The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2020. Long-term liabilities                Bonds payable   $4,500,000            Less: Discount on bonds payable   315,000   $4,185,000 Ivanhoe decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. what is the account title or explanation?  what is debit or credited?

Question-based on, "interest".   I have tried it but confused.   Any help would be appreciated.

XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued will be collected after 1 year. At the end of December, which of the following journal entry is required to take up the interest income? Select one: a. Debit Cash $900; Credit Interest Revenue $900 b. Debit Interest Revenue $75; Credit Interest Receivable $75 c. Debit Interest Receivable $900; Credit Unearned Revenue $900 d. Debit Interest Receivable $75; Credit Interest Revenue $75

Revise your worksheet to reflect these updated assumptions and then answer the questions that follow. Loan amount Annual interest rate Number of years December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 Required: 1. Use your spreadsheet to recalculate the amortization table amounts and enter your revised results for the years indicated. Assume the bonds were issued on January 1. Note: Round your answers to 2 decimal places. No 1 Date 2 $ 465,000 3 8% $ 4 X Answer is not complete. Cash Paid 140,393.17 140,393.17 140,393.17 $ 140,393.17 $ 2. Prepare the journal entries to record the issuance of the note and the first two annual payments. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places. Date January 01, 2021 Cash Notes Payable Carrying Value December 31, 201 Notes Payable Interest Expense Cash 361,806.83 250,358.21 X 129.993.70 x > Answer is complete…

Sunland Company borrowed $760,000 on December 31, 2019, by issuing an $760,000, 9% mortgage note payable. The terms call for annual installment payments of $118,423 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)

On December 1, 2021, abc  Ltd. borrowed $180,000 from a local bank by signing a four-month, 5% interest-bearing note.  All payments will be made at the note's maturity date.  Assuming Parfait has a December 31 year-end, the adjusting journal entry on December 31 will include a:     debit to Interest payable of $750.   credit to Notes Payable of $750   credit to Interest payable of $750   credit to Interest expense of $750

ABC Company received a ten-month, $18,000, 4% note from XYZ Corporation on April 1, 2020 to replace an accounts receivable. Assuming all necessary adjusting entries were made at year end, December 31, 2020, the entry ABC makes on the maturity date would include a: credit to interest receivable for $540. credit to note receivable for $18,600 credit to interest revenue for $600 A. В. С. D. debit to interest revenue for $60 Е. credit to interest revenue for $720

Please help me

Sheffield Corp. lends Riverbed industries $54000 on August 1, 2022, accepting a 9-month, 15% interest note. If Sheffield Corp. prepares its financial statements as of December 31, 2022, what adjusting entry must it make? Accounts Receivable 3375 Interest Receivable 3375 Interest Receivable 3375 Interest Revenue 3375 O Cash 3375 Interest Revenue 3375 O Notes Receivable 3375 Interest Revenue 3375

Accounting for notes receivable and accruing interest Carley Realty loaned money and received the following notes during 2018. Determine the maturity date and maturity value of each note. Journalize the entries to establish each Note Receivable and to record collection of principal and interest at maturity. Include a single adjusting entry on December 31, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar.