On Jan 1, Luther Co issued at $1,000,000, 8%, 5 years installment note payable. The first note payment consist of $250,456 principal plus interest due on January 1 of the next year.  Show the account and amount and when it will appear on a classified balance sheet prepared on Dec. 31.                                         Partial Balance Sheet Current Liabilities   $   $ Long-term liabilities  $

Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%, $100,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 On what date does this note mature? (Assume that February has 28 days.) On what date does this note mature?

On the first day of the fiscal year, a company issues $89,000, 6%, five-year installment notes that have annual payments of $21,128. The first note payment consists of $5,340 of interest and $15,788 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment

A company is holding a $6,000, 90-day, 6% note receivable, dated December 1.  The entry to record accrued interest at the end of its fiscal year on December 31 will include: Select one: a. An increase interest income for $90 b. An increase to cash for $6,090 c. A decrease to note receivable for $6,000 d. An increase to interest receivable for $30

Journalize the following, assuming a 360-day year is used for interest calculations: Apr. 30 Issued a $1,080,000, 120-day, 9% note dated April 30 to Misner Co. on account. Aug. 30 Paid Misner Co. the amount owed on the note dated April 30. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Apr. 30 Aug. 30

Recording Accrued Interest Expense Alaska Inc. borrowed $16,000 by signing a one-year note payable on November 1, 2020. The note bears interest at 10% and interest is payable upon maturity of the note. a. Record this financing transaction on November 1, 2020. b. Record the year-end adjusting entry required on December 31, 2020. Hint: Prorate the annual interest of 10% for two months. c. Record the entry to repay the note on November 1, 2021. Note: Round your answers to the nearest dollar. For example, enter 50 for 50.49 and enter 51 for 50.5

Mr. Potts issued a 90-day, 7% note for $200,000, dated February 3 to Valley Co. on account.   (Assume a 360-day year when calculating interest.) (a)  Determine the due date of the note. (b)  Determine the interest. (c)  Determine the maturity value of the note. (d)  Journalize the entry to record the receipt of the note from Potts on Feb. 3. (e)  Journalize the entry to record the receipt of payment of the note at maturity by Valley Co.

Journalizing Installment Notes On the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes that have annual payments of $10,825. The first note payment consists of $3,120 of interest and $7,705 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. Cash V Notes Payable Feedback Check My Work The cash payment is the same in each year. The interest and principal repayment, however, change each year. This is because the carrying amount (book value) of the note decreases each year as principal is repaid, which decreases the interest. b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. Interest Expense Notes Payable Cash Feedback Check My Work

On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day year, what is the maturity value of the note? a.$84,800 b.$78,800 c.$80,000 d.$81,200

On January 1, 20Y2, Hebron Company issued a $213,000, five-year, 4% installment note to Ventsam Bank. The note requires annual payments of $47,846, beginning on December 31, 20Y2. Journalize the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Y2 Jan. Dec. 20Y5 Dec. 1 Issued the note for cash at its face amount. 31 Paid the annual payment on the note, which consisted of interest of $8,520 and principal of $39,326. 31 Paid the annual payment on the note, included $3,610 of interest. The remainder of the payment reduced the principal balance on the note.