Mohammed LLC is a growing consulting firm. The following transactions take place during the current year. A. On June 10, Mohammed borrows $350,000 from a bank to cover the initial cost of expansion. Terms of the loan are payment due in four months from June 10, and annual interest rate of 7%. B. On July 9, Mohammed borrows an additional $110,000 with payment due in four months from July 9, and an annual interest rate of 14%. C. Mohammed pays their accounts in full on October 10 for the June 10 loan, and on November 9 for the July 9 loan. Record the journal entries to recognize the initial borrowings, and the two payments for Mohammed. If an amount box does not require an entry, leave it blank. Round intermediate calculation and final answers to the nearest whole dollar. June 10 July 9 Oct. 10 Nov. 9 Accounts Payable Cash Interest Expense Merchandise Inventory Short-Term Notes Payable II II III III II II I1I 1II

The Flemings secured a bank loan of $272,000 to help finance the purchase of a house. The bank charges interest at a rate of 4%/year on the unpaid balance, and interest computations are made at the end of each month. The Flemings have agreed to repay the loan in equal monthly installments over 25 years. What should be the size of each repayment if the loan is to be amortized at the end of the term? (Round your answer to the nearest cent.)$

On January 2nd, Mobile Sales borrows $20,000 cash on a note payable from Ethical Lenders with terms 90 days, 5%. Mobile Sales and Ethical Lenders uses a 360-day year for interest calculations. Mobile Sales makes adjusting entries at the end of each calendar quarter. Journalize the initiation of the loan, the recognition of interest expense for the quarter and the payment of the note on its due date (round to the even dollar).

Carla borrowed $1010.00 from the Central Bank at 8.8% per annum calculated on the monthly unpaid balance. She agreed to repay the loan in blended payments of $220.00 per month. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Payment Number Balance Before Payment Amount Paid Interest Paid Principal Repaid Balance After Payment S1010.00 1 $1010.00 $220.00

Kinsella Seed borrowed $200,000 on October 1, 2022, at 10% interest. The interest and principal are due on October 1, 2023. What journal entry should be made with respect to the interest payment on October 1, 2023? a. Debit Cash 20,000; credit Interest Expense 15,000; credit Interest Payable 5,000. b. Debit Interest Expense 15,000; credit Cash 15,000. c. Debit Interest Expense 20,000; credit Cash 20,000. d. Debit Interest Expense 15,000; debit Interest Payable 5,000; credit Cash 20,000.   Feedback Area

A company decides to obtain a small-business loan of $237,000. The financial institution from which the company borrows offers two options: a. Borrow $237,000 at 6% with monthly payments of $4,581.87 over 5 years. b. Borrow $237,000 at 7% with monthly payments of $2,751.77 over 10 years. Required: Record the issuance of an installment note payable under each option. Record the payments for the first and second month under each option. Determine the total amount of interest paid under each option over the full period of the note.

The Flemings secured a bank loan of $328,000 to help finance the purchase of a house. The bank charges interest at a rate of 2%/year on the unpaid balance, and interest computations are made at the end of each month. The Flemings have agreed to repay the loan in equal monthly installments over 25 years. What should be the size of each repayment if the loan is to be amortized at the end of the term? (Round your answer to the nearest cent.) %24

Martinez and Martinez Inc. makes monthly payments of $152.11 and pays 6% interest on a current loan. The initial loan was scheduled to be paid off in 3 years. Determine the loan amount.

Prime Products hopes to borrow $73,000 on April 1 and repay it plus interest of $1,080 on June 30. The following data are available for the months April through June, during which the loan will be used: On April 1, the start of the loan period, the cash balance will be $41,800. Accounts receivable on April 1 will total $182,000, of which $156,000 will be collected during April and $20,800 will be collected during May. The remainder will be uncollectible. The company estimates 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% are bad debts that are never collected. Budgeted sales and expenses for the three-month period follow: April May June Sales (all on account) $316,000 $575,000 $264,000 Merchandise purchases $214,000 $193,000 $ 151,500 Payroll $ 34,200 $ 34,200 $27,300 Lease payments $31,600 $31,600 $ 31,600 Advertising $ 74,000 $ 74,000 $ 43,000 Equipment purchases $70,500 Depreciation…

Stinson Corporation borrowed $85,000 at 8% compounded quarterly to buy a warehouse. Monthly payments of $1200 were made over the term of the loan. Construct a partial amortization schedule showing the last 2 payments. Determine the total amount paid to settle the loan. Show work, not just the answer. Determine the total principal repaid. Determine the total amount of interest paid. Show work, not just the answer.