Date | Particulars | Debit | Credit | Calculations |
Jan.13 2018 | No journal entry required | |||
Feb 1 2018 |
Cash Notes payable |
9000000 |
9000000 |
|
May 1 2018 |
Interest expense Notes payable Cash |
157500 9000000 |
9157500 |
Interest on Notes payable : 9000000x7%x3/12 =157,500 |
Dec 1 2018 |
Cash Discount on Notes payable Notes payable |
12,415,000 585000 |
13000000 |
Discount on Notes payable : 13Mx6%x9/12 =585,000 |
31 Dec 2018 |
Interest expense Discount on Notes payable |
65000 |
65000 |
13Mx6%x1/12=65,000 |
Sept.1 2019 |
Interest expense Discount on Notes payable |
520000 |
520000 |
13Mx6%x8/12=520,000 |
Sept. 1 2019 |
Notes payable Cash |
13000000 |
13000000 |
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The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $27.0 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $6.6 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 13% was...
1.
1. Record a revolving credit agreement negotiated with Parish
Bank that can be renewed annually upon bank approval. The amount
available under the line of credit is $34.0 million at the bank’s
prime rate.
2. Record a three-month bank loan of $10.0 million with Parish
Bank under the line of credit agreement. Interest at the prime rate
of 10% was payable at maturity.
3. Record the payment of the 10% note at maturity.
4. Record the issuance of $19.0...
The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31. 2018 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $30.0 million at the bank’s prime rate. Feb. 1 Arranged a three-month bank loan of $8.4 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 10% was...
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $30.0 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $8.4 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 10% was...
The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $30.0 million at the bank’s prime rate. Feb. 1 Arranged a three-month bank loan of $6.5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 11% was...
inter
ort-term notes January 31 The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. Required: Prepare the appropriate journal entries through the maturity of each liability 2013-2 2018 Jan. 13 Feb. 1 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $20 million at the bank's prime rate. Arranged a three-month bank loan of $5...
The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.0 million at the bank’s prime rate. Feb. 1 Arranged a three-month bank loan of $4.2 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 14% was...
The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.0 million at the bank’s prime rate. Feb. 1 Arranged a three-month bank loan of $4.2 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 14% was...
help, urgent
The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $20.0 million at the bank's prime rate. Feb. 1 Arranged a three-month bank loan of $3.2 million with Parish Bank under the line of credit agreement. Interest at the prime rate of...
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Exercise 13-3 (Algo) Short-term notes [LO13-2] The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $28.0 million at the bank's prime rate. 1 Arranged a three-month bank loan of $8.0 million...