On January 1, 20Y2, Hebron Company issued a $213,000, five-year, 4% installment note to Ventsam Bank. The note requires annual payments of $47,846, 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. | 1 | Issued the note for cash at its face amount. |
Dec. | 31 | Paid the annual payment on the note, which consisted of interest of $8,520 and principal of $39,326. |
20Y5 | ||
Dec. | 31 | Paid the annual payment on the note, included $3,610 of interest. The remainder of the payment reduced the principal balance on the note. |
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hebron Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Date | Account Titles and Explanation | Debit | Credit |
20Y2, January 1 | Cash | $213,000 | |
Note payable | $213,000 | ||
20Y2, December 31 | Note payable | $39,326 | |
Interest expense | $8,520 | ||
Cash | $47,846 | ||
20Y5, December 31 | Note payable | $44,236 | |
Interest expense | $3,610 | ||
Cash | $47,846 |
Kindly comment if you need further assistance. Thanks‼!
On January 1, 20Y2, Hebron Company issued a $213,000, five-year, 4% installment note to Ventsam Bank....
Please help with these questions. Read information carefully! On January 1, 20Y2, Hebron Company issued a $251.000. five-year. 5% installment note to Ventsam Bank. The note requires annual payments of $57.975, beginning on December 20Y2. Journalize the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Y2 Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which consisted of interest...
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...
On January 1, the first day of the fiscal year, Shiller Company borrowed $53.000 by alving a seven-year, 11% installment note to Soros Bank. The note requires annual payments of $11,247, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of 55,830 and principal repayment of $5,417. Required: A. Journalize the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account tites, 1....
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,...
Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, Year 1, Smiley Corporation issued $18,400,000 of five-year, 8% bonds at a market (effective) interest rate of 7%, receiving cash of $19,165,153. Interest is payable semiannually on April 1 and October 1. Required: A. Journalize the entries to record the following. Refer to the Chart of Accounts for exact wording of account titles. 1. Issuance of bonds on April 1. 2. First interest payment on October 1 and amortization...
Hoover Corp., a wholesaler of music equipment, issued $32,700,000 of 20-year, 6% callable bonds on March 1, 20Y2, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Y2 Mar. 1 Issued the bonds for cash at their face amount. Sept. 1 Paid the interest on...
Instructions On July 1, 20Y1, Danzer Industries Inc. issued $40,000,000 of 10-year, 7% bonds at a market (effective) interest rate of 8%, receiving cash of $37,282,062. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. * 2. Journalize the entries to record the following:* a. The first semiannual...
Adele Corp., a wholesaler of music equipment, issued $19,600,000 of 20-year, 7% callable bonds on March 1, 20Y1, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Y1 Mar. 1 Issued the bonds for cash at their face amount. Sept. 1 Paid the interest on...
Adele Corp., a wholesaler of music equipment, issued $11,200,000 of 20-year, 9% callable bonds on March 1, 20Y1, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Y1 Mar. 1 Issued the bonds for cash at their face amount. Sept. 1 Paid the interest on...
10 Homework Show Me How Calculator Printem Entries toelastallment note transactions Chart of Accounts Journal Final Question On the of othecary Sher Company borrowed 6000 by giving a seven years installment note to Soros Hank The not requires annual payments of $15.995, with the first payment occur a year The first payment consists of rest of 53.840 and principal repayment of 12.155 on the last de om the entries to record the f a ctions Refer to the Chef Account...