Prepare the following journal entry: Baily Corporation purchased a new Bus for $215,000 and paid 15% as a down payment and signed a promissory note for the reminder of the amount owed.

Robinson's, an electrical supply company, sold $7,600 of equipment to Jim Coates Wiring, Incorporated Coates signed a promissory note May 12 with 4.8% interest. The due date was August 10. Short of funds, Robinson's contacted Capital One Bank on July 20; the bank agreed to take over the note at a 6.5% discount. (Use Days in a year table.) What proceeds will Robinson's receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Proceeds received

Valley Spa purchased $11,200 in plumbing components from Tubman Co. Valley Spa Studios signed a 90-day, 7% promissory note for $11,200. If the note is dishonored, what is the amount due on the note? (Use 360 days a year.)

Adams Acrobats lent $17,147 to Donaldson, Inc., accepting Donaldson's 2-year, $20,000, zero-interest-bearing note. The implied interest rate is 8%. Prepare Adams's journal entries for the initial transaction, recognition of interest each year, and the collection of $20,000 at maturity. (Round answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To record the initial transations) (To record the recognition of interest in year one) (To recognize the interest in year 2) (To record the collection of the note) Debit Credit INT

Johnson Inc. has the following information available: On November 1, 20X1, Johnson lent $15,000 cash to one of its employees. The employee signed a one-year, 12%, promissory note. The note's principal plus interest is repaid to Johnson on November 1, 20X2. Interest calculations are rounded to the nearest whole month. Prepare journal entries to record the November 1, 20X1 transaction, the adjusting entry on 12/31/X1, and the November 1, 20X2 transaction.

Marin Corporation purchased a truck by issuing an $113,600, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 9%. Prepare the journal entry to record the purchase of this truck. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit

Annette Corp. issued a $330,000, three-year, zero-interest-bearing note payable to Agnes Corp. for equipment on April 30, Year 5. Annette would normally pay interest at 6%. Annette has a December 31 year-end and will repay the note with three equal yearly payments of $110,000. Annette Corporation follows IFRS. Instructions Prepare the following journal entries for Annette Corporation: (show all your work) 1. Record the note 2. December 31, Year 5 interest accrual 3. April 30, Year 6 payment 4. December 31, Year 6 interest accrual 5. April 30, Year 7 payment

Pearl plc purchased a truck by issuing an £76,800, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 6%. Prepare the journal entry to record the purchase of this truck. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit

Sheridan Corporation purchased a truck by issuing an $91,200, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when 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. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

! Required information [The following information applies to the questions displayed below.] During Year 1, Ashkar Company ordered a machine on January 1 at an invoice price of $28,000. On the date of delivery, January 2, the company paid $7,000 on the machine, with the balance on credit at 9 percent interest due in six months. On January 3, it paid $1,500 for freight on the machine. On January 5, Ashkar paid installation costs relating to the machine amounting to $2,700. On July 1, the company paid the balance due on the machine plus the interest. On December 31 (the end of the accounting period), Ashkar recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $3,400. Required: 1. Indicate the effects of each transaction on the accounting equation. Note: Enter decreases to account categories as negative amounts. If the transaction does not impact the accounting equation choose "No effect" in the…