Homework Answers
| Notes Receivable | 900,000 | |
| Sales revenue | 637,000 | |
| Discount on notes payable | 263,000 |
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Question 2 On January 1, 2020, Tamarisk. Co sells property for which it had paid $694,100...
Question 9 Tamarisk, Inc. issued $593,000 of 5-year, 7 % bonds at 98 on January 1,...
Question 9 Tamarisk, Inc. issued $593,000 of 5-year, 7 % bonds at 98 on January 1, 2019. The bonds pay interest annually Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Compute the total cost of borrowing for these bonds Total cost of borrowing Prepare the journal entry to record the issuance of the bonds,, assuming the bonds...
On March 3, Tamarisk, Inc. sells $691,0000 of its receivables to Western Factors Inc. Western Factors...
On March 3, Tamarisk, Inc. sells $691,0000 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 5% of the amount of receivables sold. Prepare the entry on Tamarisk, Inc.' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Date Account Titles and Explanation Debit Mar. 3 Click if vou would like to Show Work for this qwestion: Open Show Work
Brief Exercise 10-02 Tamarisk, Inc. borrows $67,200 on July 1 from the bank by signing a...
Brief Exercise 10-02 Tamarisk, Inc. borrows $67,200 on July 1 from the bank by signing a $67,200, 8%, 1-year note payable. (а) Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit Debit July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the...
Exercise 15-15 a-d Ivanhoe Company issued $430,000, 9%, 20-year bonds on January 1, 2020, at 102....
Exercise 15-15 a-d Ivanhoe Company issued $430,000, 9%, 20-year bonds on January 1, 2020, at 102. Interest is payable annually on January 1. Ivanhoe uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Cash 438600 Bonds Payable 430000 Premium on Bonds Payable 8600 SHOW LIST OF...
Type or paste question here On January 1, 2020, Carla Vista Company issued $395,500, 9%, 5-year...
Type or paste question here
On January 1, 2020, Carla Vista Company issued $395,500, 9%,
5-year bonds at face value. Interest is payable annually on January
1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2020
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the journal entry to record the accrual of interest on...
Problem 13-10 Tamarisk Inc. sells portable computer equipment with a two-year warranty contract that requires the...
Problem 13-10 Tamarisk Inc. sells portable computer equipment with a two-year warranty contract that requires the corporation to replace defective parts and provide the necessary repair labour During 2017, the corporation sells for cash 383 computers at a unit price of $2,500. Based on experience, the two-year warranty costs are estimated to be $168 for parts and $172 for labour per unit. (For simplicity, assume that all sales occurred on December 31, 2017.) The warranty is not sold separately from...
Exercise 10-13 On January 1, Oriole Company issued $315,000, 10%, 10-year bonds at face value. Interest...
Exercise 10-13 On January 1, Oriole Company issued $315,000, 10%, 10-year bonds at face value. Interest is payable annually on January 1. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Date Account Titles and Explanation Credit Jan. 1 Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when amount is entered. Do...
Splish Brothers Inc. issued 3,900, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each Januar...
Splish Brothers Inc. issued 3,900, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1 Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Cre dit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 SHOW LIST OF ACCOUNTS Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit account titles...
Exercise 9-11 Tamarisk Stores accepts both its own and national credit cards. During the year, the...
Exercise 9-11 Tamarisk Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred. 20 Jan. 15 Made Tamarisk credit card sales totaling $37,200. (There were no balances prior to January 15.) Made Visa credit card sales service charge fee 3%) totaling $5,900. Feb. 10 Collected $13,600 on Tamarisk credit card sales. 15 Added finance charges of 2.5% to Tamarisk credit card account balances. Journalize the transactions for Tamarisk Stores. (Credit account titles...
Exercise 15-15- Crane Company issued $520,000,6%, 20-year bends on January 1, 2020, 103. Interest is payable...
Exercise 15-15- Crane Company issued $520,000,6%, 20-year bends on January 1, 2020, 103. Interest is payable annually on January 1 Canese straight-ine amortiration for bond premium or discount Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Jan 1, 2020 Prepare the journal entry to record the Keral of interest and the premium amortization on December 31, 2020. (Credit...
Question 9 Tamarisk, Inc. issued $593,000 of 5-year, 7 % bonds at 98 on January 1, 2019. The bonds pay interest annually Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Compute the total cost of borrowing for these bonds Total cost of borrowing Prepare the journal entry to record the issuance of the bonds,, assuming the bonds...
On March 3, Tamarisk, Inc. sells $691,0000 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 5% of the amount of receivables sold. Prepare the entry on Tamarisk, Inc.' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Date Account Titles and Explanation Debit Mar. 3 Click if vou would like to Show Work for this qwestion: Open Show Work
Brief Exercise 10-02 Tamarisk, Inc. borrows $67,200 on July 1 from the bank by signing a $67,200, 8%, 1-year note payable. (а) Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit Debit July 1 (b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the...
Exercise 15-15 a-d Ivanhoe Company issued $430,000, 9%, 20-year bonds on January 1, 2020, at 102. Interest is payable annually on January 1. Ivanhoe uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Cash 438600 Bonds Payable 430000 Premium on Bonds Payable 8600 SHOW LIST OF...
Type or paste question here
On January 1, 2020, Carla Vista Company issued $395,500, 9%,
5-year bonds at face value. Interest is payable annually on January
1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2020
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the journal entry to record the accrual of interest on...
Problem 13-10 Tamarisk Inc. sells portable computer equipment with a two-year warranty contract that requires the corporation to replace defective parts and provide the necessary repair labour During 2017, the corporation sells for cash 383 computers at a unit price of $2,500. Based on experience, the two-year warranty costs are estimated to be $168 for parts and $172 for labour per unit. (For simplicity, assume that all sales occurred on December 31, 2017.) The warranty is not sold separately from...
Exercise 10-13 On January 1, Oriole Company issued $315,000, 10%, 10-year bonds at face value. Interest is payable annually on January 1. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Date Account Titles and Explanation Credit Jan. 1 Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when amount is entered. Do...
Splish Brothers Inc. issued 3,900, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1 Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Cre dit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 SHOW LIST OF ACCOUNTS Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit account titles...
Exercise 9-11 Tamarisk Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred. 20 Jan. 15 Made Tamarisk credit card sales totaling $37,200. (There were no balances prior to January 15.) Made Visa credit card sales service charge fee 3%) totaling $5,900. Feb. 10 Collected $13,600 on Tamarisk credit card sales. 15 Added finance charges of 2.5% to Tamarisk credit card account balances. Journalize the transactions for Tamarisk Stores. (Credit account titles...
Exercise 15-15- Crane Company issued $520,000,6%, 20-year bends on January 1, 2020, 103. Interest is payable annually on January 1 Canese straight-ine amortiration for bond premium or discount Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Jan 1, 2020 Prepare the journal entry to record the Keral of interest and the premium amortization on December 31, 2020. (Credit...
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