The note payable to Royce Computers (transactions 04 and 07) is a five-year note, with interest...
| The note payable to Royce Computers (transactions 04 and 07) is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year. |
| June 2: Check # 5002 was used to make a down payment of $36,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $180,000.00. A five-year note was executed by Byte for the balance. |
| June 10: Check # 5003 was used to make a $27,500.00 payment reducing the principal owed on the June 2 purchase of computer equipment from Royce Computers. |
Can someone please tell me what the journal entry for this should be? Thanks!
Homework Answers
| Byte of Accounting Inc | ||||||
| Journal entries | ||||||
| No. | Date | Name | Debit | Credit | Calculation | |
| 4 | 2-Jun | Computer Equipment | 180,000.00 | |||
| Cash | 36,000.00 | |||||
| Note Payable | 144,000.00 | |||||
| 7 | 10-Jun | Note Payable | 27,500.00 | |||
| Cash | 27,500.00 | |||||
| Adjusting entries | ||||||
| No. | Date | Name | Debit | Credit | Calculation | |
| 34 | 30-Jun | Interest expense | 1,160.67 | (144,000*12%*8/360)+((144,000-27,500)*12%*20/360) | ||
| Interest Payable | 1,160.67 | |||||
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