Homework Answers
Ans:
|
Date |
Account Title |
Debit |
Credit |
|
01-Mar |
Cash |
$ 14100,000 |
|
|
Discount on Notes Payable(15000,000*8/100*9/12) |
$ 900,000 |
||
|
Notes Payable |
$ 15,000,000 |
||
|
(To Record nine month 8% note issued on march ,01 at Discount) |
|||
|
31-Dec |
Notes Payable (Face Amount) |
$ 15,000,000 |
|
|
Cash |
$ 15,000,000 |
||
|
(To record repayment of Notes Payable) |
|
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3) Branch Corporation issued $15 million nterest was discounted at issuance at a 8% discount rate....
22) Universal Travel Inc. borrowed $500,000 on November 1, 2021, and signed a 12- hole bearing...
22) Universal Travel Inc. borrowed $500,000 on November 1, 2021, and signed a 12- hole bearing interest at 6%. Interest is payable is full y on October 31, 2022. Prepare the journal entries for 1. the issuance of the mote and the interest December 31, 2021 that Universal Travel Inc. (Round your final answer to the nearest woke dollar.) | v 1 2021 Debit Credit Dec. 31, 2021 23) Branch Corporation issued $15 million of commercial paper on March 1...
BE13-4 Commercial Paper branch Corporation issued $12 million of commercial paper on March 1 on a...
BE13-4 Commercial Paper branch Corporation issued $12 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at a 9% discount rate. Prepare the journal entry for the issuance of the commercial paper and its repayment at maturity No General Journal Credit Debit Date March 1 1 2 3
Branch Corporation issued $11 million of commercial paper on March 1 on a nine-month note. Interest...
Branch Corporation issued $11 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at a 13% discount rate. Prepare the journal entry for the issuance of the commercial paper and its repayment at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet < 1 2 3 Record the issuance of the...
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1. 1. Record a revolving credit agreement negotiated with Parish Bank that can be renewed annually...
1.
1. Record a revolving credit agreement negotiated with Parish
Bank that can be renewed annually upon bank approval. The amount
available under the line of credit is $34.0 million at the bank’s
prime rate.
2. Record a three-month bank loan of $10.0 million with Parish
Bank under the line of credit agreement. Interest at the prime rate
of 10% was payable at maturity.
3. Record the payment of the 10% note at maturity.
4. Record the issuance of $19.0...
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on...
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.0 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $4.5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 6% was...
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on...
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $30.0 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $8.4 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 10% was...
The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on...
The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.0 million at the bank’s prime rate. Feb. 1 Arranged a three-month bank loan of $4.2 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 14% was...
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BE13-4 Commercial Paper branch Corporation issued $12 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at a 9% discount rate. Prepare the journal entry for the issuance of the commercial paper and its repayment at maturity No General Journal Credit Debit Date March 1 1 2 3
Branch Corporation issued $11 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at a 13% discount rate. Prepare the journal entry for the issuance of the commercial paper and its repayment at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet < 1 2 3 Record the issuance of the...
$79 million and issued a nine-month promissory note. Interest was discounted at issuance at On October 1, Eder Fabrication borrowed a 11% discount rate. Prepare the journal entry for the issuance of the note and the appropriate reporting period. (If no entry is required for a transaction/event, select your answers in whole dollars.) adjusting entry for the note at December 31, the end of the "No journal entry required" in the first account field. Enter View transaction list Journal entry...
1.
1. Record a revolving credit agreement negotiated with Parish
Bank that can be renewed annually upon bank approval. The amount
available under the line of credit is $34.0 million at the bank’s
prime rate.
2. Record a three-month bank loan of $10.0 million with Parish
Bank under the line of credit agreement. Interest at the prime rate
of 10% was payable at maturity.
3. Record the payment of the 10% note at maturity.
4. Record the issuance of $19.0...
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.0 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $4.5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 6% was...
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