Homework Answers
Debit Credit
(a) Machinary A/c Dr. 199272
To Cash Cr. 46184
To Interest paid Cr. 4016
To Creditors Cr. 149072
(b) (1) Creditors A/c Dr. 38272
To Cash Cr. 38272
(b) (2) Interest A/c Dr. 3328
To Cash Cr. 3328
(c) (1) Creditors A/c Dr. 38272
To Cash Cr. 38272
(c) (2) Interest A/c Dr. 3328
To Cash Cr. 3328
(d) (1) Creditors A/c Dr. 38272
To Cash Cr. 38272
(d) (2) Interest A/c Dr. 3328
To Cash Cr. 3328
(e) (1) Creditors A/c Dr. 38272
To Cash Cr. 38272
(e) (2) Interest A/c Dr. 3328
To Cash Cr. 3328
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Problem 14- Whispering Cosmetics Co. purchased machinery on December 31, 2016, paying $50,200 down and agreeing...
Problem 14-9 Bonita Cosmetics Co. purchased machinery on December 31, 2016, paying $52,200 down and agreeing...
Problem 14-9 Bonita Cosmetics Co. purchased machinery on December 31, 2016, paying $52,200 down and agreeing to pay the balance in four equal installments of $57,600 payable each December 31, An assumed interest of 10% is implicit in the purchase price Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry"...
Problem 14-9 Martinez Cosmetics Co. purchased machinery on December 31, 2016, paying $53,500 down and agreeing...
Problem 14-9 Martinez Cosmetics Co. purchased machinery on December 31, 2016, paying $53,500 down and agreeing to pay the balance in four equal installments of $44,000 payable each December 31. An assumed interest of 9% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry"...
*Problem 14-9 Monty Cosmetics Co. purchased machinery on December 31, 2016, paying $55,000 down and agreeing...
*Problem 14-9 Monty Cosmetics Co. purchased machinery on December 31, 2016, paying $55,000 down and agreeing to pay the balance in four equal installments of $56,800 payable each December 31. An assumed interest of 9% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round answers to o decimal places, e.g. 38,548. If no entry is required, select "No Entry"...
Larkspur Corporation purchased a computer on December 31, 2019, for $144,900, paying $41,400 down and agreeing...
Larkspur Corporation purchased a computer on December 31, 2019, for $144,900, paying $41,400 down and agreeing to pay the balance in five equal installments of $20,700 payable each December 31 beginning in 2020. An assumed interest rate of 10% is implicit in the purchase price. (a) Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when...
Cheyenne Corporation purchased a computer on December 31, 2019, for $140,700, paying $40,200 down and agreeing...
Cheyenne Corporation purchased a computer on December 31, 2019, for $140,700, paying $40,200 down and agreeing to pay the balance in five equal installments of $20,100 payable each December 31 beginning in 2020. An assumed interest rate of 9% is implicit in the purchase price. (a) Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when...
Monty Corporation purchased a computer on December 31, 2019, for $149,100, paying $42,600 down and agreeing...
Monty Corporation purchased a computer on December 31, 2019, for $149,100, paying $42,600 down and agreeing to pay the balance in five equal installments of $21,300 payable each December 31 beginning in 2020. An assumed interest rate of 8% is implicit in the purchase price. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount...
Swifty Corporation purchased a computer on December 31 2016 for $119,700 ing $34,200 down and agreeing...
Swifty Corporation purchased a computer on December 31 2016 for $119,700 ing $34,200 down and agreeing to pay the balance in five equal installments of $17,100 payable each December 31 beginning in 2017. An assumed interest rate of 8% s mplicit in the purchase price he Purchase priced comp Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. Credit account titles are...
Exercise 10-15 Martinez Corporation purchased a computer on December 31, 2019, for $130,200, paying $37,200 down...
Exercise 10-15 Martinez Corporation purchased a computer on December 31, 2019, for $130,200, paying $37,200 down and agreeing to pay the balance in five equal installments of $18,600 payable each December 31 beginning in 2020. An assumed interest rate of 8% is implicit in the purchase price. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented...
Exercise 10-15 Martinez Corporation purchased a computer on December 31, 2019, for $130,200, paying $37,200 down and ag...
Exercise 10-15 Martinez Corporation purchased a computer on December 31, 2019, for $130,200, paying $37,200 down and agreeing to pay the balance in five equal installments of $18,600 payable each December 31 beginning in 2020. An assumed interest rate of 8% is implicit in the purchase price. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented...
Exercise 10-15 Windsor Corporation purchased a computer on December 31, 2019, for $111,300, paying $31,800 down...
Exercise 10-15 Windsor Corporation purchased a computer on December 31, 2019, for $111,300, paying $31,800 down and agreeing to pay the balance in five equal installments of $15,900 payable each December 31 beginning in 2020. An assumed interest rate of 9% is implicit in the purchase price. Your answer is partially correct. Try again. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g....
Problem 14-9 Bonita Cosmetics Co. purchased machinery on December 31, 2016, paying $52,200 down and agreeing to pay the balance in four equal installments of $57,600 payable each December 31, An assumed interest of 10% is implicit in the purchase price Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry"...
*Problem 14-9 Monty Cosmetics Co. purchased machinery on December 31, 2016, paying $55,000 down and agreeing to pay the balance in four equal installments of $56,800 payable each December 31. An assumed interest of 9% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round answers to o decimal places, e.g. 38,548. If no entry is required, select "No Entry"...
Cheyenne Corporation purchased a computer on December 31, 2019, for $140,700, paying $40,200 down and agreeing to pay the balance in five equal installments of $20,100 payable each December 31 beginning in 2020. An assumed interest rate of 9% is implicit in the purchase price. (a) Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when...
Monty Corporation purchased a computer on December 31, 2019, for $149,100, paying $42,600 down and agreeing to pay the balance in five equal installments of $21,300 payable each December 31 beginning in 2020. An assumed interest rate of 8% is implicit in the purchase price. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount...
Swifty Corporation purchased a computer on December 31 2016 for $119,700 ing $34,200 down and agreeing to pay the balance in five equal installments of $17,100 payable each December 31 beginning in 2017. An assumed interest rate of 8% s mplicit in the purchase price he Purchase priced comp Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. Credit account titles are...
Exercise 10-15 Martinez Corporation purchased a computer on December 31, 2019, for $130,200, paying $37,200 down and agreeing to pay the balance in five equal installments of $18,600 payable each December 31 beginning in 2020. An assumed interest rate of 8% is implicit in the purchase price. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented...
Exercise 10-15 Martinez Corporation purchased a computer on December 31, 2019, for $130,200, paying $37,200 down and agreeing to pay the balance in five equal installments of $18,600 payable each December 31 beginning in 2020. An assumed interest rate of 8% is implicit in the purchase price. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented...
Exercise 10-15 Windsor Corporation purchased a computer on December 31, 2019, for $111,300, paying $31,800 down and agreeing to pay the balance in five equal installments of $15,900 payable each December 31 beginning in 2020. An assumed interest rate of 9% is implicit in the purchase price. Your answer is partially correct. Try again. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g....
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