Homework Answers
Journal entries :-
| Date | Account Title and Explanation | Debit | Credit |
| Dec 31, 2015 | Delivery Van | 112,000 | |
| Cash | 12,000 | ||
| Note payable | 100,000 | ||
| (To record purchase of delivery vans) | |||
| Dec 32, 2017 | Note payable | 20,000 | |
| Accrued Interest expense | 8,000 | ||
| Cash | 28,000 | ||
| (To record second installment) |
Principal amount in installments = 100,000/5 = $20,000
Principal after Ist installment = 100,000 - 20,000 = 80,000
Interest = 80,000 x 10% = 8,000
Total installment = 20,000 + 8,000 = 28,000
Add Answer to:
mber 31, 2015. Brighton paid suo ACCINS QUESTION #8 The note is to be paid off...
STION I purchased GLOL Sur lo sed two new trucks for $112.000 on December 31. 2015....
STION I purchased GLOL Sur lo sed two new trucks for $112.000 on December 31. 2015. Shea paid $12,000 down and signed a 10% note for the balance. The note is to be paid off in five annual payments beginning 2016. The installments are to consist of equal amounts of principal plus accrued interest mortization table using the format below. 31, 2011 ure an amorti Principal Payment Each Period End-of- Period Principal Balance Beginning Interest of-Period Expense Principal for the...
On January 1, 20Y2, Hebron Company issued a $184,000, five-year, 8% installment note to Ventsam Bank....
On January 1, 20Y2, Hebron Company issued a $184,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $46,084, beginning on December 31, 20Y2. Journalize the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Y2 Jan. Dec. 1 31 Issued the note for cash at its face amount. Paid the annual payment on the note, which consisted of interest of $14,720 and principal of $31,364. 20Y5...
Date Account Debit Credit Year 1 July 1 Oct. 1 Dec. 31-Note Dec. 31-Bond Year 2...
Date
Account
Debit
Credit
Year 1
July 1
Oct. 1
Dec. 31-Note
Dec. 31-Bond
Year 2
June 30
Sept. 30
Dec. 31-Note
Dec. 31-Bond
Year 3
June 30
Sept. 30
2. Indicate the amount of the interest expense
in (a) Year 1 and (b) Year 2.
a. Year 1 $
b. Year 2 $
3. Determine the carrying amount of the bonds
as of December 31, Year 2.
$
Entries for Bonds Payable and Installment Note Transactions The following transactions...
Entries for Installment Note Transactions on January 1, 20Y2, Hebron Company issued a $175,000, five-year, 8%...
Entries for Installment Note Transactions on January 1, 20Y2, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $43,830, beginning on December 31, 2012. Journalize the entries to record the following: 20Y2 Jan. Issued the note for cash at its face amount. 1. Dec. Paid the annual payment on the note, which consisted of interest of $14,000 and 31. principal of $29,830. 2015 Dec. Paid the annual payment on the note,...
Entries for Bonds Payable and Installment Note Transactions The following transactions were completed by Montague Inc.,...
Entries for Bonds Payable and Installment Note Transactions
The following transactions were completed by Montague Inc.,
whose fiscal year is the calendar year:
Year 1
July 1.
Issued $1,330,000 of five-year, 11% callable bonds dated July
1, Year 1, at a market (effective) rate of 12%, receiving cash of
$1,281,055. Interest is payable semiannually on December 31 and
June 30.
Oct. 1.
Borrowed $380,000 by issuing a 10-year, 8% installment note to
Intexicon Bank. The note requires annual payments of...
Please answer the whole question. Refer to the following Hawkeye Ranges. As of December 31, 2017,...
Please answer the whole question.
Refer to the following Hawkeye Ranges.
As of December 31, 2017, employees had earned $855 of unpaid
and unrecorded salaries. The next payday is January 4, at which
time $1,522 of salaries will be paid.
The cost of supplies still available at December 31, 2017, is
$2,575.
The notes payable requires an interest payment to be made every
three months. The amount of unrecorded accrued interest at December
31, 2017, is $1,375. The next interest...
11.Able Electronics Company issues a $1,000,000, 8%, 20-year mortgage note on January 1. The terms provide...
11.Able Electronics Company issues a $1,000,000, 8%, 20-year mortgage note on January 1. The terms provide for semi-annual installment payments, exclusive of real estate taxes and insurance, of $58,276. After the first installment payment, the principal balance is Select one: a. $955,002. b. $1,000,000. c. $941,717. d. $981,724. e. $962,717. 14. G. Jones Corporation was organized on January 1, 2017, with authorized capital of 1,000,000 shares of $10 par value common stock. During 2017, Jones issued 40,000 shares at $12...
Comprehensive Problem 8 (Part Level Submission) Pina Colada Corp.’s balance sheet at December 31, 2018, is...
Comprehensive Problem 8 (Part Level
Submission)
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s...
Cash The service company Falcon Footballs, Inc. (FFI) had the following balances as of December 31,...
Cash The service company Falcon Footballs, Inc. (FFI) had the following balances as of December 31, 2019. $120,000 Land $ 21,000 Notes Payable $ 50,000 Accounts Receivable $ 78,500 Unearned Revenue S 44,800 Accounts Payable $ 5,400 Supplies $ 6,500 Utilities Payable $ 1.550 Salaries Payable $ 3,300 Prepaid Rent $ 70,000 Office Equipment- Common Stock $ 145,000 Office Equipment $ 68,000 Accum. Depn. S 24,500 Retained Earnings $ 89,450 During 2020, FFI engaged in the following transactions: 1. Issued...
questions 3 to end Instructions: You must turn in the work performed on the sheets printed...
questions 3 to end
Instructions: You must turn in the work performed on the sheets printed with this page. This WILL NOT BE ACCEPTED ON PLAIN PAPER • Write the journal entries (on the following General Journal page) required for each of the events described below. Write the entries in the order described below (1-88). • Use ONLY the accounts listed on the trial balance for your journal entries. • Post the transactions to individual T-accounts and prepare an adjusted...
STION I purchased GLOL Sur lo sed two new trucks for $112.000 on December 31. 2015. Shea paid $12,000 down and signed a 10% note for the balance. The note is to be paid off in five annual payments beginning 2016. The installments are to consist of equal amounts of principal plus accrued interest mortization table using the format below. 31, 2011 ure an amorti Principal Payment Each Period End-of- Period Principal Balance Beginning Interest of-Period Expense Principal for the...
On January 1, 20Y2, Hebron Company issued a $184,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $46,084, beginning on December 31, 20Y2. Journalize the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Y2 Jan. Dec. 1 31 Issued the note for cash at its face amount. Paid the annual payment on the note, which consisted of interest of $14,720 and principal of $31,364. 20Y5...
Date
Account
Debit
Credit
Year 1
July 1
Oct. 1
Dec. 31-Note
Dec. 31-Bond
Year 2
June 30
Sept. 30
Dec. 31-Note
Dec. 31-Bond
Year 3
June 30
Sept. 30
2. Indicate the amount of the interest expense
in (a) Year 1 and (b) Year 2.
a. Year 1 $
b. Year 2 $
3. Determine the carrying amount of the bonds
as of December 31, Year 2.
$
Entries for Bonds Payable and Installment Note Transactions The following transactions...
Entries for Installment Note Transactions on January 1, 20Y2, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $43,830, beginning on December 31, 2012. Journalize the entries to record the following: 20Y2 Jan. Issued the note for cash at its face amount. 1. Dec. Paid the annual payment on the note, which consisted of interest of $14,000 and 31. principal of $29,830. 2015 Dec. Paid the annual payment on the note,...
Entries for Bonds Payable and Installment Note Transactions
The following transactions were completed by Montague Inc.,
whose fiscal year is the calendar year:
Year 1
July 1.
Issued $1,330,000 of five-year, 11% callable bonds dated July
1, Year 1, at a market (effective) rate of 12%, receiving cash of
$1,281,055. Interest is payable semiannually on December 31 and
June 30.
Oct. 1.
Borrowed $380,000 by issuing a 10-year, 8% installment note to
Intexicon Bank. The note requires annual payments of...
Please answer the whole question.
Refer to the following Hawkeye Ranges.
As of December 31, 2017, employees had earned $855 of unpaid
and unrecorded salaries. The next payday is January 4, at which
time $1,522 of salaries will be paid.
The cost of supplies still available at December 31, 2017, is
$2,575.
The notes payable requires an interest payment to be made every
three months. The amount of unrecorded accrued interest at December
31, 2017, is $1,375. The next interest...
Comprehensive Problem 8 (Part Level
Submission)
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s...
Cash The service company Falcon Footballs, Inc. (FFI) had the following balances as of December 31, 2019. $120,000 Land $ 21,000 Notes Payable $ 50,000 Accounts Receivable $ 78,500 Unearned Revenue S 44,800 Accounts Payable $ 5,400 Supplies $ 6,500 Utilities Payable $ 1.550 Salaries Payable $ 3,300 Prepaid Rent $ 70,000 Office Equipment- Common Stock $ 145,000 Office Equipment $ 68,000 Accum. Depn. S 24,500 Retained Earnings $ 89,450 During 2020, FFI engaged in the following transactions: 1. Issued...
questions 3 to end
Instructions: You must turn in the work performed on the sheets printed with this page. This WILL NOT BE ACCEPTED ON PLAIN PAPER • Write the journal entries (on the following General Journal page) required for each of the events described below. Write the entries in the order described below (1-88). • Use ONLY the accounts listed on the trial balance for your journal entries. • Post the transactions to individual T-accounts and prepare an adjusted...
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