayai Corporation issued a 3-year, \$58,000,5% note to Blossom Company on January 1, 2017, and received...

Ayayai Corporation issued a 3-year, \$58,000,5% note to Blossom Company on January 1, 2017, and received an excavator that normally sells for \$53,031. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 9% Prepare Ayayai's journal entries for (a) the January 1 issuance and (b) the December 31 interest. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is...

ADVERTISEMENT
Free Homework Help App

Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?

Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT