Homework Answers
Answer
Journal entry:
December 1:
Debit Notes payable $200,000
Credit Cash $200,000
(Note: Being cash paid towards notes payable)
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On December 1, Nikle Company made a cash payment of $200,000 on a note payable that...
On November 1, Nikle Company made a cash payment of $200,000 on a note payable that...
On November 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 Required: Provide the journal entry for this transaction. Refer to the Chart of Accounts for exact wording of account billes. Chart of Accounts < CHART OF ACCOUNTS Nikle Company General Ledger ASSETS REVENUE 11 Cash 41 Fees Eamed 12 Accounts Receivable EXPENSES 13 Supplies 14 Prepaid Insurance 15 Land 51 Wages Expense 53 Rent...
The company determines that the interest expense on a note payable for the period ending December...
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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 31 is $320. 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
On June 30, Collins Management Company purchased land for $480,000 and a building for $720,000, paying...
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Entries for Discounted Note Payable A business issued a 120-day note for $39,000 to a creditor...
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Journalizing Partner's Original Investment Austin Fisher contributed land, Inventory, and $21,000 cash to a partnership. The land had a book value of $73,000 and a market value of $131,000. The inventory had a book assumed a $53,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box des not require an entry, leave it blank. sh to a partnership. The land had...
6. Journalizing Installment Notes On the first day of the fiscal year, a company issues $45,000,...
6. Journalizing Installment Notes On the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that have annual payments of $9,734. The first note payment consists of $3,600 of interest and $6,134 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. Cash Notes Payable b. Journalize the first annual note payment. If an amount box does not...
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...
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On November 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 Required: Provide the journal entry for this transaction. Refer to the Chart of Accounts for exact wording of account billes. Chart of Accounts < CHART OF ACCOUNTS Nikle Company General Ledger ASSETS REVENUE 11 Cash 41 Fees Eamed 12 Accounts Receivable EXPENSES 13 Supplies 14 Prepaid Insurance 15 Land 51 Wages Expense 53 Rent...
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
The company determines that the interest expense on a note payable for the period ending December 31 is $320. 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
On June 30, Collins Management Company purchased land for $480,000 and a building for $720,000, paying $600,000 cash and issuing a 9% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $30,000 on the principal plus the interest accrued from the date of the preceding payment. If an amount box does not require an entry, leave it blank. a. Journalize the entry to record the transaction on...
On September 1, Erika Company purchased land for $47,500 cash. Provide the journal entry for this transaction. If an amount box does not require an entry, leave it blank. Sept. 1 Accounts Payable Accounts Receivable Cash Land Rent Expense
Entries for Discounted Note Payable A business issued a 120-day note for $39,000 to a creditor on account. The note was discounted at 8%. Assume a 360-day year. a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. If necessary, round to one decimal place. b. Journalize the entry to record the payment of the note Accounts Payable Cash Interest Payable b. Jo...
Journalizing Partner's Original Investment Austin Fisher contributed land, Inventory, and $21,000 cash to a partnership. The land had a book value of $73,000 and a market value of $131,000. The inventory had a book assumed a $53,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box des not require an entry, leave it blank. sh to a partnership. The land had...
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...
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