FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Tt.8.

E (b) Your answer is partially correct. Prepare the journal entry related to the notes payable for December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Account Titles and Explanation Date Dec. 31, 2021 interest Expense Notes Payable Current Liabilities Cash Long-term Liabilities Debit Culver Balance Sheet 29,250 54,305 Show the balance sheet presentation for this obligation for December 31, 2022. (Hint: Be sure to distinguish between the current and long-term portions of the note.) (Enter account name only and do not provide descriptive information) Credit 83555
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Transcribed Image Text:E (b) Your answer is partially correct. Prepare the journal entry related to the notes payable for December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Account Titles and Explanation Date Dec. 31, 2021 interest Expense Notes Payable Current Liabilities Cash Long-term Liabilities Debit Culver Balance Sheet 29,250 54,305 Show the balance sheet presentation for this obligation for December 31, 2022. (Hint: Be sure to distinguish between the current and long-term portions of the note.) (Enter account name only and do not provide descriptive information) Credit 83555
Culver purchased a new piece of equipment to be used in its new facility. The $378,000 piece of equipment was purchased with a $53,000 down payment and with cash received through the issuance of a $325,000, 9%, 5-year mortgage payable issued on January 1, 2022. The terms provide for annual installment payments of $83,555 on December 31. (a) Prepare an installment payments schedule for the five payments of the notes payable. (Round answers to O decimal places, e.g. 15,250.) Annual Interest Period Issue Date 1 Your answer is correct. 2 3 لیا Cash Payment 83,555 83,555 83,555 $ Interest Expense 29,250 24,363 19,035 Reduction of Principal 54,305 59.192 64,520 Principal Bal. III
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Transcribed Image Text:Culver purchased a new piece of equipment to be used in its new facility. The $378,000 piece of equipment was purchased with a $53,000 down payment and with cash received through the issuance of a $325,000, 9%, 5-year mortgage payable issued on January 1, 2022. The terms provide for annual installment payments of $83,555 on December 31. (a) Prepare an installment payments schedule for the five payments of the notes payable. (Round answers to O decimal places, e.g. 15,250.) Annual Interest Period Issue Date 1 Your answer is correct. 2 3 لیا Cash Payment 83,555 83,555 83,555 $ Interest Expense 29,250 24,363 19,035 Reduction of Principal 54,305 59.192 64,520 Principal Bal. III
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Step 1: Installment payment schedule for the five payments of the notes payable:
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Step 2: Journal entry related to the notes payable for December 31, 2022:
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