cCan someone let me know if this is
correct?
Homework Answers
Yes, It's Correct
Intrest Expenses = 2909*(3/12) = 727 (for 3 months on Dec
31,2020)
Add Answer to:
cCan someone let me know if this is
correct?
Recording Noninterest-Bearing Note Payable Entries First Choice...
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...
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Meyer, Inc., issued a $50,000, 120-day, noninterest-bearing note on November 1, 2018, payable to the bank. At the date o...
Meyer, Inc., issued a $50,000, 120-day, noninterest-bearing note on November 1, 2018, payable to the bank. At the date of discount, the bank's discount rate was 15 percent.Myer would prepare which of the following journal entries on December 31, 2018? a) Interest Expense 1,250 Discount on Notes Payable 1,250 b) Interest Expense 1,250 Cash 1,250 c) Interest Expense 1,250 Interest Payable 1,250 d)Interest Payable 1,250 Discount on Notes Payable 1,250
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Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On April 1, 2020,...
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Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On April 1, 2020, Mountain Company sold merchandise and received a $21,600, three-year, noninterest-bearing note. The market rate is 8%. Mountain Company has a March 31 year-end. The company uses the effective interest method to amortize any discount. Required Prepare all entries for Mountain Company over the note's term, including year-end adjustments. Note: Round amounts to the nearest whole dollar. Note: If multiple credits are required, list accounts...
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...
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