Homework Answers
| Date | Account Titles and explanation | Debit | Credit |
| Jan. 1, 20Y1 | Cash | $6500 | |
| Notes payable | $65000 | ||
| Jan. 1, 20Y2 | Interest expense | 3900 | |
| Notes payable | 11531 | ||
| Cash | 15431 | ||
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On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that have annual payments of $17,783. The first note payment consists of $7,810 of interest and $9,973 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%,...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that have annual payments of $17,783. The first note payment consists of $7,810 of interest and $9,973 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
what numbers go in the debit and credit columns Instructions Chart of Accounts ! Journal Instructions...
what numbers go in the debit and credit columns
Instructions Chart of Accounts ! Journal Instructions On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes that have annual payments of $15,431. The first note payment consists of $3,900 of interest and $11,531 of principal repayment. Journalize the following transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Y1 Jan. 1 Installment notes are issued 2012 Jan. 1 First annual...
n the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes...
n the first day of the fiscal year, a company issues $26,000,
12%, three-year installment notes that have annual payments of
$10,825. The first note payment consists of $3,120 of interest and
$7,705 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
Question 1 Journalizing Installment Notes On the first day of the fiscal year, a company issues...
Question 1 Journalizing Installment Notes On the first day of the fiscal year, a company issues $58,000, 10%, six-year installment notes that have annual payments of $13,317. The first note payment consists of $5,800 of interest and $7,517 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank. Question 2: Times interest...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%,...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that have annual payments of $17,783. The first note payment consists of $7,810 of interest and $9,973 of principal repayment. a. Journalize the entry to record the issuance of the installment notes b. Journalize the first annual note payment. For a compound transaction, If an amount box does not require an entry, leave it blank Times interest earned Berry Company reported...
Entries for Installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed...
Entries for Installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed $71,000 by giving a six-year, 11% installment note to Soros Bank. The note requires annual payments of $17,060, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $7,810 and principal repayment of $9,250. Journalize the entries to record the following: a1. Issued the installment note for cash on the first day of the fiscal...
1)On January 1, the first day of the fiscal year, a company issues a $950,000, 10%,...
1)On January 1, the first day of the fiscal year, a company issues a $950,000, 10%, 10-year bond that pays semiannual interest of $47,500 ($950,000 × 10% × ½ year), receiving cash of $950,000. (a) Journalize the entry to record the issuance of the bonds. (b) Journalize the entry to record the first interest payment on June 30. (c) Journalize the entry to record the payment of the principal on the maturity date. 2)On the first day of the fiscal year, a company...
On January 1, the first day of the fiscal year, a company issues a $5,000,000, 6%,...
On January 1, the first day of the fiscal year, a company issues a $5,000,000, 6%, 10-year bond that pays semiannual interest of $150,000 ($5,000,000 x 6% x ½ year), receiving cash of $5,000,000. Journalize the entries to record (a) the issuance of the bonds, (b) the first interest payment on June 30, and (c) the payment of the principal on the maturity date of December 31. Refer to the Chart of Accounts for exact wording of account titles. Journalize...
Entries for Installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed $36,000 by givin...
Entries for Installment Note Transactions
On the first day of the fiscal year, Shiller Company borrowed
$36,000 by giving a four-year, 8% installment note to Soros Bank.
The note requires annual payments of $10,942, with the first
payment occurring on the last day of the fiscal year. The first
payment consists of interest of $2,880 and principal repayment of
$8,062.
Journalize the entries to record the following:
a1. Issued the installment note for
cash on the first day of the fiscal...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that have annual payments of $17,783. The first note payment consists of $7,810 of interest and $9,973 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
what numbers go in the debit and credit columns
Instructions Chart of Accounts ! Journal Instructions On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes that have annual payments of $15,431. The first note payment consists of $3,900 of interest and $11,531 of principal repayment. Journalize the following transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Y1 Jan. 1 Installment notes are issued 2012 Jan. 1 First annual...
n the first day of the fiscal year, a company issues $26,000,
12%, three-year installment notes that have annual payments of
$10,825. The first note payment consists of $3,120 of interest and
$7,705 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that have annual payments of $17,783. The first note payment consists of $7,810 of interest and $9,973 of principal repayment. a. Journalize the entry to record the issuance of the installment notes b. Journalize the first annual note payment. For a compound transaction, If an amount box does not require an entry, leave it blank Times interest earned Berry Company reported...
Entries for Installment Note Transactions
On the first day of the fiscal year, Shiller Company borrowed
$36,000 by giving a four-year, 8% installment note to Soros Bank.
The note requires annual payments of $10,942, with the first
payment occurring on the last day of the fiscal year. The first
payment consists of interest of $2,880 and principal repayment of
$8,062.
Journalize the entries to record the following:
a1. Issued the installment note for
cash on the first day of the fiscal...
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