Date | General Journal | Debit | Credit | |
Jan 13, 2021 | No Journal entry required | |||
Feb 01, 2021 | Cash | $8,400,000 | ||
Notes Payable | $8,400,000 | |||
May 01, 2021 | Interest expense | $210,000 | ($8,400,000 × 10% × 3/12) | |
Notes payable | $8,400,000 | |||
Cash | $8,610,000 | |||
Dec 01, 2021 | Cash | $17,064,750 | ||
Discount on notes payable | $1,235,250 | ($18,300,000 × 9% × 9/12) | ||
Notes payable | $18,300,000 | |||
Dec 31, 2021 | Interest expense | $137,250 | ||
Discount on notes payable | $137,250 | |||
working | ||||
Effective interest rate is 9.6515% ($1,235,250 ÷ $17,064,750) × 12/9 | ||||
Interest expense ($17,064,750 × 9.6515% × 1/12) = $137,250 | ||||
Sep 01, 2021 | Interest expense | $1,098,000 | Interest expense ($18,300,000 × 9% × 8/12) = $1,098,000 | |
Discount on notes payable | $1,098,000 | |||
Sep 01, 2021 | Notes Payable | $18,300,000 | ||
Cash | $18,300,000 | |||
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on...
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $27.0 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $6.6 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 13% was...
The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $30.0 million at the bank’s prime rate. Feb. 1 Arranged a three-month bank loan of $6.5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 11% was...
The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31. 2018 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $30.0 million at the bank’s prime rate. Feb. 1 Arranged a three-month bank loan of $8.4 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 10% was...
The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.0 million at the bank’s prime rate. Feb. 1 Arranged a three-month bank loan of $4.2 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 14% was...
The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.0 million at the bank’s prime rate. Feb. 1 Arranged a three-month bank loan of $4.2 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 14% was...
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.8 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $1.5 willion with Parish Bank under the line of credit agreement. Interest at the prime rate of 6% was...
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.0 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $4.5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 6% was...
help, urgent The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $20.0 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $3.2 million with Parish Bank under the line of credit agreement. Interest at the prime rate of...
ine tollowing selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $30.5 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $7.8 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 12 was...
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.e million at the bank's prime rate. 1 Arranged a three-month bank loan of $4.5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 6% was payable...