Homework Answers
| The Maturity date is September 6th (23+31+6) | ||||
| Date | Account Titles | Debit | Credit | |
| Sept 6 | Notes payable | 75000.00 | ||
| Interest expense | 562.50 | =75000*4.5%*60/360 | ||
| Cash | 75562.50 | |||
| Option D is correct | ||||
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A $75,000 note payable is signed on July 8 and is due in 60 days. The...
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с.s. Sunland Company had the following transactions involving notes payable. July 1, 2020 Borrows $50,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $64,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Feb. 1, 2021 Pays principal and interest to Lyon County State Bank. Apr. 1, 2021 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account...
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Issued $7,800,000 of five-year, 9% callable bonds dated July 1,
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C.S. Ivanhoe Company had the following transactions involving notes payable. July 1, 2022 Borrows $41,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $44,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec 31, 2022 Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account...
During 2021, Carla Vista Co, borrowed cash from Wildhorse Co. by issuing notes payable as follows. 1. July 1, 2021, issued an eight-month.5% note for $71.400. Interest and principal are payable at maturity. 2. November 1, 2021, issued a three-month, 5% note for $52.800 Interest is payable monthly on the first day of the month Principal is payable at maturity Carla Vista has a December 31 fiscal year end and prepares adjusting entries on an annual basis. Prepare all necessary...
Entries for Bonds Payable and Installment Note Transactions
The following transactions were completed by Montague Inc.,
whose fiscal year is the calendar year:
Year 1
July 1.
Issued $7,800,000 of five-year, 9% callable bonds dated July 1,
Year 1, at a market (effective) rate of 10%, receiving cash of
$7,498,854. Interest is payable semiannually on December 31 and
June 30.
Oct. 1.
Borrowed $170,000 by issuing a 10-year, 8% installment note to
Intexicon Bank. The note requires annual payments of...
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