The company issues a 5-year notes payable with their bank for $100,000 and interest at an...
| The company issues a 5-year notes payable with their bank for $100,000 and interest at an annual rate of 6%. | |||||||
| Interest is due on June 30th each year and the principal will be paid in full at the end of the 5 year period. ……………………………. |
Please make a Journal entry to record this transaction.
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The company issues a 5-year notes payable with their bank for
$100,000 and interest at an...
Borrower Company borrowed $100,000 from Bank B on May 1 of Year 1. The annual interest...
Borrower Company borrowed $100,000 from Bank B on May 1 of Year 1. The annual interest rate on the loan is 12%. Borrower Company will repay the entire loan, both principal and accrued interest, after one year on April 30 of Year 2. So, Borrower Company will pay NO CASH to Bank B between May 1 of Year 1 and April 30 of Year 2. Which ONE of the following is included in the books of Borrower Company to record...
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Journal Entries for Accounts Payable and Notes Payable Geary Company had the following P10-1B. transactions: Apr. 15 Issued a $6,000, 60-day, eight percent note payable in payment of an account with Marion Company. 22 Borrowed $50,000 from Sinclair Bank, signing a 60-day note at nine percent. 14 Paid Marion Company the principal and interest due on the April 15 note payable. 13 Purchased $15,000 of merchandise from Sharp Company; signed a 90-day note with eight percent interest. 21 Paid the...
The Gaynor Company had the following transactions involving notes payable during 2019. 7 Jan. 15 Purchased...
The Gaynor Company had the following transactions involving notes payable during 2019. 7 Jan. 15 Purchased office equipment from Corporate Outfitters and issued a 180- day, 10 percent note for $21,000. Apr. 10 Borrowed $14,000 at 12 percent from the Guarantee Bank by discounting a 60-day note payable. June 9 Paid the note due Guarantee Bank. July 14 Paid the note due Corporate Outfitters. Prepare the entries in general journal form to record these transactions. (Assume 360 days in a...
im having issues with the fact that it says the company ADVANCED $27,000 not lent $27,000...
im having issues with the fact that it says the company
ADVANCED $27,000 not lent $27,000 so would it be interest payable
and interest expense or should it stay interest receivable and
interest revenue?
A company has a fiscal year-end of December 31: (1) on October 1, $29,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $27,000: principal and interest at 5% on the note are due in one...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2020, the company paid its annual fire insurance premium of $2,800 for the year beginning December 1 and debited prepaid insurance 2. On August 31, 2020, the company borrowed $42,500 from a local bank. The note requires principal and...
1)On January 1, the first day of the fiscal year, a company issues a $950,000, 10%,...
1)On January 1, the first day of the fiscal year, a company issues a $950,000, 10%, 10-year bond that pays semiannual interest of $47,500 ($950,000 × 10% × ½ year), receiving cash of $950,000. (a) Journalize the entry to record the issuance of the bonds. (b) Journalize the entry to record the first interest payment on June 30. (c) Journalize the entry to record the payment of the principal on the maturity date. 2)On the first day of the fiscal year, a company...
journal Required information Short term notes payable are current liabilities, most bear interest. When a short te...
journal
Required information Short term notes payable are current liabilities, most bear interest. When a short term nole's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 On September 1, Vicario, Inc, borrows $100,000 from First National Bank at 6 percent annual interest. This note is due in 90 days. Prepare the September 1 journal entry for Vicario by selecting the account names from the drop-down menus and entering...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%,...
Journalizing Installment Notes On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that have annual payments of $17,783. The first note payment consists of $7,810 of interest and $9,973 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
n the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes...
n the first day of the fiscal year, a company issues $26,000,
12%, three-year installment notes that have annual payments of
$10,825. The first note payment consists of $3,120 of interest and
$7,705 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
On January 1, Year 1, McGee Corporation issues 5%, 10-year bonds with a face amount of $100,000. Interest is paid semian...
On January 1, Year 1, McGee Corporation issues 5%, 10-year bonds with a face amount of $100,000. Interest is paid semiannually on June 30 and December 31. On issuance date, the market rate of interest is 5%; therefore, the issue price of the bonds is $100,000. The journal entry for the issuance of the bonds will include a:
Borrower Company borrowed $100,000 from Bank B on May 1 of Year 1. The annual interest rate on the loan is 12%. Borrower Company will repay the entire loan, both principal and accrued interest, after one year on April 30 of Year 2. So, Borrower Company will pay NO CASH to Bank B between May 1 of Year 1 and April 30 of Year 2. Which ONE of the following is included in the books of Borrower Company to record...
Journal Entries for Accounts Payable and Notes Payable Geary Company had the following P10-1B. transactions: Apr. 15 Issued a $6,000, 60-day, eight percent note payable in payment of an account with Marion Company. 22 Borrowed $50,000 from Sinclair Bank, signing a 60-day note at nine percent. 14 Paid Marion Company the principal and interest due on the April 15 note payable. 13 Purchased $15,000 of merchandise from Sharp Company; signed a 90-day note with eight percent interest. 21 Paid the...
The Gaynor Company had the following transactions involving notes payable during 2019. 7 Jan. 15 Purchased office equipment from Corporate Outfitters and issued a 180- day, 10 percent note for $21,000. Apr. 10 Borrowed $14,000 at 12 percent from the Guarantee Bank by discounting a 60-day note payable. June 9 Paid the note due Guarantee Bank. July 14 Paid the note due Corporate Outfitters. Prepare the entries in general journal form to record these transactions. (Assume 360 days in a...
im having issues with the fact that it says the company
ADVANCED $27,000 not lent $27,000 so would it be interest payable
and interest expense or should it stay interest receivable and
interest revenue?
A company has a fiscal year-end of December 31: (1) on October 1, $29,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $27,000: principal and interest at 5% on the note are due in one...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2020, the company paid its annual fire insurance premium of $2,800 for the year beginning December 1 and debited prepaid insurance 2. On August 31, 2020, the company borrowed $42,500 from a local bank. The note requires principal and...
journal
Required information Short term notes payable are current liabilities, most bear interest. When a short term nole's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 On September 1, Vicario, Inc, borrows $100,000 from First National Bank at 6 percent annual interest. This note is due in 90 days. Prepare the September 1 journal entry for Vicario by selecting the account names from the drop-down menus and entering...
n the first day of the fiscal year, a company issues $26,000,
12%, three-year installment notes that have annual payments of
$10,825. The first note payment consists of $3,120 of interest and
$7,705 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.
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