Homework Answers
January 01, 2021
Cash account......................debit $15,000
To Notes payable account..credit $15,000
(Being amount borrowed and issued notes payable)
February 01, 2021
Interest expense account...debit $277.28
Notes payable account.......debit $75
To cash account...............credit $352.28
(being the first monthly payment)
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On January 1, 2021, Corvallis Carnivals borrows $15,000 to purchase a delivery truck by agreeing to a 6%, four-year lo...
On January 1, 2021, Corvallis Carnivals borrows $13,000 to purchase a delivery.truck by agreeing to a...
On January 1, 2021, Corvallis Carnivals borrows $13,000 to purchase a delivery.truck by agreeing to a 6 % , three-year loan with the bank. Payments of $395.49 are due at the end of each manth, with the first installment due on January 31, 2021. Record the issuance of the note payable and the first monthly payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate...
On January 1, 2021, Tropical Paradise borrows $40,000 by agreeing to a 6%, five-year note with...
On January 1, 2021, Tropical Paradise borrows $40,000 by agreeing to a 6%, five-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $773.31 are due at the end of each month with the first installment due on January 31, 2021. Required: Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round...
Exercise 9-2A Record Installment notes (LO9-2) On January 1, 2021, Tropical Paradise borrows $42.000 by agreeing to a 5...
Exercise 9-2A Record Installment notes (LO9-2) On January 1, 2021, Tropical Paradise borrows $42.000 by agreeing to a 5%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $967.23 are due at the end of each month with the first Installment due on January 31, 2021. Required: Record the Issuance of the Installment note payable and the first two monthly payments....
On January 1, 2021, Tropical Paradise borrows $35,000 by agreeing to a 6%, five-year note with...
On January 1, 2021, Tropical Paradise borrows $35,000 by agreeing to a 6%, five-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $676.65 are due at the end of each month with the first installment due on January 31, 2021. Required: Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round...
Ultimate Butter Popcorn issues 6%, 20-year bonds with a face amount of $53,000. The market interest...
Ultimate Butter Popcorn issues 6%, 20-year bonds with a face amount of $53,000. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually. At what price will the bonds issue? (FV of $1. PV of $1. FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Do not round Interest rate factors. Round"Market Interest rate" to 1 decimal place.) Bond Characteristics Amount 53,000 Face amount Interest payment Market interest...
On January 1, 2021, Julee Enterprises borrows $34,000 to purchase a new Toyota Highlander by agreeing...
On January 1, 2021, Julee Enterprises borrows $34,000 to purchase a new Toyota Highlander by agreeing to a 6%, 4-year note with the bank. Payments of $798.49 are due at the end of each month with the first installment due on January 31, 2021. Record the issuance of the note payable and the first two monthly payments. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate...
t 1 of 2 Saved Hel On January 1, 2021, California Financial purchases a building for...
t 1 of 2 Saved Hel On January 1, 2021, California Financial purchases a building for $900,000, signing a 5%, 20-year mortgage. Installment payments of $5,939.60 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1.2.& 3. Record the issuance of the mortgage installment and the first two monthly mortgage payments. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do...
On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The...
On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The note requires four equal payments of $9,360, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and finel answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. View transaction list...
Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $16,000 cash...
Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $16,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $4,512, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare the journal entries for Eagle to record the note's issuance and the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Journal entry worksheet...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.2 million cash to expand op...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.2 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31 Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first...
On January 1, 2021, Corvallis Carnivals borrows $13,000 to purchase a delivery.truck by agreeing to a 6 % , three-year loan with the bank. Payments of $395.49 are due at the end of each manth, with the first installment due on January 31, 2021. Record the issuance of the note payable and the first monthly payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate...
On January 1, 2021, Tropical Paradise borrows $40,000 by agreeing to a 6%, five-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $773.31 are due at the end of each month with the first installment due on January 31, 2021. Required: Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round...
Exercise 9-2A Record Installment notes (LO9-2) On January 1, 2021, Tropical Paradise borrows $42.000 by agreeing to a 5%, four-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $967.23 are due at the end of each month with the first Installment due on January 31, 2021. Required: Record the Issuance of the Installment note payable and the first two monthly payments....
On January 1, 2021, Tropical Paradise borrows $35,000 by agreeing to a 6%, five-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $676.65 are due at the end of each month with the first installment due on January 31, 2021. Required: Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round...
Ultimate Butter Popcorn issues 6%, 20-year bonds with a face amount of $53,000. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually. At what price will the bonds issue? (FV of $1. PV of $1. FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Do not round Interest rate factors. Round"Market Interest rate" to 1 decimal place.) Bond Characteristics Amount 53,000 Face amount Interest payment Market interest...
t 1 of 2 Saved Hel On January 1, 2021, California Financial purchases a building for $900,000, signing a 5%, 20-year mortgage. Installment payments of $5,939.60 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1.2.& 3. Record the issuance of the mortgage installment and the first two monthly mortgage payments. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do...
On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The note requires four equal payments of $9,360, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Round your intermediate calculations and finel answers to the nearest dollar amount.) Prepare the journal entries for Eagle to record the loan on January 1, 2017, and the four payments from December 31, 2017, through December 31, 2020. View transaction list...
Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $16,000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $4,512, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare the journal entries for Eagle to record the note's issuance and the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Journal entry worksheet...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.2 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31 Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first...
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