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Current Attempt in Progress Marigold Company loaned $55,537 to Hemingway, Inc, accepting Hemingway's 2-year. $67,200, rero-interest-bearing...
Sheffield Company loaned $83,306 to Hemingway, Inc, accepting Hemingway's 2-year, $100,800, zero-interest-bearing note. The implied interest...
Sheffield Company loaned $83,306 to Hemingway, Inc, accepting
Hemingway's 2-year, $100,800, zero-interest-bearing note. The
implied interest rate is 10%. Prepare Sheffield's journal entries
for the initial transaction, recognition of interest each year, and
the collection of $100,800 at maturity.
Account Titles and Explanation Debit Credit Notes Receivable 100800 Discount on Notes Receivable 17494 Cash 83306 (To record the receipt of the note at a discount.) Discount on Notes Receivable 8331 Interest Revenue 8331 (To record the interest revenue at the...
Steve Acrobats lent $13,798 to Donaldson, Inc., accepting Donaldson's 2-years, $17,000, zero-interest-bearing note. The implied interest...
Steve Acrobats lent $13,798 to Donaldson, Inc., accepting Donaldson's 2-years, $17,000, zero-interest-bearing note. The implied interest rate is 11%. Prepare Steve's journal entries for the initial transaction, recognition of interest each year, and the collection of $17,000 at maturity. (Round answers to 0 decimal places, e.g. 5,275. 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 the amount is entered. Do not indent manually.)...
Steve Acrobats lent $13,798 to Donaldson, Inc., accepting Donaldson's 2-years, $17,000, zero-interest-bearing note. The...
Steve Acrobats lent $13,798 to Donaldson, Inc., accepting Donaldson's 2-years, $17,000, zero-interest-bearing note. The implied interest rate is 11% Prepare Steve's journal entries for the initial transaction, recognition of interest each year, and the collection of $17,000 at maturity. (Round answers to 0 decimal places, e.g. 5,275. 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 the amount is entered. Do not indent manually.)...
On January 1, Pina Colada Corp. lent $38,000 to Kingbird, Inc., accepting Kingbird’s $50,578, three-year, zero-interest-bearing note. The implied interest is 10%.
On January 1 , Pina Colada Corp. lent \(\$ 38,000\) to Kingbird, Inc., accepting Kingbird's \(\$ 50,578,\) three-year, zero-interest bearing note. The implied interest is \(10 \%\).(a)Prepare Pina's journal entries for the initial transaction, recognition of interest each year assuming use of the effective interest method, and the collection of \(\$ 50,578\) at maturity. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles...
Brief Exercise 7-8 Tony Acrobats lent $25,972 to Donaldson, Inc., accepting Donaldson’s 2-year, $32,000, zero-interest-bearing note....
Brief Exercise 7-8
Tony Acrobats lent $25,972 to Donaldson, Inc., accepting
Donaldson’s 2-year, $32,000, zero-interest-bearing note. The
implied interest rate is 11%.
Prepare Tony’s journal entries for the initial transaction,
recognition of interest each year, and the collection of $32,000 at
maturity. (Round answers to 0 decimal places, e.g.
5,275. 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 the amount is entered. Do...
Chart of Accounts: Hemingway Company purchases equipment by issuing a 7-year, $420,000 non-interest-bearing note, when the...
Chart of Accounts:
Hemingway Company purchases equipment by issuing a 7-year, $420,000 non-interest-bearing note, when the market rate for this type of note is 7%. Hemingway will pay off the note with equal payments to be made at the end of each year. Required: Prepare the journal entry to record Hemingway's acquisition of the equipment. Prepare the journal entry to record Hemingway's acquisition of the equipment on January 1. General Journal Instructions PAGE 10 GENERAL JOURNAL DATE ACCOUNT TITLE POST....
II. Short Answer (5 points): Notes Receivable. Dold Acrobats lent $26,700 to Donaldson, Inc., accepting Donaldson's...
II. Short Answer (5 points): Notes Receivable. Dold Acrobats lent $26,700 to Donaldson, Inc., accepting Donaldson's 2-year, $30,000, zero- interest-bearing note. The implied interest rate is 6%. Instructions: Prepare Dold Acrobats' journal entries for 1) the initial transaction, 2) recognition of interest in the 1st year, 3) recognition of interest in the 2 year, and 4) the collection of principal at maturity Round numbers to the nearest whole dollar.
Question 4 of 5 -/1 View Policies Current Attempt in Progress Pharoah Corporation loaned $550000 to...
Question 4 of 5 -/1 View Policies Current Attempt in Progress Pharoah Corporation loaned $550000 to another corporation on December 1, 2020 and received a 3-manth, 9% interest-bearing note with a face value of $550000. What adjusting entry should Pharoah make on December 31, 2020? Debit Cash and credit Interest Receivable, $12375. O Debit Casi and credit Interest Revenue, $4125. Debit Interest Receivable and credit Interest Revenue, $12375. Debit Inarest Receivable and credit Interest Revenue $4125 Save for Later Attempts:...
Brief Exercise 10-02 Tamarisk, Inc. borrows $67,200 on July 1 from the bank by signing a...
Brief Exercise 10-02 Tamarisk, Inc. borrows $67,200 on July 1 from the bank by signing a $67,200, 8%, 1-year note payable. (а) 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 Credit Debit 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...
Current Attempt in Progress On January 1, 2020, Metlock Company makes the two following acquisitions. Purchases...
Current Attempt in Progress On January 1, 2020, Metlock Company makes the two following acquisitions. Purchases land having a fair value of $360,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $566,467 Purchases equipment by issuing a 7%, 9-year promissory note having a maturity value of $520,000 (interest payable annually). 1. 2. The company has to pay 12% interest for funds from its bank. Record the two journal entries that should be recorded by Metlock Company...
Sheffield Company loaned $83,306 to Hemingway, Inc, accepting
Hemingway's 2-year, $100,800, zero-interest-bearing note. The
implied interest rate is 10%. Prepare Sheffield's journal entries
for the initial transaction, recognition of interest each year, and
the collection of $100,800 at maturity.
Account Titles and Explanation Debit Credit Notes Receivable 100800 Discount on Notes Receivable 17494 Cash 83306 (To record the receipt of the note at a discount.) Discount on Notes Receivable 8331 Interest Revenue 8331 (To record the interest revenue at the...
Steve Acrobats lent $13,798 to Donaldson, Inc., accepting Donaldson's 2-years, $17,000, zero-interest-bearing note. The implied interest rate is 11%. Prepare Steve's journal entries for the initial transaction, recognition of interest each year, and the collection of $17,000 at maturity. (Round answers to 0 decimal places, e.g. 5,275. 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 the amount is entered. Do not indent manually.)...
Steve Acrobats lent $13,798 to Donaldson, Inc., accepting Donaldson's 2-years, $17,000, zero-interest-bearing note. The implied interest rate is 11% Prepare Steve's journal entries for the initial transaction, recognition of interest each year, and the collection of $17,000 at maturity. (Round answers to 0 decimal places, e.g. 5,275. 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 the amount is entered. Do not indent manually.)...
Brief Exercise 7-8
Tony Acrobats lent $25,972 to Donaldson, Inc., accepting
Donaldson’s 2-year, $32,000, zero-interest-bearing note. The
implied interest rate is 11%.
Prepare Tony’s journal entries for the initial transaction,
recognition of interest each year, and the collection of $32,000 at
maturity. (Round answers to 0 decimal places, e.g.
5,275. 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 the amount is entered. Do...
Chart of Accounts:
Hemingway Company purchases equipment by issuing a 7-year, $420,000 non-interest-bearing note, when the market rate for this type of note is 7%. Hemingway will pay off the note with equal payments to be made at the end of each year. Required: Prepare the journal entry to record Hemingway's acquisition of the equipment. Prepare the journal entry to record Hemingway's acquisition of the equipment on January 1. General Journal Instructions PAGE 10 GENERAL JOURNAL DATE ACCOUNT TITLE POST....
II. Short Answer (5 points): Notes Receivable. Dold Acrobats lent $26,700 to Donaldson, Inc., accepting Donaldson's 2-year, $30,000, zero- interest-bearing note. The implied interest rate is 6%. Instructions: Prepare Dold Acrobats' journal entries for 1) the initial transaction, 2) recognition of interest in the 1st year, 3) recognition of interest in the 2 year, and 4) the collection of principal at maturity Round numbers to the nearest whole dollar.
Question 4 of 5 -/1 View Policies Current Attempt in Progress Pharoah Corporation loaned $550000 to another corporation on December 1, 2020 and received a 3-manth, 9% interest-bearing note with a face value of $550000. What adjusting entry should Pharoah make on December 31, 2020? Debit Cash and credit Interest Receivable, $12375. O Debit Casi and credit Interest Revenue, $4125. Debit Interest Receivable and credit Interest Revenue, $12375. Debit Inarest Receivable and credit Interest Revenue $4125 Save for Later Attempts:...
Brief Exercise 10-02 Tamarisk, Inc. borrows $67,200 on July 1 from the bank by signing a $67,200, 8%, 1-year note payable. (а) 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 Credit Debit 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...
Current Attempt in Progress On January 1, 2020, Metlock Company makes the two following acquisitions. Purchases land having a fair value of $360,000 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $566,467 Purchases equipment by issuing a 7%, 9-year promissory note having a maturity value of $520,000 (interest payable annually). 1. 2. The company has to pay 12% interest for funds from its bank. Record the two journal entries that should be recorded by Metlock Company...
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