Homework Answers
| Dec 12 | Cash | 36,800 | |
| Deferred sales revenue | 36,800 | ||
| Jan 16 | Cash | 331,200 | |
| Deferred sales revenue | 36,800 | ||
| Sales revenue | 368,000 | ||
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On December 12, 2021, Pace Electronics received $36,800 from a customer toward a cash sale of...
On December 12, 2021, Pace Electronics received $36,600 from a customer toward a cash sale of...
On December 12, 2021, Pace Electronics received $36,600 from a customer toward a cash sale of $366,000 of diodes to be completed on January 16, 2022. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the appropriate entry on December 12. Note: Enter debits before credits. Date General Journal...
On December 12, 2018, Pace Electronics received $31,200 from a customer toward a cash sale of...
On December 12, 2018, Pace Electronics received $31,200 from a customer toward a cash sale of $312,000 of diodes to be completed on January 16, 2019 What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on December 12. Note: Enter debits before credits Date General Journal Debit Credit December...
On December 12, 2018, Pace Electronics received $25,200 from a customer toward a cash sale of...
On December 12, 2018, Pace Electronics received $25,200 from a customer toward a cash sale of $252,000 of diodes to be completed on January 16, 2019. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on January 16. Note: Enter debits before credits. Debit Date General Journal Credit January...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31 Required: 1-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.2 million cash to expand op...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.2 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31 Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month 8% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.6 million cash to expand...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.6 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.1 million cash to expand...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.1 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
On December 1, 2021, Liang Chemical provides services to a customer for $85.000. In payment for...
On December 1, 2021, Liang Chemical provides services to a customer for $85.000. In payment for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each December 1 Required: 1. Record the acceptance of the note on December 1, 2021. 2. Record the interest collected on December 1 for 2022 and 2023, and the adjustment for interest revenue on December 31 for 2021....
On December 12, 2021, Pace Electronics received $36,600 from a customer toward a cash sale of $366,000 of diodes to be completed on January 16, 2022. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the appropriate entry on December 12. Note: Enter debits before credits. Date General Journal...
On December 12, 2018, Pace Electronics received $31,200 from a customer toward a cash sale of $312,000 of diodes to be completed on January 16, 2019 What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on December 12. Note: Enter debits before credits Date General Journal Debit Credit December...
On December 12, 2018, Pace Electronics received $25,200 from a customer toward a cash sale of $252,000 of diodes to be completed on January 16, 2019. What journal entries should Pace record on December 12 and January 16? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the appropriate entry on January 16. Note: Enter debits before credits. Debit Date General Journal Credit January...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31 Required: 1-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.2 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31 Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month 8% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.6 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.1 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
On December 1, 2021, Liang Chemical provides services to a customer for $85.000. In payment for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each December 1 Required: 1. Record the acceptance of the note on December 1, 2021. 2. Record the interest collected on December 1 for 2022 and 2023, and the adjustment for interest revenue on December 31 for 2021....
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