Homework Answers
Dec 31,
Interest expense $320
Interest payable $320
January 1st, we have to reverse the entry which we recorded
Jan 1,
Interest payable $320
Interest expense $320
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The company determines that the interest expense on a note payable for the period ending December...
The company determines that the interest expense on a note payable for the period ending December...
The company determines that the interest expense on a note payable for the period ending December 31 is $410. This amount is payable on January 1. Prepare the journal entries required on December 31 and January 1. If an amount box does not require an entry, leave it blank. Dec. 31 Jan. 1 Cash Interest Expense Interest Payable Interest Receivable Interest Revenue
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Record journal entries for the following transactions. a. On December 1, $11,450 was received for a...
Record journal entries for the following transactions. a. On December 1, $11,450 was received for a service contract to be performed from December 1 through April 30. If an amount box does not require an entry, leave it blank. Dec. 1 b. Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Accounts Payable Accounts Receivable Cash Fees...
Record journal entries for the following transactions. a. On December 1, $11,550 was received for a...
Record journal entries for the following transactions. a. On December 1, $11,550 was received for a service contract to be performed from December 1 through April 30. If an amount box does not require an entry, leave it blank. Dec. 1 b. Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Accounts Payable Accounts Receivable Cash Fees...
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Entries for Installment Note Transactions on January 1, 20Y2, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $43,830, beginning on December 31, 2012. Journalize the entries to record the following: 20Y2 Jan. Issued the note for cash at its face amount. 1. Dec. Paid the annual payment on the note, which consisted of interest of $14,000 and 31. principal of $29,830. 2015 Dec. Paid the annual payment on the note,...
On December 1, Nikle Company made a cash payment of $200,000 on a note payable that...
On December 1, Nikle Company made a cash payment of $200,000 on a note payable that was generated in the purchase of a building and land. Provide the journal entry for this transaction. If an amount box does not require an entry, leave it blank. Dec. 1 Accounts Payable Accounts Receivable Cash Common Stock Notes Payable
Entries for Installment Note Transactions On January 1 of Year 1, Bryson Company obtained a $55,000,...
Entries for Installment Note Transactions On January 1 of Year 1, Bryson Company obtained a $55,000, four-year, 11% installment note from Campbell Bank. The note requires annual payments of $17,728, beginning on December 31 of Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. Amortization of Installment Notes January 1 Carrying Amount...
Entries for installment Note Transactions On January 1, Year 1, Bryson Company obtained a $147,750, four-year,...
Entries for installment Note Transactions On January 1, Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires annual payments of $13,620, beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. (Note: Due to rounding, the 12/31/Year 4 Interest expense is...
Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $12,000, four-year,...
Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $12,000, four-year, 9% installment note from Campbell Bank. The note requires annual payments of $3,704, beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Note: Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. In Year 4, round the amount in the Decrease...
Entries for Installment Note Transactions On January 1, Year 1, Luzak Company issued a $69,000, 4-year,...
Entries for Installment Note Transactions On January 1, Year 1, Luzak Company issued a $69,000, 4-year, 9% installment note to McGee Bank. The note requires annual payments of $21,298, beginning on December 31, Year 1. Journalize the entries to record the following: Year 1 Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which consisted of interest of $6,210 and principal of $15,088. Year 4 Dec. 31 Paid the...
The company determines that the interest expense on a note payable for the period ending December 31 is $410. This amount is payable on January 1. Prepare the journal entries required on December 31 and January 1. If an amount box does not require an entry, leave it blank. Dec. 31 Jan. 1 Cash Interest Expense Interest Payable Interest Receivable Interest Revenue
Entries for Installment Note Transactions On January 1 of Year 1, Bryson Company obtained a $45,000, four-year, 8 % installment note from Campbell Bank. The note requires annual payments of $13,586, beginning on December 31 of Year 1 a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers Amortization of Installment Notes Interest Expense Note...
Record journal entries for the following transactions. a. On December 1, $11,450 was received for a service contract to be performed from December 1 through April 30. If an amount box does not require an entry, leave it blank. Dec. 1 b. Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Accounts Payable Accounts Receivable Cash Fees...
Record journal entries for the following transactions. a. On December 1, $11,550 was received for a service contract to be performed from December 1 through April 30. If an amount box does not require an entry, leave it blank. Dec. 1 b. Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Accounts Payable Accounts Receivable Cash Fees...
Entries for Installment Note Transactions on January 1, 20Y2, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $43,830, beginning on December 31, 2012. Journalize the entries to record the following: 20Y2 Jan. Issued the note for cash at its face amount. 1. Dec. Paid the annual payment on the note, which consisted of interest of $14,000 and 31. principal of $29,830. 2015 Dec. Paid the annual payment on the note,...
On December 1, Nikle Company made a cash payment of $200,000 on a note payable that was generated in the purchase of a building and land. Provide the journal entry for this transaction. If an amount box does not require an entry, leave it blank. Dec. 1 Accounts Payable Accounts Receivable Cash Common Stock Notes Payable
Entries for Installment Note Transactions On January 1 of Year 1, Bryson Company obtained a $55,000, four-year, 11% installment note from Campbell Bank. The note requires annual payments of $17,728, beginning on December 31 of Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. Amortization of Installment Notes January 1 Carrying Amount...
Entries for installment Note Transactions On January 1, Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires annual payments of $13,620, beginning on December 31, Year 1. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. (Note: Due to rounding, the 12/31/Year 4 Interest expense is...
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