Homework Answers
Journal entry
| Date | General Journal | Debit | Credit |
| Jan 1 | Cash | 720000 | |
| Notes payable | 720000 | ||
| (To record note payable) | |||
| Dec 31 | Interest expense (720000*10%) | 72000 | |
| Notes payable | 60000 | ||
| Cash | 132000 | ||
| (To record payment) | |||
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On January 1, 2018, Lambert - Fisher signed a $720,000, 12-year, 10% note. The loan required...
On January 1, 2018, Young Corporation signed a $100,000, two-year, 12% note. The loan required Young...
On January 1, 2018, Young Corporation signed a $100,000, two-year, 12% note. The loan required Young to make payments annually on December 31 of $50,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018. Date Accounts and Explanation Debit Credit Jan....
On January 1, 2018, White Corporation signed a $100,000, four-year, 10% note. The loan required White...
On January 1, 2018, White Corporation signed a $100,000, four-year, 10% note. The loan required White to make payments annually on December 31 of $25,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018. Date Accounts and Explanation Debit Credit Jan....
Please help!!! ASAP!! On January 1, 2018, King Corporation signed a $100,000, four-year, 9% note. The...
Please help!!! ASAP!!
On January 1, 2018, King Corporation signed a $100,000, four-year, 9% note. The loan required King to make payments annually on December 31 of $25,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018 Date Accounts and Explanation...
On January 1, 2018, Turner Corporation signed a $240,000, eight-year, 12% note. The loan required Turner...
On January 1, 2018, Turner Corporation signed a $240,000, eight-year, 12% note. The loan required Turner to make payments annually on December 31 of $30,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date Debit Credit Dec. 31 Accounts and Explanation Notes Payable Interest Expense 30000 28800 Cash 58800 Paid...
Obert Company issued a $140,000, 6%, 10 year bond payable at 88 on January 1, 2018....
Obert Company issued a $140,000, 6%, 10 year bond payable at 88 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Read the requirements Requirement 1. Journalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits Select explanations on the last line of the journal entry) Date Accounts and Explanation Debit Credit 2018 Jan. 1 Requirement 2. Journalize the payment of semiannual interest and amortization of the bond discount...
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Simko Company issued $720,000, 8-year, 6 percent bonds on January 1, 2018. The bonds were issued for $640,000. Interest is payable annually on December 31. Using straight-line amortization, prepare journal entries to record (a) the bond issuance on January 1, 2018, and (b) the payment of interest on December 31, 2018. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record the issuance of bonds with a face value of $720,000...
Ethel Company purchased a building with a market value of $320,000 and land with a market...
Ethel Company purchased a building with a market value of $320,000 and land with a market value of $60,000 on January 1, 2018. Ethel Company paid $40,000 cash and signed a 12-year, 18% mortgage payable for the balance. Requirements 1. Journalize the January 1, 2018, purchase. 2. Journalize the first monthly payment of $5,777 on January 31, 2018. (Round to the nearest dollar.) Requirement 1. Journalize the January 1, 2018, purchase. (Record debits first, then credits. Select explanations on the...
Obert Company issued a $130,000, 7%, 10-year bond payable at 89 on January 1, 2018. Interest...
Obert Company issued a $130,000, 7%, 10-year bond payable at 89 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Read the requirements. Requirement 1. Journalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry) Date Accounts and Explanation Debit Credit 1 Requirements 2018 | Jan. 1 1. Journalize the issuance of the bond payable on January 1, 2018....
Wilmington Mutual Insurance Company issued a $90,000, 6%, 10-year bond payable at 112 on January 1,...
Wilmington Mutual Insurance Company issued a $90,000, 6%, 10-year bond payable at 112 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Requirements 1. Journalize the issuance of the bond payable on January 1, 2018 2. Journalize the payment of semiannual interest and amortization of the bond discount or premium on July 1, 2018 Requirement 1. Joumalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits. Select explanations on...
On January 1, 2018, Daryl Unimted ssues 7%, 20-year bonds payable with a lece value of...
On January 1, 2018, Daryl Unimted ssues 7%, 20-year bonds payable with a lece value of $220,000 The bonds ae ssued at 133 and pay interest on June 30 and December 31 Assume bonds payatle ae anorticed uning the straght ne amortaions method) Read the seurements Requirement 1. Journalze the issuance of the bonds on January 1, 2018 (Record debits first then credes Select explanations on the last ine of the pural entry Credt Date Accounts and Explanation Debit 201...
On January 1, 2018, Young Corporation signed a $100,000, two-year, 12% note. The loan required Young to make payments annually on December 31 of $50,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018. Date Accounts and Explanation Debit Credit Jan....
On January 1, 2018, White Corporation signed a $100,000, four-year, 10% note. The loan required White to make payments annually on December 31 of $25,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018. Date Accounts and Explanation Debit Credit Jan....
Please help!!! ASAP!!
On January 1, 2018, King Corporation signed a $100,000, four-year, 9% note. The loan required King to make payments annually on December 31 of $25,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018 Date Accounts and Explanation...
On January 1, 2018, Turner Corporation signed a $240,000, eight-year, 12% note. The loan required Turner to make payments annually on December 31 of $30,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date Debit Credit Dec. 31 Accounts and Explanation Notes Payable Interest Expense 30000 28800 Cash 58800 Paid...
Obert Company issued a $140,000, 6%, 10 year bond payable at 88 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Read the requirements Requirement 1. Journalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits Select explanations on the last line of the journal entry) Date Accounts and Explanation Debit Credit 2018 Jan. 1 Requirement 2. Journalize the payment of semiannual interest and amortization of the bond discount...
Ethel Company purchased a building with a market value of $320,000 and land with a market value of $60,000 on January 1, 2018. Ethel Company paid $40,000 cash and signed a 12-year, 18% mortgage payable for the balance. Requirements 1. Journalize the January 1, 2018, purchase. 2. Journalize the first monthly payment of $5,777 on January 31, 2018. (Round to the nearest dollar.) Requirement 1. Journalize the January 1, 2018, purchase. (Record debits first, then credits. Select explanations on the...
Obert Company issued a $130,000, 7%, 10-year bond payable at 89 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Read the requirements. Requirement 1. Journalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry) Date Accounts and Explanation Debit Credit 1 Requirements 2018 | Jan. 1 1. Journalize the issuance of the bond payable on January 1, 2018....
Wilmington Mutual Insurance Company issued a $90,000, 6%, 10-year bond payable at 112 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. Requirements 1. Journalize the issuance of the bond payable on January 1, 2018 2. Journalize the payment of semiannual interest and amortization of the bond discount or premium on July 1, 2018 Requirement 1. Joumalize the issuance of the bond payable on January 1, 2018. (Record debits first, then credits. Select explanations on...
On January 1, 2018, Daryl Unimted ssues 7%, 20-year bonds payable with a lece value of $220,000 The bonds ae ssued at 133 and pay interest on June 30 and December 31 Assume bonds payatle ae anorticed uning the straght ne amortaions method) Read the seurements Requirement 1. Journalze the issuance of the bonds on January 1, 2018 (Record debits first then credes Select explanations on the last ine of the pural entry Credt Date Accounts and Explanation Debit 201...
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