Homework Answers
| Aug 1 | Notes Receivable | 25400 | ||
| Accounts Receivable | 25400 | |||
| August 31 | Interest Receivable | 127 | =25400*6%*1/12 | |
| Interest revenue | 127 | |||
| September 30 | Interest Receivable | 127 | ||
| Interest revenue | 127 | |||
| October 1 | Cash | 25654 | ||
| Interest Receivable | 254 | =127+127 | ||
| Notes Receivable | 25400 |
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Current Attempt in Progress On August 1, Dynatech Ltd. accepted a $25,400 note from Borges Ltd....
Current Attempt in Progress On December 31, the adjusted trial balance of Marin Inc. shows the...
Current Attempt in Progress On December 31, the adjusted trial balance of Marin Inc. shows the following selected data: Accounts receivable Interest expense $9,780 12,850 Service revenue Interest payable $112,400 6,490 Analysis shows that adjusting entries had been made, and included above, for (1) $9,780 of services performed but not bille (2) $6,490 of accrued but unpaid interest. Prepare the closing entries for the temporary accounts at December 31. (Credit account titles are automatically indented w amount is entered. Do...
Current Attempt in Progress Ayayai Corp. has the following transactions during August of the current year....
Current Attempt in Progress Ayayai Corp. has the following transactions during August of the current year. Aug 1 Issues shares of common stock to investors in exchange for $10,150. Pays insurance in advance for 3 months, $1,730. Receives $880 from clients for services rendered. Pays the secretary $530 salary. 4 16 27 Journalize the transactions. (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...
Q3/ On November 1, 2018, Lawn Inc. accepted a three-month, 9%, $69,600 note from Sipacore Inc....
Q3/ On November 1, 2018, Lawn Inc. accepted a three-month, 9%, $69,600 note from Sipacore Inc. in settlement of its account. Interest is due on the first day of each month, starting December 1. Both companies’ year ends are December 31 A/ Prepare all journal entries for Lawn over the term of the note. Assume that the note is collected in full on the maturity date. (Credit account titles are automatically indented when amount is entered. Do not indent manually....
Current Attempt in Progress On December 31, 2020, Riverbed Inc. has a machine with a book...
Current Attempt in Progress On December 31, 2020, Riverbed Inc. has a machine with a book value of $1.278.400. The original cost and related accumulated depreciation at this date are as follows Machine Less: Accumulated depreciation Book value $1,768.000 489.600 $1.278.400 Depreciation is computed at $81,600 per year on a straight line basis. Presented below is a set of independent situations. For each independent situation indicate the journal entry to be made to recor the transaction. Make sure that depreciation...
On June 1, Sandhill Co. Ltd. borrows $90,000 from Acme Bank on a 6-month, $90,000, 8% note. The note matures on Decembe...
On June 1, Sandhill Co. Ltd. borrows $90,000 from Acme Bank on a 6-month, $90,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 e Textbook and Media List of Accounts Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
On August 1, 2022, Sarasota Corp. issued $496,800, 9%, 10-year bonds at face value. Interest is...
On August 1, 2022, Sarasota Corp. issued $496,800, 9%, 10-year bonds at face value. Interest is payable annually on August 1. Sarasota's year-end is December 31. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented...
On August 1, 2022, Indigo Corporation issued $504,000, 8 % , 10- year bonds at face...
On August 1, 2022, Indigo Corporation issued $504,000, 8 % , 10- year bonds at face value. Interest is payable annually on August 1. Indigo's year-end is December 31 Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Aug 1 eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on...
On August 1, 2022, Flint Corporation issued $502,800, 7%, 10-year bonds at face value. Interest is...
On August 1, 2022, Flint Corporation issued $502,800, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Flint's year-end is December 31. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the journal entry to record the accrual of interest...
On August 1, 2022, Flounder Corp. issued $486.000,6%, 10-year bonds at face value. Interest is payable...
On August 1, 2022, Flounder Corp. issued $486.000,6%, 10-year bonds at face value. Interest is payable annually on August 1. Flounder's year-end is December 31. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 e Textbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on December 31, 2022....
Current Attempt in Progress On December 31, the adjusted trial balance of Larkspur, Inc. shows the...
Current Attempt in Progress On December 31, the adjusted trial balance of Larkspur, Inc. shows the following selected data: Accounts receivable Interest expense $9,000 12,880 Service revenue Interest payable $ 107,700 6,430 Analysis shows that adjusting entries had been made, and included above, for (1) $9,000 of services performed but not billed, and (2) $6,430 of accrued but unpaid interest. Prepare the closing entries for the temporary accounts at December 31. (Credit account titles are automatically indented when amount is...
Current Attempt in Progress On December 31, the adjusted trial balance of Marin Inc. shows the following selected data: Accounts receivable Interest expense $9,780 12,850 Service revenue Interest payable $112,400 6,490 Analysis shows that adjusting entries had been made, and included above, for (1) $9,780 of services performed but not bille (2) $6,490 of accrued but unpaid interest. Prepare the closing entries for the temporary accounts at December 31. (Credit account titles are automatically indented w amount is entered. Do...
Current Attempt in Progress Ayayai Corp. has the following transactions during August of the current year. Aug 1 Issues shares of common stock to investors in exchange for $10,150. Pays insurance in advance for 3 months, $1,730. Receives $880 from clients for services rendered. Pays the secretary $530 salary. 4 16 27 Journalize the transactions. (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...
Current Attempt in Progress On December 31, 2020, Riverbed Inc. has a machine with a book value of $1.278.400. The original cost and related accumulated depreciation at this date are as follows Machine Less: Accumulated depreciation Book value $1,768.000 489.600 $1.278.400 Depreciation is computed at $81,600 per year on a straight line basis. Presented below is a set of independent situations. For each independent situation indicate the journal entry to be made to recor the transaction. Make sure that depreciation...
On June 1, Sandhill Co. Ltd. borrows $90,000 from Acme Bank on a 6-month, $90,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 e Textbook and Media List of Accounts Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
On August 1, 2022, Sarasota Corp. issued $496,800, 9%, 10-year bonds at face value. Interest is payable annually on August 1. Sarasota's year-end is December 31. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented...
On August 1, 2022, Indigo Corporation issued $504,000, 8 % , 10- year bonds at face value. Interest is payable annually on August 1. Indigo's year-end is December 31 Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Aug 1 eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on...
On August 1, 2022, Flint Corporation issued $502,800, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Flint's year-end is December 31. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the journal entry to record the accrual of interest...
On August 1, 2022, Flounder Corp. issued $486.000,6%, 10-year bonds at face value. Interest is payable annually on August 1. Flounder's year-end is December 31. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 e Textbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on December 31, 2022....
Current Attempt in Progress On December 31, the adjusted trial balance of Larkspur, Inc. shows the following selected data: Accounts receivable Interest expense $9,000 12,880 Service revenue Interest payable $ 107,700 6,430 Analysis shows that adjusting entries had been made, and included above, for (1) $9,000 of services performed but not billed, and (2) $6,430 of accrued but unpaid interest. Prepare the closing entries for the temporary accounts at December 31. (Credit account titles are automatically indented when amount is...
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