Linus Company signed an installments note with Peanuts Bank on January 2, 2018. The note for...
Linus Company signed an installments note with Peanuts Bank on January 2, 2018. The note for $350,000. The first annual payment on December 31, 2018 was $58,755. Of which $28,000 was for interest and the balance was applied to the principal. A. Prepare the January 1, 2018 Journal entry to record the issuance of the note B. Prepare the December 31. 2018 Journal Entry to record the first note payment.
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Linus Company signed an installments note with Peanuts Bank on
January 2, 2018. The note for...
On January 1, 2018, MM Co. borrows $330,000 cash from a bank and in return signs...
On January 1, 2018, MM Co. borrows $330,000 cash from a bank and in return signs an 4% installment note for five annual payments of $74,127 each, with the first payment due one year after the note is signed. 1. Prepare the journal entry to record issuance of the note 2. For the first $74127 annual payment at December 31, 2018, what amount goes toward interest expense? What amount goes toward principal reduction of the note? & Answer is complete...
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On January 1, 2018, Young Corporation signed a $100,000, two-year, 12% note. The loan required Young...
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On January 1, MM Co. borrows $350,000 cash from a bank and in return signs an...
On January 1, MM Co. borrows
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interest expense? What amount goes toward principal reduction of
the note?
On January 1, MM Co. borrows $350,000 cash from a bank and in return signs an 4% installment...
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QS 10-12 Issuance and interest for installment note LO C1 On January 1, MM Co. borrows $280,000 cash from a bank and in return signs an 8% installment note for five annual payments of $70,128 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $70,128 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in...
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Check my work On January 1, MM Co. borrows $370,000 cash from a bank and in...
Check my work On January 1, MM Co. borrows $370,000 cash from a bank and in return signs an 4% installment note for five annual payments of $83,112 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $83,112 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in the tabs below. Required 1 Required 2...
On January 1, 2018, MM Co. borrows $330,000 cash from a bank and in return signs an 4% installment note for five annual payments of $74,127 each, with the first payment due one year after the note is signed. 1. Prepare the journal entry to record issuance of the note 2. For the first $74127 annual payment at December 31, 2018, what amount goes toward interest expense? What amount goes toward principal reduction of the note? & Answer is complete...
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On January 1, 2018, Young Corporation signed a $100,000, two-year, 12% note. The loan required Young to make payments annually on December 31 of $50,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018. Date Accounts and Explanation Debit Credit Jan....
On January 1, MM Co. borrows
$350,000 cash from a bank and in return signs an 4% installment
note for five annual payments of $78,619 each. 1. Prepare the
journal entry to record issuance of the note. 2. For the first
$78,619 annual payment at December 31, what amount goes toward
interest expense? What amount goes toward principal reduction of
the note?
On January 1, MM Co. borrows $350,000 cash from a bank and in return signs an 4% installment...
Please help!!! ASAP!!
On January 1, 2018, King Corporation signed a $100,000, four-year, 9% note. The loan required King to make payments annually on December 31 of $25,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018 Date Accounts and Explanation...
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On January 1, 2018, Turner Corporation signed a $240,000, eight-year, 12% note. The loan required Turner to make payments annually on December 31 of $30,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date Debit Credit Dec. 31 Accounts and Explanation Notes Payable Interest Expense 30000 28800 Cash 58800 Paid...
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Check my work On January 1, MM Co. borrows $370,000 cash from a bank and in return signs an 4% installment note for five annual payments of $83,112 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $83,112 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in the tabs below. Required 1 Required 2...
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