Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Jan 1 | Cash | 304000 | |
| Mortgage note payable | 304000 | ||
| Dec 31 | Interest expense (304000*10%) | 30400 | |
| Mortgage note payable | 14600 | ||
| Cash | 45000 | ||
| Dec 31 | Interest expense (289400*10%) | 28940 | |
| Mortgage note payable | 16060 | ||
| Cash | 45000 | ||
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Exercise 15-10 a-D Oriole Company borrowed $304,000 on January 1, 2020, by issuing a $304,000, 10%...
Exercise 15-10 a-b (Part Level Submission) Pharoah Company borrowed $316,000 on January 1, 2020, by issuing...
Exercise 15-10 a-b (Part Level Submission) Pharoah Company borrowed $316,000 on January 1, 2020, by issuing a $316,000, 10% mortgage note payable. The terms call for annual installment payments of $57,000 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit...
Ivanhoe Company borrowed $303,000 on January 1, 2020, by issuing a $303,000, 10% mortgage note payable....
Ivanhoe Company borrowed $303,000 on January 1, 2020, by issuing a $303,000, 10% mortgage note payable. The terms call for annual installment payments of $44,000 on December 31 Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not in Account Titles and Explanation Debit Credit Date LINK ΤO ΤEXT Indicate the amount of mortgage note payable to be reported as a current liability...
Brief Exercise 15-07 Wildhorse Inc. issues an $700,000, 20%, 10-year mortgage note on December 31, 2020,...
Brief Exercise 15-07 Wildhorse Inc. issues an $700,000, 20%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $150,000. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles...
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Question 15 Stuckey Company borrowed $800,000 on December 31, 2019, by issuing an $800,000, 8% mortgage...
Question 15 Stuckey Company borrowed $800,000 on December 31, 2019, by issuing an $800,000, 8% mortgage note payable. The terms call for annual installment payments of $119,224 on December 31. decimal places, e.g. 15,250. Credit account Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to tities are automatically indented when amount is entered. Do not indent manually.) Date Account Tities and Explanation Debit Credit Dec 31, 2019 Dec. 31, 2020 Dec...
Larkspur, Inc. issues an $740,000, 15%, 10-year mortgage note on December 31, 2019, to obtain financing...
Larkspur, Inc. issues an $740,000, 15%, 10-year mortgage note on December 31, 2019, to obtain financing for a new building. The terms provide for annual installment payments of $147,447. Prepare the entry to record the mortgage loan on December 31, 2019, and the first installment payment on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit...
On January 1, 2020, Sage Hill Co. leased a building to Oriole Inc. The relevant information...
On January 1, 2020, Sage Hill Co. leased a building to Oriole Inc. The relevant information related to the lease is as follows. 1. 2. 3. 4. 5. 6. The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $2,800,000 (unguaranteed). The leased building has a cost of $3,300,000 and was purchased for cash on January 1, 2020. The building is depreciated on a straight-line basis. Its...
Early in 2020, Oriole Equipment Company sold 400 Rollomatics at $6,600 each. During 2020, Oriole spent...
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Exercise 10-13 On January 1, Oriole Company issued $315,000, 10%, 10-year bonds at face value. Interest is payable annually on January 1. 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.) Debit Date Account Titles and Explanation Credit Jan. 1 Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when amount is entered. Do...
CALCULATOR FULL SCREEN PRINTER VERSION BACK M E Brief Exercise 10-14 Windsor, Inc. issues an $735,000, 8%, 10-year...
CALCULATOR FULL SCREEN PRINTER VERSION BACK M E Brief Exercise 10-14 Windsor, Inc. issues an $735,000, 8%, 10-year mortgage note on December 31, 2019, to obtain financing for a new building. The terms provide for annual installment payments of $109,537. Prepare the entry to record the mortgage loan on December 31, 2019, and the first installment payment on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the...
Exercise 15-10 a-b (Part Level Submission) Pharoah Company borrowed $316,000 on January 1, 2020, by issuing a $316,000, 10% mortgage note payable. The terms call for annual installment payments of $57,000 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit...
Ivanhoe Company borrowed $303,000 on January 1, 2020, by issuing a $303,000, 10% mortgage note payable. The terms call for annual installment payments of $44,000 on December 31 Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not in Account Titles and Explanation Debit Credit Date LINK ΤO ΤEXT Indicate the amount of mortgage note payable to be reported as a current liability...
Brief Exercise 15-07 Wildhorse Inc. issues an $700,000, 20%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $150,000. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles...
Exercise 15-10 a-b Cullumber Company borrowed $302,000 on January 1, 2020, by issuing a $302,000, 10% mortgage note payable. The terms call for annual installment payments of $43,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Indicate the amount of...
Question 15 Stuckey Company borrowed $800,000 on December 31, 2019, by issuing an $800,000, 8% mortgage note payable. The terms call for annual installment payments of $119,224 on December 31. decimal places, e.g. 15,250. Credit account Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to tities are automatically indented when amount is entered. Do not indent manually.) Date Account Tities and Explanation Debit Credit Dec 31, 2019 Dec. 31, 2020 Dec...
Larkspur, Inc. issues an $740,000, 15%, 10-year mortgage note on December 31, 2019, to obtain financing for a new building. The terms provide for annual installment payments of $147,447. Prepare the entry to record the mortgage loan on December 31, 2019, and the first installment payment on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit...
On January 1, 2020, Sage Hill Co. leased a building to Oriole Inc. The relevant information related to the lease is as follows. 1. 2. 3. 4. 5. 6. The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $2,800,000 (unguaranteed). The leased building has a cost of $3,300,000 and was purchased for cash on January 1, 2020. The building is depreciated on a straight-line basis. Its...
Exercise 10-13 On January 1, Oriole Company issued $315,000, 10%, 10-year bonds at face value. Interest is payable annually on January 1. 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.) Debit Date Account Titles and Explanation Credit Jan. 1 Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when amount is entered. Do...
CALCULATOR FULL SCREEN PRINTER VERSION BACK M E Brief Exercise 10-14 Windsor, Inc. issues an $735,000, 8%, 10-year mortgage note on December 31, 2019, to obtain financing for a new building. The terms provide for annual installment payments of $109,537. Prepare the entry to record the mortgage loan on December 31, 2019, and the first installment payment on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the...
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