Journal entry
date | account title and explanation | Debit | Credit |
May 2 | Cash | 9900 | |
Notes payable | 9900 |
On May 2, Kingbird Company lends $9,900 to Chang. Inc. issuing a6-month, 12% note. At the...
Exercise 9-15 a-c (Part Level Submission) On May 2, Kingbird Company lends $9,900 to Chang, Inc., using a 6-month, 12% note. At the maturity date, November 2, Chang indicates that it cannot pay. (a) Your answer is correct Prepare the entry to record the issuance of the note. (Credit account titles are automatically indent Date Account Titles and Explanation May 2 Notes Receivable Do net indent manually Debit Cash Click if you would like to Show Work for this question...
Exercise 8-15 On May 2, McLain Company lends $9,000 to Chang, Inc., Issuing a 6-month, 7% note. At the maturity date, November 2, Chang indicates that it cannot pay Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent man Account Titles and Explanation Debit Credit Date May 2 Prepare the entry to record the dishonor of the note, assuming that McLain Company expects collection will occur....
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 8-13 (Part Level Submission) On May 2, McLain Company lends $29,200 to Chang, Inc., issuing a 6-month, 6% note. At the maturity date, November 2, Chang indicates that it cannot pay. (a) Your answer is correct. Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 2 Notes Receivable |...
() Prepare the entry to record the dishonor of the not i ng that Kingbird Company does not expect collection in the future. Kingbird Company uses the allowance indested when is entered Denetinde mama) rien. Cele Date Account Tules and Explanation Debit Click if you would like to show Work for this question on Show Work JURCES Exercise 9-15 arc (Part Level Submission) On May 2, Kingbird Company lends $9,900 to Chang, Inc., issuing a 6-month, 12% note. At the...
On May 2, Skysong, Inc. lends $52,800 to Chang, Inc., issuing a 6-month, 10% note. At the maturity date, November 2. Chang indicates that it cannot pay. (a) Prepare the entry to record the issuance of the note.(b) Prepare the entry to record the dishonor of the note, assuming that Skysong, Inc. expects collection will occur. (c) Prepare the entry to record the dishonor of the note, assuming that Skysong, Inc. does not expect collection in the future.
Kingbird, Inc. issued $480,000, 596, 20-year bonds on January 1, 2019, at 101. Interest is payable annually on January 1. Kingbird uses straight-line amortization for bond premium or discount. 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 Jan. 1 Prepare the journal entry to record the accrual of interest and the premium amortization on December 31,2019....
On January 1, 2020, Kingbird, Inc. issued $2,680,000 face value, 12%, 10-year bonds at $2,534,577. This price resulted in an effective-interest rate of 13% on the bonds. Kingbird uses the effective interest method to amortize bond premium or discount. The bonds pay annual interest on January 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account...
Kingbird, Inc. borrows $64,800 on July 1 from the bank by signing a $64,800, 10%, 1-year note payable. Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles...
On June 1, Merando Company borrows $90,000 from First Bank on a
6-month, $90,000, 8% note.
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
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the adjusting entry on June 30. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit...
Exercise 10-03 On June 1, Crane Company Ltd. borrows $99,000 from Acme Bank on a 6-month, $99,000, 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.) Debit Credit Date Account Titles and Explanation June 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is...