Homework Answers
Correct answer-----------$129
Working
| Note amount | $ 31,000.00 |
| Interest for 1st month (31000 x 5% x (1/12)) | $ 129 |
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A company purchased new equipment for $31,000 with a two-year installment note requiring 5% interest. The required mont...
68 A company purchased new equipment for $31,000 with a two-year installment note requiring 5% interest. The required m...
68 A company purchased new equipment for $31,000 with a two-year installment note requiring 5% interest. The required monthly payment is $1,360. After the first month's payment, what is the balance of the note? Skipped Multiple Choice 0 $30,723. $29,640. o $29,769. o $30,871
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...
15. On January 1, 2019, IRCS Company obtained an $88,000, seven year 5% installment note from...
15. On January 1, 2019, IRCS Company obtained an $88,000, seven year 5% installment note from Farmers Bank. The note requires annual payments of $15,208, with the first payment occurring on the last day of the year. The first payment consists of $4,400 interest and principal repayment of $10,808. Requirement: (Shows computations are required) Journalize the following entries: a. Issued the installment notes for cash on January 1, 2019. b. Paid the first annual payment on the note. (2) Determine...
Knowledge Check 01 On January 1 Year 1. Luring Company purchased equipment and agreed to make...
Knowledge Check 01 On January 1 Year 1. Luring Company purchased equipment and agreed to make a $10.000 cash payment on December 31, Year 5. At an interest rate of 12%, how much will the company need to deposit today to make the required cash payment on December 31, Year 5? Use Table E1. (Round your answer to 2 decimal places.) Present value S 5674 30 Knowledge Check 01 On January 1, Year 1. Barrett, Inc. purchased equipment and signed...
On January 1, 2021,Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring...
On January 1, 2021,Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $20,000 annually for six years. The first payment was made on January 1, 2016. The prevailing rate of interest for this type of note at date of issuance was 8%. Glanville should record sales revenue in January 2021of:
On January 1, 2019, Eagle Company borrows $24,000 cash by signing a four-year, 8% installment note.
Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $24,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $7,246, 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.) 1 Eagle borrows $24,000 cash by signing a four-year,...
On January 1, Year 1. Stratton Company borrowed $250,000 on a 10-year, 9% installment note payable....
On January 1, Year 1. Stratton Company borrowed $250,000 on a 10-year, 9% installment note payable. The terms of the note require Stratton to pay 10 equal payments of $38.955 each December 31 for 10 years. The required general journal entry to record the payment on the note on December 31, Year 2 is: Multiple Choice Debit Notes Payable $22.500, debit interest Expense $16,455; credit Cash $38,955. Debit interest Expense $22,500; debit Notes Payable $16,455; credit Cash $38,955. Multiple Choice...
On January 1, 2019, Eagle Company borrows $25,000 cash by signing a four-year, 7% installment note....
On January 1, 2019, Eagle Company borrows $25,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $7,381, 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.) Record the payment of the first installment payment of interest and principal on...
Entries for Installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed $36,000 by givin...
Entries for Installment Note Transactions
On the first day of the fiscal year, Shiller Company borrowed
$36,000 by giving a four-year, 8% installment note to Soros Bank.
The note requires annual payments of $10,942, with the first
payment occurring on the last day of the fiscal year. The first
payment consists of interest of $2,880 and principal repayment of
$8,062.
Journalize the entries to record the following:
a1. Issued the installment note for
cash on the first day of the fiscal...
On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note....
On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $10,333, 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 Eagle borrows $35,000 cash by signing a four-year, 7% installment...
68 A company purchased new equipment for $31,000 with a two-year installment note requiring 5% interest. The required monthly payment is $1,360. After the first month's payment, what is the balance of the note? Skipped Multiple Choice 0 $30,723. $29,640. o $29,769. o $30,871
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...
15. On January 1, 2019, IRCS Company obtained an $88,000, seven year 5% installment note from Farmers Bank. The note requires annual payments of $15,208, with the first payment occurring on the last day of the year. The first payment consists of $4,400 interest and principal repayment of $10,808. Requirement: (Shows computations are required) Journalize the following entries: a. Issued the installment notes for cash on January 1, 2019. b. Paid the first annual payment on the note. (2) Determine...
Knowledge Check 01 On January 1 Year 1. Luring Company purchased equipment and agreed to make a $10.000 cash payment on December 31, Year 5. At an interest rate of 12%, how much will the company need to deposit today to make the required cash payment on December 31, Year 5? Use Table E1. (Round your answer to 2 decimal places.) Present value S 5674 30 Knowledge Check 01 On January 1, Year 1. Barrett, Inc. purchased equipment and signed...
On January 1, Year 1. Stratton Company borrowed $250,000 on a 10-year, 9% installment note payable. The terms of the note require Stratton to pay 10 equal payments of $38.955 each December 31 for 10 years. The required general journal entry to record the payment on the note on December 31, Year 2 is: Multiple Choice Debit Notes Payable $22.500, debit interest Expense $16,455; credit Cash $38,955. Debit interest Expense $22,500; debit Notes Payable $16,455; credit Cash $38,955. Multiple Choice...
Entries for Installment Note Transactions
On the first day of the fiscal year, Shiller Company borrowed
$36,000 by giving a four-year, 8% installment note to Soros Bank.
The note requires annual payments of $10,942, with the first
payment occurring on the last day of the fiscal year. The first
payment consists of interest of $2,880 and principal repayment of
$8,062.
Journalize the entries to record the following:
a1. Issued the installment note for
cash on the first day of the fiscal...
On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $10,333, 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 Eagle borrows $35,000 cash by signing a four-year, 7% installment...
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