January 3 Purchased equipment for $55000, paying S45000 in cash and signing a 10000, 4-month, 10% note payable. JouonalS
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- June 1. Purchased tools by issuing a $120,000, 60-day note to Rassmuessen Co., which discounted the note at the rate of 9%. June 1 Tools Interest Expense Notes PayableOn March 1, Smith Company purchased equipment costing $14,792 by signing a 3-year, 6% note requiring monthly payments of $450 starting March 31. The journal entry to record the first payment would include a _______ to Notes Payable of debit; $376. credit; $74. credit; $376. debit; $74.The purchase of office equipment for $18,000 was made by signing a 10 month, 6% note payable involves the following on purchase date: * O A credit to note payable for $19,080 O A credit to interest payable for $1,080 O A credit to note payable for $900 O A credit to note payable for $18,000 O None of the above
- On January 1, Shadow Fork Ranch borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each December 31 of $37,258. What amount of interest expense will be included in the first annual payment? A. $17,258. B. $12,258. C. $20,000. D. $25,000.Keesha Company borrows $110,000 cash on November 1 of the current year by signing a 90-day,9%, $110,000 noteOn October 22 the company signed a $450,000 10 years 5% note to purchase equipment. The note will be due in annual installments starting on September 30 of the next year. journal entry is required
- Purchased equipment for OR5,400, paying OR1,000 down and signing a two-year, 10% note for the balance. . Journal entry will be: Equipment 5,400 Notes payable 5,400 Select one: 1. True 2.FalseOn December 1, Victoria Company signed a 90-day, 4% note payable, with a face value of $12,600. What amount of interest expense is accrued at December 31 on the note? (Use 360 days a year.) Multiple Choice 3:42 $504 $84 $0 $126 $42On July 1, 20X1, ABC Corp received a P450,000 10% 3-year note from a customer. The principal and interest of the note is collectible in 3 equal payments every June 30, starting June 30, 20X2. How much is the Interest Receivable at Dec 31, 20X1? 22,500 45,000 135,000 0
- h. Vacation pay expense for December, $10,500. Description Debit Credit i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December. Description Debit Credit j. Interest was accrued on the note receivable received on October 17. Assume 360 days per year. sem: Description Debit CreditAl Reem Co. signed an $18,000 six-month note payable on September 1 that bears intérest at a rate of 5%. How much is the total interest to be accrued on this note at December 31? O a. $300. O b. $900. O c. $75. O d. $450.Aug. 1, 2023: Purchased equipment costing $20,000 by issuing a one-year, 9% note payable. Date 2023 Aug. 1 Equipment Accounts and Explanation Notes Payable Purchased equipment in exchange for one-year, 9% note. Dec. 31, 2023: Accrued interest on the note payable. Date Accounts and Explanation 2023 Dec. 31 Interest Expense Interest Payable Accrued interest expense at year-end. Aug. 1, 2024: Paid the note payable plus interest at maturity. Date Accounts and Explanation 2024 Aug. 1 Debit 20,000 Debit 750 Debit Credit 20,000 Credit 750 Credit