Homework Answers
| 1 | ||||
| January 01,2021 | Cash | 40000 | ||
| Notes payable | 40000 | |||
| January 31,2021 | Interest expense | 200.00 | =40000*6%/12 | |
| Notes payable | 573.31 | |||
| Cash | 773.31 | |||
| February 28,2021 | Interest expense | 197.13 | =(40000-573.31)*6%/12 | |
| Notes payable | 576.18 | |||
| Cash | 773.31 | |||
| 2 | ||||
| January 01,2021 | Building | 195000 | ||
| Cash | 45000 | |||
| Notes payable | 150000 |
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On January 1, 2021, Tropical Paradise borrows $40,000 by agreeing to a 6%, five-year note with...
On January 1, 2021, Corvallis Carnivals borrows $15,000 to purchase a delivery truck by agreeing to a 6%, four-year lo...
On January 1, 2021, Corvallis Carnivals borrows $15,000 to purchase a delivery truck by agreeing to a 6%, four-year loan with the bank. Payments of $352.28 are due at the end of each month, with the first installment due on January 31, 2021. Record the issuance of the note payable and the first monthly payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Do not round your intermediate calculations....
On January 1, 2021, Tropical Paradise borrows $35,000 by agreeing to a 6%, five-year note with...
On January 1, 2021, Tropical Paradise borrows $35,000 by agreeing to a 6%, five-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $676.65 are due at the end of each month with the first installment due on January 31, 2021. Required: Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round...
Exercise 9-2A Record Installment notes (LO9-2) On January 1, 2021, Tropical Paradise borrows $42.000 by agreeing to a 5...
Exercise 9-2A Record Installment notes (LO9-2) On January 1, 2021, Tropical Paradise borrows $42.000 by agreeing to a 5%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $967.23 are due at the end of each month with the first Installment due on January 31, 2021. Required: Record the Issuance of the Installment note payable and the first two monthly payments....
t 1 of 2 Saved Hel On January 1, 2021, California Financial purchases a building for...
t 1 of 2 Saved Hel On January 1, 2021, California Financial purchases a building for $900,000, signing a 5%, 20-year mortgage. Installment payments of $5,939.60 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1.2.& 3. Record the issuance of the mortgage installment and the first two monthly mortgage payments. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do...
On January 1, 2021, Corvallis Carnivals borrows $13,000 to purchase a delivery.truck by agreeing to a...
On January 1, 2021, Corvallis Carnivals borrows $13,000 to purchase a delivery.truck by agreeing to a 6 % , three-year loan with the bank. Payments of $395.49 are due at the end of each manth, with the first installment due on January 31, 2021. Record the issuance of the note payable and the first monthly payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate...
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues...
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
3. If the market interest rate is 5%, the bonds
will issue at $483,971. Record the bond issue on January 1, 2021,
and the first two semiannual interest payments on June 30, 2021,
and December 31, 2021. (If no entry is required for a...
On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The...
On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The note requires four equal payments of $9,360, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and finel answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. View transaction list...
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues...
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
Required: 1. If the market interest rate is 6%, the bonds will issue at $430,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for...
Required information (The following information applies to the questions displayed below.) On January 1, 2021, Splash...
Required information (The following information applies to the questions displayed below.) On January 1, 2021, Splash City issues $380,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 9%, the bonds will issue at $349,051. 2. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If...
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues...
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
2. If the market interest rate is 7%, the bonds will issue at
$384,087. Record the bond issue on January 1, 2021, and the first
two semiannual interest payments on June 30, 2021, and December 31,
2021. (If no entry is required for a...
On January 1, 2021, Corvallis Carnivals borrows $15,000 to purchase a delivery truck by agreeing to a 6%, four-year loan with the bank. Payments of $352.28 are due at the end of each month, with the first installment due on January 31, 2021. Record the issuance of the note payable and the first monthly payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Do not round your intermediate calculations....
On January 1, 2021, Tropical Paradise borrows $35,000 by agreeing to a 6%, five-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $676.65 are due at the end of each month with the first installment due on January 31, 2021. Required: Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round...
Exercise 9-2A Record Installment notes (LO9-2) On January 1, 2021, Tropical Paradise borrows $42.000 by agreeing to a 5%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $967.23 are due at the end of each month with the first Installment due on January 31, 2021. Required: Record the Issuance of the Installment note payable and the first two monthly payments....
t 1 of 2 Saved Hel On January 1, 2021, California Financial purchases a building for $900,000, signing a 5%, 20-year mortgage. Installment payments of $5,939.60 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1.2.& 3. Record the issuance of the mortgage installment and the first two monthly mortgage payments. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do...
On January 1, 2021, Corvallis Carnivals borrows $13,000 to purchase a delivery.truck by agreeing to a 6 % , three-year loan with the bank. Payments of $395.49 are due at the end of each manth, with the first installment due on January 31, 2021. Record the issuance of the note payable and the first monthly payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate...
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
3. If the market interest rate is 5%, the bonds
will issue at $483,971. Record the bond issue on January 1, 2021,
and the first two semiannual interest payments on June 30, 2021,
and December 31, 2021. (If no entry is required for a...
On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The note requires four equal payments of $9,360, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and finel answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. View transaction list...
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
Required: 1. If the market interest rate is 6%, the bonds will issue at $430,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for...
Required information (The following information applies to the questions displayed below.) On January 1, 2021, Splash City issues $380,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 9%, the bonds will issue at $349,051. 2. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If...
On January 1, 2021, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $430,000 of 6% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
2. If the market interest rate is 7%, the bonds will issue at
$384,087. Record the bond issue on January 1, 2021, and the first
two semiannual interest payments on June 30, 2021, and December 31,
2021. (If no entry is required for a...
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