are appropriate journal entries recorded by ComputerWorld Leasing for the first year of the leas :If no entry is required for a transaction/event, select "No journal entry required" in the first act mediate calculations and final answers to the nearest whole dollar) ew transaction list
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- Interval Answer: A. B. C. Monthly D. on day 1st of every 1 O An unscheduled journal entry O Recording uncollectable receivables O Logging the usage of a prepaid service O Setup of a recurring transfer month(s) Start date 01/01/2026 End After 12 occurrencesJournal entry worksheet 1 Record the entry for semiannual interest paid. Note: Enter debits before credits. Date June 30 Record entry General Journal Clear entry Required 1 Debit Credit View general journal Required 2 >View transaction list Journal entry worksheet 2 Record the first installment payment on October 31, 2021. Assume no reversing entries were prepared. Note: Enter debits before credits. Date October 31 General Journal Debit Credit View general journal Record entry Clear entry
- A summary of Klugman Company's December 31, 2021. accounts receivable aging schedule is presented below along with the: estimáted percent uncollectible for each age group: Age Group 0-69 days 61-98 days 01 123 days Dver 128 days Amount $55,000 19,500 2,500 1, 000 0.5 1.0 10.0 50.0 The allowance fer uncollectible accounts had a balance of $1,350 on January 1, 20211. During the year, bad debts of $700 were. written of: Required: Prepare all joumal entries for 2021 with respect to bad debts and the aflowance for uncollectible accounts. (f no entry is required fain a transaction/event, select "No journat entry requirEG" in the first account fielld.) w transaCtion ist Journal entry worksheet Record the entry to write-off specific accounts.Creative Computing sells a tablet computer called the Protab. The $970 sales price of a Protab Package includes the following: • One Protab computer. ● A six-month limited warranty. This warranty guarantees that Creative will cover any costs that arise due to repairs or replacements associated with defective products for up to six months. • A coupon to purchase a Creative Probook e-book reader for $250, a price that represents a 50% discount from the regular Probook price of $500. It is expected that 20% of the discount coupons will be utilized. • A coupon to purchase a one-year extended warranty for $60. Customers can buy the extended warranty for $60 at other times as well. Creative estimates that 30% of customers will purchase an extended warranty. • Creative does not sell the Protab without the limited warranty, option to purchase a Probook, and the option to purchase an extended warranty, but estimates that if it did so, a Protab alone would sell for $950. All Protab sales are…View Policies Current Attempt in Progress 1. 2. Prepare the journal entries that the lessee should make to record the above transactions assuming the entities report under ASPE. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) The lessee makes a lease payment of $75,200 to the lessor for equipment in an operating lease transaction. Wildhorse Company leases equipment from Noble Construction Inc. The present value of the lease payments is $658,000. The lease qualifies as a capital lease.. No. Account Titles 1. 2. List of Accounts Save for Later Debit Credit Attempts: 0 of 1 used Submit Answer
- Required information Use those calculated values to prepare your journal entries. Note: Do not round intermediate calculations. Round final answers to nearest whole dollar. View transaction list Journal entry worksheet < 1 2 3 Date March 03 Note: Enter debits before credits. 4 5 Accepted a $5,000, 10%, 90-day te in granting a time extension on the past-due account receivable of Tomas Company. 6 General Journal Debit CreditBaillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $252,000, its fair value. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods) $17,000 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter 5 years 12% Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2021. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter. X Answer is not complete. Complete this question by entering your answers in the tabs below.On January 1, 2021, LLB Industries borrowed $400,000 from Trust Bank by issuing a two-year, 8% note, with interest payable quarterly. LLB entered into a two-year interest rate swap agreement on January 1, 2021, and designated the swap as a fair value hedge. Its intent was to hedge the risk that general interest rates will decline, causing iPhone USB ue of its debt to increase. The agreement called for the company to receive payment based on a 8% fixed interest rate on a notional amount of $400,000 and to pay interest based on a floating interest rate. The contract called for cash settlement of the net interest amount quarterly. Floating (LIBOR) settlement rates were 8% at January 1, 6% at March 31, and 4% June 30, 2021. The fair values of the swap are quotes obtained from a derivatives dealer. Those quotes and the fair values of the note are as indicated below. Fair value of interest rate swap Fair value of note payable January 1 0 $400,000 Required: 1. Calculate the net cash…
- Exercise 9-3 On January 1, 2020, Swifty Limited paid $561,003.30 for 10% bonds with a maturity value of $540,000. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2020, and mature on January 1, 2025, with interest receivable on December 31 of each year. Swifty accounts for the bonds using the amortized cost approach, applies ASPE using the effective interest method, and has a December 31 year end. Prepare the journal entry to record the bond purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit Jan 1, 2020 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare a bond amortization schedule. (Round answers to 2 decimal places, e.g. 52.75.) Schedule of Interest Income and Bond Premium Amortization Effective…! Required information [The following information applies to the questions displayed below.] Claire Corporation is planning to issue bonds with a face value of $160,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 12 percent.(FV of $1. PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Show Transcribed Text < Journal entry worksheet Note: Enter debits before credits. Record the issuance of the bonds on January 1. Date January 01 Record entry J General Journal Clear entry c Debit Credit View general journalWhispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $54,000 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 6%; Whispering's incremental borrowing rate is 8%. Whispering is unaware of the rate being used by the lessor. At the end of the lease, Whispering has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Whispering uses the straight-line method of depreciation on similar owned equipment. Click here to view factor tables.