Homework Answers
When any asset is purchased on mortgage the the journal entry will be
Building ( asset) A/c .......Dr
To mortgage payable A/c
So in the above case the Mortgage payable A/c should be credited by 3763000
option: C
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cements Multiple Choice Question 236 Sunland Company purchased a building on January 2 by signing a...
- / 10 View Policies Current Attempt in Progress Sunland Company purchased land, a building, and...
- / 10 View Policies Current Attempt in Progress Sunland Company purchased land, a building, and equipment on January 2, 2021, for $895,000. The company paid $160,000 cash and signed a mortgage note payable for the remainder. Management's best estimate of the value of the land was $370,000; of the building, $416,250; and of the equipment. $138,750. Record the purchase. (Use Mortgage Payable for account.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Multiple Choice Question 181 Equipment costing $21600 is purchased by paying $5400 cash and signing a...
Multiple Choice Question 181 Equipment costing $21600 is purchased by paying $5400 cash and signing a note payable for the remainder. The Journal entry should include a debit to Cash credit to Equipment. credit to Notes Payable. credit to Notes Receivable. Click if you would like to Show Work for this question: Open Show Work
Question 3 of 3 - / 10 View Policies Current Attempt in Progress Sunland Company purchased...
Question 3 of 3 - / 10 View Policies Current Attempt in Progress Sunland Company purchased land, a building, and equipment on January 2, 2021, for $895,000. The company paid $160,000 cash and signed a mortgage note payable for the remainder. Management's best estimate of the value of the land was $370,000; of the building, $416,250; and of the equipment, $138,750. Record the purchase. (Use Mortgage Payable for account.) (Credit account titles are automatically indented when the amount is entered....
Multiple Choice Question 231 Clumber Company issued 58250000 of 6%, 10-year bonds on one of its...
Multiple Choice Question 231 Clumber Company issued 58250000 of 6%, 10-year bonds on one of its interest dates for $7125500 to yield an effective annual rate of 8%. The effective interest method of amortization is to be used. The journal entry to be recorded at the end of the second year for the payment of interest and the amortization of discount will include a CALCULATOR PRINTER VERSION BACK ME • Credit to Cash for $576043. credit to Discount on Bonds...
Delmar Company purchased a building on January 1 by signing a long-term $480,000 mortgage with monthly...
Delmar Company purchased a building on January 1 by signing a long-term $480,000 mortgage with monthly payments of $4,400. The mortgage carries an interest rate of 10 percent. Record the journal entry for the purchase of the building. Record the journal entry for the first mortgage payment on February 1. Record the journal entry for the second mortgage payment on March 1.
CALCULATOR PRINTER VERSION Question 12 Your answer is partially correct. Try again. On January 9, a...
CALCULATOR PRINTER VERSION Question 12 Your answer is partially correct. Try again. On January 9, a company pays $5,960 for salaries and wages of which $2,510 was reported as Salaries and Wages Payable on December 31. Give the entry to record the payment. (Credit accoun automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 9 Salaries and Wages Expense 5960 Salaries and Wages Payable 2150 Click if you would like...
On 1/1, Student Union Corporation purchased a building for $100,000 by signing a 10-year note payable....
On 1/1, Student Union Corporation purchased a building for $100,000 by signing a 10-year note payable. This transaction would be recorded in the journal entry as a: O Debit to Notes Receivable and a credit to Building O Debit to Building and a credit to Notes Receivable O Debit to Building and a credit to Notes Payable O Debit to Building and a credit to Cash Debit to Cash and a credit to Notes Payable O Debit to Notes Payable...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 10-15 a-b (Part Level Submission) Sunland Company issued...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 10-15 a-b (Part Level Submission) Sunland Company issued $470,000, 15-year, 8% bonds at 96. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Click if you would like to Show Work for this question: Open Show Work
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%, 3-month note. Prepar...
Brief Exercise 13-2 Sunland Company
borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%,
3-month note. Prepare Sunland’s November 1, 2017, entry; the
December 31, 2017, annual adjusting entry; and the February 1,
2018, entry. (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 amount is entered. Do not indent
manually.)
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017,...
CALCULATOS STANDARD VIEW PRINTER VERSION BACK NEX Exercise 2-06a-b Sunland Industries had the following transactions. 1....
CALCULATOS STANDARD VIEW PRINTER VERSION BACK NEX Exercise 2-06a-b Sunland Industries had the following transactions. 1. Borrowed $5,900 from the bank by signing a note 2. Pald $3,658 cash for a computer. 3. Purchased $1,003 of supplies on account. Indicate what accounts are increased and decreased by each transaction Debit Analysis 1. Increase the ability Credit Analysis Notes Payable 2 3. Journalize each transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
- / 10 View Policies Current Attempt in Progress Sunland Company purchased land, a building, and equipment on January 2, 2021, for $895,000. The company paid $160,000 cash and signed a mortgage note payable for the remainder. Management's best estimate of the value of the land was $370,000; of the building, $416,250; and of the equipment. $138,750. Record the purchase. (Use Mortgage Payable for account.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Multiple Choice Question 181 Equipment costing $21600 is purchased by paying $5400 cash and signing a note payable for the remainder. The Journal entry should include a debit to Cash credit to Equipment. credit to Notes Payable. credit to Notes Receivable. Click if you would like to Show Work for this question: Open Show Work
Question 3 of 3 - / 10 View Policies Current Attempt in Progress Sunland Company purchased land, a building, and equipment on January 2, 2021, for $895,000. The company paid $160,000 cash and signed a mortgage note payable for the remainder. Management's best estimate of the value of the land was $370,000; of the building, $416,250; and of the equipment, $138,750. Record the purchase. (Use Mortgage Payable for account.) (Credit account titles are automatically indented when the amount is entered....
Multiple Choice Question 231 Clumber Company issued 58250000 of 6%, 10-year bonds on one of its interest dates for $7125500 to yield an effective annual rate of 8%. The effective interest method of amortization is to be used. The journal entry to be recorded at the end of the second year for the payment of interest and the amortization of discount will include a CALCULATOR PRINTER VERSION BACK ME • Credit to Cash for $576043. credit to Discount on Bonds...
CALCULATOR PRINTER VERSION Question 12 Your answer is partially correct. Try again. On January 9, a company pays $5,960 for salaries and wages of which $2,510 was reported as Salaries and Wages Payable on December 31. Give the entry to record the payment. (Credit accoun automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 9 Salaries and Wages Expense 5960 Salaries and Wages Payable 2150 Click if you would like...
On 1/1, Student Union Corporation purchased a building for $100,000 by signing a 10-year note payable. This transaction would be recorded in the journal entry as a: O Debit to Notes Receivable and a credit to Building O Debit to Building and a credit to Notes Receivable O Debit to Building and a credit to Notes Payable O Debit to Building and a credit to Cash Debit to Cash and a credit to Notes Payable O Debit to Notes Payable...
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 10-15 a-b (Part Level Submission) Sunland Company issued $470,000, 15-year, 8% bonds at 96. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Click if you would like to Show Work for this question: Open Show Work
Brief Exercise 13-2 Sunland Company
borrowed $37,200 on November 1, 2017, by signing a $37,200, 9%,
3-month note. Prepare Sunland’s November 1, 2017, entry; the
December 31, 2017, annual adjusting entry; and the February 1,
2018, entry. (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 amount is entered. Do not indent
manually.)
Brief Exercise 13-2 Sunland Company borrowed $37,200 on November 1, 2017,...
CALCULATOS STANDARD VIEW PRINTER VERSION BACK NEX Exercise 2-06a-b Sunland Industries had the following transactions. 1. Borrowed $5,900 from the bank by signing a note 2. Pald $3,658 cash for a computer. 3. Purchased $1,003 of supplies on account. Indicate what accounts are increased and decreased by each transaction Debit Analysis 1. Increase the ability Credit Analysis Notes Payable 2 3. Journalize each transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
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