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Indigo Family Importers sold goods to Tung Decorators for $34,200 on November 1, 2020, accepting Tung's...
Marin Family Importers sold goods to Tung Decorators for $34,200 on November 1, 2020, accepting Tung's...
Marin Family Importers sold goods to Tung Decorators for $34,200 on November 1, 2020, accepting Tung's $34,200, 6-month, 5% note. Prepare Marin's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (if no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order...
Coronado Family Importers sold goods to Tung Decorators for $40,200 on November 1, 2017, accepting Tung’s...
Coronado Family Importers sold goods to Tung Decorators for $40,200 on November 1, 2017, accepting Tung’s $40,200, 6-month, 5% note. Prepare Coronado’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest
Current Attempt in Progress On May 1, 2020, Indigo Inc. entered into a contract to deliver...
Current Attempt in Progress On May 1, 2020, Indigo Inc. entered into a contract to deliver one of its specialty mowers to kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $965 in advance on May 15, 2020. Kickapoo pays Indigo on May 15, 2020, and Indigo delivers the mower (with cost of $651) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Indigo. (Credit account titles are automatically indented when...
CurrentAttemptinrrogress Cullumber Company borrowed $27,600 on November 1, 2020, by signing a $27,600, 9% , 3-month...
CurrentAttemptinrrogress Cullumber Company borrowed $27,600 on November 1, 2020, by signing a $27,600, 9% , 3-month note. Prepare Cullumber's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry. (If no entry is required, select "No Entry" for the account titles and enter 0for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Account...
On August 1, 2022, Indigo Corporation issued $504,000, 8 % , 10- year bonds at face...
On August 1, 2022, Indigo Corporation issued $504,000, 8 % , 10- year bonds at face value. Interest is payable annually on August 1. Indigo's year-end is December 31 Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Aug 1 eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on...
Exercise 13-11 Early in 2020, Indigo Equipment Company sold 400 Rollomatics at $6,000 each. During 2020,...
Exercise 13-11 Early in 2020, Indigo Equipment Company sold 400 Rollomatics at $6,000 each. During 2020, Indigo spent $20,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All applicable transactions are on a cash basis. a) Prepare 2020 entries for Indigo. Assume that Indigo estimates the total cost of servicing the warranties in the second year will be $37,000. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account...
Upland Company borrowed $40,000 on November 1, 2020, by signing a $40,000, 9%, 3-month note
Brief Exercise 13-02 Upland Company borrowed $40,000 on November 1, 2020, by signing a $40,000, 9%, 3-month note. Prepare Upland's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
On January 1, 2020, Indigo Corporation issued $687,000 of 8% bonds that are due in 10...
On January 1, 2020, Indigo Corporation issued $687,000 of 8% bonds that are due in 10 years. The bonds were issued for $735,820 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 7%. (a)Prepare Indigo Corporation’s journal entry for the January 1 issuance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
Sunland Corporation borrowed $55,200 on November 1, 2020, by signing a $56,490, 3-month, zero-interest-bearing note. Prepare...
Sunland Corporation borrowed $55,200 on November 1, 2020, by signing a $56,490, 3-month, zero-interest-bearing note. Prepare Sunland's November 1, 2020, entry; the December 31, 2020, annual adjusting entry, and the February 1, 2021, entry. (if no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Indigo Company has a 12% note payable with a carrying value of $16,000. Indigo applies the...
Indigo Company has a 12% note payable with a carrying value of $16,000. Indigo applies the fair value option to this note. Given an increase in market interest rates, the fair value of the note is $18, 180. Prepare the entry to record the fair value option for this note, assuming no change in credit risk. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented...
Marin Family Importers sold goods to Tung Decorators for $34,200 on November 1, 2020, accepting Tung's $34,200, 6-month, 5% note. Prepare Marin's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (if no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order...
Current Attempt in Progress On May 1, 2020, Indigo Inc. entered into a contract to deliver one of its specialty mowers to kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $965 in advance on May 15, 2020. Kickapoo pays Indigo on May 15, 2020, and Indigo delivers the mower (with cost of $651) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Indigo. (Credit account titles are automatically indented when...
CurrentAttemptinrrogress Cullumber Company borrowed $27,600 on November 1, 2020, by signing a $27,600, 9% , 3-month note. Prepare Cullumber's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry. (If no entry is required, select "No Entry" for the account titles and enter 0for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Account...
On August 1, 2022, Indigo Corporation issued $504,000, 8 % , 10- year bonds at face value. Interest is payable annually on August 1. Indigo's year-end is December 31 Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Aug 1 eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on...
Indigo Company has a 12% note payable with a carrying value of $16,000. Indigo applies the fair value option to this note. Given an increase in market interest rates, the fair value of the note is $18, 180. Prepare the entry to record the fair value option for this note, assuming no change in credit risk. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented...
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