2nd and 3rd Journal Entries
- Record the appropriate adjusting entry for the note by Dual Systems on December 31, 2021.
- Record the payment of the note by Dual Systems at maturity on April 30, 2022.
Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Nov 1 | Cash | 100000 | |
| Notes payable | 100000 | ||
| Dec 31 | Interest expense (100000*9%*2/12) | 1500 | |
| Interest payable | 1500 | ||
| April 30 | Notes payable | 100000 | |
| Interest payable | 1500 | ||
| Interest expense | 3000 | ||
| Cash | 104500 | ||
Add Answer to:
2nd and 3rd Journal Entries Record the appropriate adjusting entry for the note by Dual Systems on December 31, 2021....
I need help with writing the journal entry. Each picture I posted is a different journal...
I need help with writing the journal entry. Each picture I
posted is a different journal entry that I need to write...I
included the numbers for each one. The pictures are legible on my
computer.
Required information [The following information applies to the questions displayed below.) Eskimo Joe's, designer of the world's second best-selling T-shirt (just behind Hard Rock Cafe), borrows $20.2 million cash on November 1, 2021. Eskimo Joe's signs a six-month, 9% promissory note to Stillwater National Bank...
2nd Journal entry: Record the adjusting entry for situation a. 3rd Journal entry: Record the entry...
2nd Journal entry: Record the adjusting entry for situation
a.
3rd Journal entry: Record the entry necessary as a direct result
of the change in situation b.
4th Journal entry: Record the adjusting entry for situation
b.
5th Journal entry: Record the entry necessary as a direct result
of the change in situation c.
Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries are prepared. a....
exercise - Record notes payable (L08-2 On August 1, 2021, Trico Technologies, an aeronautic electronics company,...
exercise - Record notes payable (L08-2 On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.4 million cash to expand operations. The loan s made by PiratBanc Corp. under a short-term line of credit arrangement. Trico signs a sb-month, 9% promissory note. Interest to payable at maturity. Trico's yearend Is December 31 Required: 123. 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...
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 August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.9 million cash to expand operatio...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.9 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, 6% 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 August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.4 million.cash to expand operations....
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.4 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, 9 % promissory note. Interest is payable at maturity. Trico's year-end is December 31 Requlred: 1-3. Record the necessary entries in the Jounal Entry Worksheet below for Trico Technologies. (If no entry is required for a partieuler transaction/event, select "No Journal Entry Requlred" In the first...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 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. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
Exercise 8-4A Record notes receivable (L08-2) On August 1, 2021, Trico Technologies, an aeronautic electronics company,...
Exercise 8-4A Record notes receivable (L08-2) On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.9 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, 6% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select...
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 August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.6 million cash to expand...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.6 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, 9% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
I need help with writing the journal entry. Each picture I
posted is a different journal entry that I need to write...I
included the numbers for each one. The pictures are legible on my
computer.
Required information [The following information applies to the questions displayed below.) Eskimo Joe's, designer of the world's second best-selling T-shirt (just behind Hard Rock Cafe), borrows $20.2 million cash on November 1, 2021. Eskimo Joe's signs a six-month, 9% promissory note to Stillwater National Bank...
2nd Journal entry: Record the adjusting entry for situation
a.
3rd Journal entry: Record the entry necessary as a direct result
of the change in situation b.
4th Journal entry: Record the adjusting entry for situation
b.
5th Journal entry: Record the entry necessary as a direct result
of the change in situation c.
Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries are prepared. a....
exercise - Record notes payable (L08-2 On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.4 million cash to expand operations. The loan s made by PiratBanc Corp. under a short-term line of credit arrangement. Trico signs a sb-month, 9% promissory note. Interest to payable at maturity. Trico's yearend Is December 31 Required: 123. 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...
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 August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.9 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, 6% 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 August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.4 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, 9 % promissory note. Interest is payable at maturity. Trico's year-end is December 31 Requlred: 1-3. Record the necessary entries in the Jounal Entry Worksheet below for Trico Technologies. (If no entry is required for a partieuler transaction/event, select "No Journal Entry Requlred" In the first...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 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. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
Exercise 8-4A Record notes receivable (L08-2) On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.9 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, 6% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select...
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 August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.6 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, 9% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
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