A company borrows $20,000 with 8% interest on October 1, 2018. This amount plus interest is...
A company borrows $20,000 with 8% interest on October 1, 2018. This amount plus interest is due on September 30, 2019. Record the adjusting entry on December 31, 2018
Journal entry worksheet for December 31, 2018
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A company borrows $20,000 with 8% interest on October 1, 2018.
This amount plus interest is...
A company borrows $24,000 with 8% interest on October 1, 2021. This amount plus interest is...
A company borrows $24,000 with 8% interest on October 1, 2021. This amount plus interest is due on September 30, 2022. Record the adjusting entry on December 31, 2021. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry on December 31, 2021. Note: Enter debits before credits Date General Journal Debit Credit December 31, 2021...
2 A company borrows $28,000 with 8% interest on October 1, 2021. This amount plus interest...
2 A company borrows $28,000 with 8% interest on October 1, 2021. This amount plus interest is due on September 30, 2022 Record the adjusting entry on December 31, 2021 (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the adjusting entry on December 31, 2021. Note: Enter debits before credits General Journal Debit Credit Date...
A company has a fiscal year-end of December 31 (1) on October 1, $20,000 was paid...
A company has a fiscal year-end of December 31 (1) on October 1, $20,000 was paid for a one-year fire insurance policy. (2) on June 30 the company advanced its chief financial officer $18.000 principal and interest at 8% on the note are due in one year, and (3) equipment costing $68,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $13,600 per year Prepare the necessary adjusting entries at December 31 for each...
2-Week 1 Saved A company lends $30,000 with 10% interest on May 1, 2021. This amount...
2-Week 1 Saved A company lends $30,000 with 10% interest on May 1, 2021. This amount plus interest is due on April 30, 2022. Record the adjusting entry on December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry rec in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet < 1 Record the adjusting entry on December 31, 2021. Note: Enter debits before credits Date General Journal Debit...
Midshipmen Company borrows $20.000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed...
Midshipmen Company borrows $20.000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays Interest of 12% (1%/month) on June 30, 2022 Required: 1.82 Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of interest Payable and interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0) Complete this question by entering your answers in the tabs below. Required 1 and 2...
Federal Semiconductors issued 10% bonds, dated January 1, with a face amount of $920 million on January 1, 2018. The bo...
Federal Semiconductors issued 10% bonds, dated January 1, with a face amount of $920 million on January 1, 2018. The bonds sold for $846187,826 and mature on December 31, 2037 (20 years). For bonds of similar risk and maturity the market yield was 11%. Interest is paid semiannually on June 30 and December 31. Federal determines interest at the effective rate. Federal elected the option to report these bonds at their fair value. On December 31, 2018, the fair value...
Midshipmen Company borrows $17,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed...
Midshipmen Company borrows $17,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2022. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0). Journal entry worksheet < 1 2 Record the borrowing for Midshipmen on July 1, 2021....
Midshipmen Company borrows $11,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed...
Midshipmen Company borrows $11,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2022. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0). Complete this question by entering your answers in the tabs below. Required 1 and 2...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
On December 16, 2019, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent...
On December 16, 2019, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent annual interest. The note is due in 45 days. At December 31, 2019, Carboy records any unpaid interest with an adjusting entry. On January 30, 2020, Carboy pays the principal and interest owed on the bank note. Prepare the January 30 entry by Carboy for the payment (maturity) of the note plus interest by selecting the account names from the drop-down menus and entering...
A company borrows $24,000 with 8% interest on October 1, 2021. This amount plus interest is due on September 30, 2022. Record the adjusting entry on December 31, 2021. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry on December 31, 2021. Note: Enter debits before credits Date General Journal Debit Credit December 31, 2021...
2 A company borrows $28,000 with 8% interest on October 1, 2021. This amount plus interest is due on September 30, 2022 Record the adjusting entry on December 31, 2021 (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the adjusting entry on December 31, 2021. Note: Enter debits before credits General Journal Debit Credit Date...
A company has a fiscal year-end of December 31 (1) on October 1, $20,000 was paid for a one-year fire insurance policy. (2) on June 30 the company advanced its chief financial officer $18.000 principal and interest at 8% on the note are due in one year, and (3) equipment costing $68,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $13,600 per year Prepare the necessary adjusting entries at December 31 for each...
2-Week 1 Saved A company lends $30,000 with 10% interest on May 1, 2021. This amount plus interest is due on April 30, 2022. Record the adjusting entry on December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry rec in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet < 1 Record the adjusting entry on December 31, 2021. Note: Enter debits before credits Date General Journal Debit...
Midshipmen Company borrows $20.000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays Interest of 12% (1%/month) on June 30, 2022 Required: 1.82 Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of interest Payable and interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0) Complete this question by entering your answers in the tabs below. Required 1 and 2...
Federal Semiconductors issued 10% bonds, dated January 1, with a face amount of $920 million on January 1, 2018. The bonds sold for $846187,826 and mature on December 31, 2037 (20 years). For bonds of similar risk and maturity the market yield was 11%. Interest is paid semiannually on June 30 and December 31. Federal determines interest at the effective rate. Federal elected the option to report these bonds at their fair value. On December 31, 2018, the fair value...
Midshipmen Company borrows $17,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2022. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0). Journal entry worksheet < 1 2 Record the borrowing for Midshipmen on July 1, 2021....
Midshipmen Company borrows $11,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2022. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0). Complete this question by entering your answers in the tabs below. Required 1 and 2...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
On December 16, 2019, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent annual interest. The note is due in 45 days. At December 31, 2019, Carboy records any unpaid interest with an adjusting entry. On January 30, 2020, Carboy pays the principal and interest owed on the bank note. Prepare the January 30 entry by Carboy for the payment (maturity) of the note plus interest by selecting the account names from the drop-down menus and entering...
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