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Solution a:
Journal Entries | |||
Date | Particulars | Debit | Credit |
1-Jul-20 | Equipment Dr | $308,000.00 | |
To Cash | $280,000.00 | ||
To Notes Payable | $28,000.00 | ||
(To record equipment purchased) | |||
30-Sep-20 | Interest expense Dr | $4,900.00 | |
Notes payable Dr | $11,814.00 | ||
To Cash | $16,714.00 | ||
(To record installment payment) | |||
31-Dec-20 | Interest expense Dr | $4,693.00 | |
Notes payable Dr | $12,021.00 | ||
To Cash | $16,714.00 | ||
(To record installment payment) |
DueNorth Mining Inc. purchased some crushing equipment on July 1, 2020 for $308,000. A down payment of $28,00...
DueNorth Mining Inc. purchased some crushing equipment on July 1, 2020 for $308,000. A down payment of $28,000 was required and the remainder was financed with a 7% instalment loan payable over 5 years with payments made on a quarterly basis. The quarterly payments required are $16,714 and include both interest and principal. The following is an extract from the loan amortization table the supplier provided to DueNorth : Payment Dates Beginning loan balance Payment Interest Principal Ending loan balance...
please help with the corrections DueNorth Mining Inc. purchased some crushing equipment on May 1, 2020 for $308,000. A down payment of $28,000 was required and the remainder was financed with a installment on payable over 5 years with payments made on a quarterly basis. The quarterly payments required are 516,714 and include both interest and principal. The following is an extract from the loan amortization table the supplier provided to DueNorth : Ending loan Payment Dates 9/30/20 12/31/20 3/31/21...
correct version DueNorth Mining Inc. purchased some crushing equipment on July 1, 2020 for $308,000. A down payment of $28,000 was required and the remainder was financed with a 7% instalment loan LORETIRE payable over 5 years with payments made on a quarterly basis. The quarterly payments required are $16,714 and include both interest and principal. The following is an extract from the loan GENER amortization table the supplier provided to DueNorth : Beginning Ending Payment loan Dates balance Payment...
pls answer interest expense AccoUNTING (Me FULL SCREEN DueNorth Mining Inc. purchased some crushing equipment on July 1, 2020 for $308,000. A down payment of $28,000 was required and the remainder was financed with a 7 % instalment loarm payable over 5 years with payments made on a quarterly basis. The quarterly payments required are $16,714 and include both interest and principal. The folowing is an extract from the loan amortization table the supplier provided to DueNorth: PRINTER VERSTON BACK...
DueNorth Mining Inc. purchased some crushing equipment on July 1, 2020 for $300,000. A down payment of $30,000 was required and the remainder was financed with a 8% instalment loan payable over 5 years with payments made on a quarterly basis. The quarterly payments required are $16,512 and include both interest and principal. The following is an extract from the loan amortization table the supplier provided to DueNorth : Payment Dates 9/30/20 12/31/20 3/31/21 6/30/21 9/30/21 12/31/21 Beginning loan balance...
DueNorth Mining Inc. purchased some crushing equipment on July 1, 2020 for $300,000. A down payment of $30,000 was required and the remainder was financed with a 8% instalment loan payable over 5 years with payments made on a quarterly basis. The quarterly payments required are $16,512 and include both interest and principal. The following is an extract from the loan amortization table the supplier provided to DueNorth : Payment Dates Beginning loan balance Payment Interest Principal Ending loan balance...
DueNorth Mining Inc. purchased some crushing equipment on July 1, 2020 for $300,000. A down payment of $30,000was required and the remainder was financed with a 8% instalment loan payable over 5 years with payments made on a quarterly basis. The quarterly payments required are $16,512 and include both interest and principal. The following is an extract from the loan amortization table the supplier provided to DueNorth : Payment Dates Beginning loan balance Payment Interest Principal Ending loan balance 9/30/20...
LeBron James (LBJ) Corporation agrees on January 1, 2020, to lease equipment from Cavaliers, Inc. for 3 years. The lease calls for annual lease payments of $23,000 at the beginning of each year. The lease does not transfer ownership, nor does it contain a bargain purchase option, and is not a specialized asset. In addition, the useful life of the equipment is 10 years, and the present value of the lease payments is less than 90% of the fair value...
Instructions Campbell Inc. produces and sells outdoor equipment. On July 1, 20Y1, Campbell issued $60,400,000 of 10-year, 11% bonds at a market (effective) interest rate of 10%, receiving cash of $64,163,618. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 20Y1.* 2. Journalize the entries...