Note: 360 days has been used for interest calculation.
a)
Total Interest ($25,000*6/100*120 days/360 days = $500 |
b)
Date | Accounts Titles and Explanations | Debit | Credit |
Jun. 1, 2019 | Accounts Payable | $25,000 | |
Notes Payable | $25,000 | ||
(To record the issue of 6% note for past due accounts payable) |
c)
Date | Accounts Titles and Explanations | Debit | Credit |
Sep. 29, 2019 | Notes Payable | $25,000 | |
Interest Expense ($25,000*6/100*120 days/360 days) | $500 | ||
Cash | 25500 | ||
(To record the payment of the note along with accrued interest) |
Note: if 365 days has been used for interest calculation.
a)
Total Interest ($25,000*6/100*120 days/365 days = $493 |
b)
Date | Accounts Titles and Explanations | Debit | Credit |
Jun. 1, 2019 | Accounts Payable | $25,000 | |
Notes Payable | $25,000 | ||
(To record the issue of 6% note for past due accounts payable) |
c)
Date | Accounts Titles and Explanations | Debit | Credit |
Sep. 29, 2019 | Notes Payable | $25,000 | |
Interest Expense | $493 | ||
Cash | 25493 | ||
(To record the payment of the note along with accrued interest) |
Show all work please. Problem 10 points. Show your calculations to solve this problem and answer...
On June 1, Jasper Company signed a $25,000, 120-day, 6 % note payable to cover a past due account payable. a. What is the total amount of interest to be paid on this note? b. Prepare Jasper Company's general journal entry or t-accounts to record the issuance of the note payable. c. Prepare Jasper Company's general journal entry or t-accounts to record the payment of the note on September 29
On June 1, 2019, ABC Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable. a. What is the total amount of interest to be paid on this note? b. Prepare ABC Company's general journal entry to record the issuance of the note payable c. Prepare ABC Company's general journal entry to record the payment of the note on September 29, 2019
I need new and unique answers, please. (Use your own words, don't copy and paste), Please Use your keyboard (Don't use handwriting) Thank you.. Q2- On June 1, 2019, ABC Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable. a. What is the total amount of interest to be paid on this note? b. Prepare ABC Company's general journal entry to record the issuance of the note payable c. Prepare ABC Company's general journal...
looking for Q2
Q2- On June 1, 2019, ABC Company signed a
$25,000, 120-day, 6% note payable to cover a past due account
payable.
a. What is the total amount of interest to be paid on this
note?
b. Prepare ABC Company's general journal entry to record the
issuance of the note payable
c. Prepare ABC Company's general journal entry to record the
payment of the note on
September 29, 2019 (2 marks).
Q1. Abdulaziz Co. purchased a machine in...
Q1- Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using: 1- Straight-line Method. 2- Units of Production Method if the machine produces 100,000 units. Here is a table of units produced each year: First Second Third Fourth Fifth 23,000 25,000 - 30,000 22,000 3- Double Declining Balance Method Q2- On June 1, 2019,...
Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using: 1- Straight-line Method. 2- Units of Production Method if the machine produces 100,000 units. Here is a table of units produced each year: First Second Third Fourth Fifth 23,000 25,000 - 30,000 22,000 3- Double Declining Balance Method Q2- On June 1, 2019, ABC...
I need new and unique answers, please. (Use your own words, don't copy and paste), Please Use your keyboard (Don't use handwriting) Thank you.. Q1- Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using: 1- Straight-line Method. 2- Units of Production Method if the machine produces 100,000 units. Here is a table of...
I need new and unique answers, please. (Use your own words, don't copy and paste), Please Use your keyboard (Don't use handwriting) Thank you.. Q1- Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using: 1- Straight-line Method. 2- Units of Production Method if the machine produces 100,000 units. Here is a table of...
Assignment Question(s): Q1- Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life of 5 years with a salvage value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using: 1- Straight-line Method. 2- Units of Production Method if the machine produces 100,000 units. Here is a table of units produced each year: First Second Third Fourth Fifth 23,000 25,000 - 30,000 22,000 3- Double Declining Balance Method . Q2- On...
Q1- Abdulaziz Co. purchased a machine in 2013 for 50,000 that has a useful life! of 5 years with a salvage value of 5,000. Calculate the depreciation expense, accumulated depreciation, book value throughout its useful life using: 1- Straight-line Method. 2- Units of Production Method if the machine produces 100,000 units. Here is a table of units produced each year: Third Fifth First 23,000 Second 25,000 Fourth 30,000 22,000 3- Double Declining Balance Method (2 Marks). Q2- On June 1,...