Homework Answers
Journal entry
| No | Date | Account name | Debit | Credit |
| a | Oct 1,2020 | Cash | 5500 | |
| Bonds payable | 5500 | |||
| b | Dec 31,2020 | Interest expense (5500*6%*3/12) | 83 | |
| Interest payable | 83 | |||
| c | April 1,2021 | Interest payable | 83 | |
| Interest expense | 82 | |||
| Cash | 165 | |||
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On October 1, 2020, New Co. issued an eight-year, 6%, $5,500 bond at face value, with...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $12,000 to be paid one year from today. The equipment could be purchased for $10,909 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end. Amortize the discount on the note using the straight-line method. c. Payment of the...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $12,000 to be paid one year from today. The equipment could be purchased for $10,909 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end. Amortize the discount on the note using the straight-line method. c. Payment of the...
On August 31, 2020, Pine Company issued a 9-month, 12% note payable to National Bank in...
On August 31, 2020, Pine Company issued a 9-month, 12% note payable to National Bank in the amount of $180,000. Interest is due at maturity. Record the entries for Pine Company on the following dates. a. Issuance of the note on August 31, 2020. b. Adjusting entry on December 31, 2020, Pine Company's fiscal year-end. C. Payment of the note payable on May 31, 2021. Note: List multiple debits or credits (when applicable) in alphabetical order. Date Account Name Dr....
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The face value of commercial paper borrowings at December 31, 2020, was $5 million. The six-month...
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cCan someone let me know if this is correct? Recording Noninterest-Bearing Note Payable Entries First Choice...
cCan someone let me know if this is
correct?
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Problem# 1: The Bugs Bunny Company issued $1,000,000 in bonds at face value on April 1,...
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Question 4 Not complete Marked out of 50.00 P Flag question Recording Entries for an installment...
Question 4 Not complete Marked out of 50.00 P Flag question Recording Entries for an installment Note Payable On January 1, 2020, a borrower signed a long-term note, face amount, 540,000; time to maturity, three years; stated rate of interest, 8%. The market rate of interest of 10% determined the cash received by the borrower. The note will be paid in three equal annual installments of $15,521 each December 31 (which is also the end of the accounting period for...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $12,000 to be paid one year from today. The equipment could be purchased for $10,909 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end. Amortize the discount on the note using the straight-line method. c. Payment of the...
First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $12,000 to be paid one year from today. The equipment could be purchased for $10,909 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end. Amortize the discount on the note using the straight-line method. c. Payment of the...
On August 31, 2020, Pine Company issued a 9-month, 12% note payable to National Bank in the amount of $180,000. Interest is due at maturity. Record the entries for Pine Company on the following dates. a. Issuance of the note on August 31, 2020. b. Adjusting entry on December 31, 2020, Pine Company's fiscal year-end. C. Payment of the note payable on May 31, 2021. Note: List multiple debits or credits (when applicable) in alphabetical order. Date Account Name Dr....
ding inte ming Note Payable che On August 31, 2020, Pine Company issued a 9-month, 12% note payable to National Bank in the amount of $810,000. Interest is due at maturity. Record the entries for Pine Company on the following dates. a. Issuance of the note on August 31, 2020. b. Adjusting entry on December 31, 2020, Pine Company's fiscal year-end. c. Payment of the note payable on May 31, 2021. Note: List multiple debits or credits (when applicable) in...
The face value of commercial paper borrowings at December 31, 2020, was $5 million. The six-month loan originated on September 1, 2020. a. Prepare the journal entry for issuance of the loan on September 1, 2020, assuming that the loan is discounted at 5.7%. Hint: Discount on Note Payable is equal to 6 months of interest. b. Prepare the adjusting entry at December 31, 2020. Amortize the discount on the note using the straight-line method. c. Prepare the entry to...
cCan someone let me know if this is
correct?
Recording Noninterest-Bearing Note Payable Entries First Choice Company buys equipment on October 1, 2020, providing as payment a noninterest-bearing note for $32,000 to be paid one year from today. The equipment could be purchased for $29,091 in cash today. Record the entries for First Choice Company on the following dates. a. Issuance of the note on October 1, 2020. b. Adjusting entry on December 31, 2020, First Choice Company's fiscal year-end....
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Recording a Note Payable Issued for Non-Cash Consideration On January 1, 2020, Jet Air Inc. contracted with Systems Plus Inc. to manufacture heavy equipment. Jet Air Inc. issued a $22,500 note to Systems Plus Inc. in exchange for the equipment that required 5% interest payments annually over 3 years on December 31 of each year. Although the fair value of the customized heavy equipment was not reasonably determinable, it was determined that 10% was a reasonable rate of interest for...
Recording a Note Payable Issued for Non-Cash Consideration On January 1, 2020, Jet Air Inc. contracted with Systems Plus Inc. to manufacture heavy equipment. Jet Air Inc. issued a $90,000 note to Systems Plus Inc. in exchange for the equipment that required 5% interest payments annually over 3 years on December 31 of each year. Although the fair value of the customized heavy equipment was not reasonably determinable, it was determined that 10% was a reasonable rate of interest for...
Question 4 Not complete Marked out of 50.00 P Flag question Recording Entries for an installment Note Payable On January 1, 2020, a borrower signed a long-term note, face amount, 540,000; time to maturity, three years; stated rate of interest, 8%. The market rate of interest of 10% determined the cash received by the borrower. The note will be paid in three equal annual installments of $15,521 each December 31 (which is also the end of the accounting period for...
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