record each of the following events in the horizontal statement model after each event record the corresponding December 31st and end of your adjustment that would be necessary A. Add 36,000 for a 1-year lease beginning April 1st b. paid $3,000 to purchase supplies at year end $1,080 supplies remained. see. received a $48,000 cash advance for a 6 month contract beginning on September 1st

Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $670,000. The terms of the loan are 3.8% annual interest rate and payable in 8 months. Interest is due in equal payments each month. A. Compute the interest expense due each month. If required, round final answer to two decimal places. B. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. If required, round final answers to two decimal places. If an amount box does not require an entry, leave it blank. Oct. 20 May 20

journal entries needed for march 31, sept 30, and dec 31

Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $640,000. The terms of the loan are 3.1% annual interest rate and payable in 8 months. Interest is due in equal payments each month. A. Compute the interest expense due each month. If required, round final answer to two decimal places. 1,653.33 B. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. If required, round final answers to two decimal places. If an amount box does not require an entry, leave it blank. 1,653.33 Oct. 20 Interest Expense Cash May 20 Cash 1,653.33 640,000 1,653.33 641,653.33

Core Co. leased a piece of manufacturing equipment from E-So Co. with the following terms: Annual lease payment: $990,000 Term of lease: 5 years Interest rate: 4% Lease commences on January 1, 2023 Payments are made on December 31 of each year in the lease term For parts a and b: a. Prepare journal entries to show the effects for Core Co. for January 1, 2023-December 31, 2024, if the lease is classified as a finance lease. b. Prepare journal entries to show the effects for Core Co. for January 1, 2023-December 31, 2024, if the lease is classified as an operating lease. Operating Lease Finance Lease a. Finance lease: Date Jan. 1, 2023 Account To record the start of the finance lease. Dec. 31, 2023 To record the amortization of leased asset. Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2024 To record the lease payment. To record the amortization of leased asset. To record the lease payment. > > > > > > > > > > Debit Credit 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Month-end payments of $1,410 are made to settle a loan of $119,660 in 8 years. What is the effective interest rate? % Round to two decimal places Question 3 of 10 hup SUBMIT QUESTION SUBMIT ASSIGNMENT 21°C Sunny ENG 1:17 PM 7/13/2022

Required information Skip to question   [The following information applies to the questions displayed below.]   On November 1, 2022, Gordon Company collected $9,660 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on April 30, 2023, at which time the contract may be renewed.    c. Suppose the advance collection received on November 1, 2022, covered an 24-month lease period at the same amount of rent per month. How should Gordon Company report the unearned rent amount on its December 31, 2022, balance sheet? Current liability? Noncurrent liability?

In Intermediate Accounting by Whalen on Cengage, chapter 20, homework question 4, how do you calculate the selling price? Sale type lease for 8 years.  Lease pmt due at the end of the year $32,000/yr.  14% interest.  Cost of the equipment is $110,000 and estimate fair value at the end of the lease is $20,000.

Prepare all the journal entries for Scuppermong for Years 1 and 2.