Sunland Corporation borrowed $55,200 on November 1, 2020, by signing a $56,490, 3-month, zero-interest-bearing note. Prepare...
Sunland Corporation borrowed $55,200 on November 1, 2020, by signing a $56,490, 3-month, zero-interest-bearing note. Prepare Sunland's November 1, 2020, entry; the December 31, 2020, annual adjusting entry, and the February 1, 2021, entry. (if no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
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Sunland Corporation borrowed $55,200 on November 1, 2020, by signing a $56,490, 3-month, zero-interest-bearing note. Prepare...
Upland Company borrowed $40,000 on November 1, 2020, by signing a $40,000, 9%, 3-month note
Brief Exercise 13-02 Upland Company borrowed $40,000 on November 1, 2020, by signing a $40,000, 9%, 3-month note. Prepare Upland's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry. (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 amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%, 3-month note. Prepar...
Brief Exercise 13-2 Sunland Company
borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%,
3-month note. Prepare Sunland’s November 1, 2017, entry; the
December 31, 2017, annual adjusting entry; and the February 1,
2018, entry. (If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017,...
CurrentAttemptinrrogress Cullumber Company borrowed $27,600 on November 1, 2020, by signing a $27,600, 9% , 3-month...
CurrentAttemptinrrogress Cullumber Company borrowed $27,600 on November 1, 2020, by signing a $27,600, 9% , 3-month note. Prepare Cullumber's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry. (If no entry is required, select "No Entry" for the account titles and enter 0for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Account...
Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017, by signing a $57,320, 3-month,...
Brief
Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1,
2017, by signing a $57,320, 3-month, zero-interest-bearing note.
Prepare Ayayai’s November 1, 2017, entry; the December 31, 2017,
annual adjusting entry; and the February 1, 2018, entry. (If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017,...
Sunland Company borrowed $50,400 on November 1, 2017, by signing a $50,400, 9%, 3-month note. Prepare...
Sunland Company borrowed $50,400 on November 1, 2017, by signing
a $50,400, 9%, 3-month note. Prepare Sunland’s November 1, 2017,
entry; the December 31, 2017, annual adjusting entry; and the
February 1, 2018, entry. (If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
11/1/17
12/31/17
2/1/18
Shamrock Company borrowed $27,600 on November 1, 2020, by signing a $27,600, 9%, 3-month note. Prepare...
Shamrock Company borrowed $27,600 on November 1, 2020, by signing a $27,600, 9%, 3-month note. Prepare Shamrock’s November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. 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...
On December 31, 2020, Bridgeport Company borrowed $69,348 from Paris Bank, signing a 5-year, $106,700 zero-interest-bearing...
On December 31, 2020, Bridgeport Company borrowed $69,348 from Paris Bank, signing a 5-year, $106,700 zero-interest-bearing note. The note was issued to yield 9% interest. Unfortunately, during 2022, Bridgeport began to experience financial difficulty. As a result, at December 31, 2022, Paris Bank determined that it was probable that it would receive back only $80,025 at maturity. The market rate of interest on loans of this nature is now 10%. Prepare the entry to record the issuance of the loan...
Larkspur Corporation issued a 4-year, $81,000, zero-interest-bearing note to Brown Company on January 1, 2020, and...
Larkspur Corporation issued a 4-year, $81,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $46,312. The implicit interest rate is 15%. Prepare Larkspur's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O decimal places, e.g. 38,548. 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 amount is entered....
Monty Corporation issued a 5-year. $78.000, zero-interest-bearing note to Brown Company on January 1, 2020, and...
Monty Corporation issued a 5-year. $78.000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $38,780. The implicit interest rate is 15%. Prepare Monty's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to o decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do...
Brief Exercise 13-4 Sarasota Limited borrowed $45,000 on November 1, 2017, by signing a $45.000, three-month,...
Brief Exercise 13-4 Sarasota Limited borrowed $45,000 on November 1, 2017, by signing a $45.000, three-month, 9% note. Prepare Sarasota's November 1, 2017 try; and the Februsry 1, 2018 entry, (Cresdit account titkes are automafically indented when the amount is entry; the December 31, 2017 annual adjyasting er usry 1, 2018 entry, (Credit account titles are automaticaly indented when the amount tered. Do not indent manually. If no entry is roguiresd, sefect "No Entry for the account titkes and enter...
Brief Exercise 13-2 Sunland Company
borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%,
3-month note. Prepare Sunland’s November 1, 2017, entry; the
December 31, 2017, annual adjusting entry; and the February 1,
2018, entry. (If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017,...
CurrentAttemptinrrogress Cullumber Company borrowed $27,600 on November 1, 2020, by signing a $27,600, 9% , 3-month note. Prepare Cullumber's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry. (If no entry is required, select "No Entry" for the account titles and enter 0for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Account...
Brief
Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1,
2017, by signing a $57,320, 3-month, zero-interest-bearing note.
Prepare Ayayai’s November 1, 2017, entry; the December 31, 2017,
annual adjusting entry; and the February 1, 2018, entry. (If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Brief Exercise 13-3 Ayayai Corporation borrowed $56,000 on November 1, 2017,...
Sunland Company borrowed $50,400 on November 1, 2017, by signing
a $50,400, 9%, 3-month note. Prepare Sunland’s November 1, 2017,
entry; the December 31, 2017, annual adjusting entry; and the
February 1, 2018, entry. (If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
11/1/17
12/31/17
2/1/18
Larkspur Corporation issued a 4-year, $81,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $46,312. The implicit interest rate is 15%. Prepare Larkspur's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O decimal places, e.g. 38,548. 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 amount is entered....
Monty Corporation issued a 5-year. $78.000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $38,780. The implicit interest rate is 15%. Prepare Monty's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to o decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do...
Brief Exercise 13-4 Sarasota Limited borrowed $45,000 on November 1, 2017, by signing a $45.000, three-month, 9% note. Prepare Sarasota's November 1, 2017 try; and the Februsry 1, 2018 entry, (Cresdit account titkes are automafically indented when the amount is entry; the December 31, 2017 annual adjyasting er usry 1, 2018 entry, (Credit account titles are automaticaly indented when the amount tered. Do not indent manually. If no entry is roguiresd, sefect "No Entry for the account titkes and enter...
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