The company can purchase the equipment by borrowing $218,000 with a 25- month, 12% installment note. Payments of $9,898.67 are due at the end of each month, and the first installment is due on January 31, 2024. Record the issuance of the installment note payable for the purchase of the equipment. Note: Enter debits before credits. Date January 01, 2024 Record entry General Journal Clear entry Debit Credit View general journal

The company can purchase the equipment by borrowing $218,000 with a 25- month, 12% installment note. Payments of $9,898.67 are due at the end of each month, and the first installment is due on January 31, 2024. Record the issuance of the installment note payable for the purchase of the equipment. Note: Enter debits before credits. Date January 01, 2024 Record entry General Journal Clear entry Debit Credit View general journal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1.Suppose, on September1, 2019 Fido Corporation borrows $30,000 from its bank for a period of 8 months at an annual interest rate of 5%. Please do the following journal entries. a) September 1, 2019 Fido corporation borrows $30,000 at an interest rate of 5% for 8 months Date Debit Credit Db Cr b) Adjustment entry at year end on December 31. 2019 to record for the interest owed. Date Debit Credit Db Cr c) Payment of the note on May 1, 2020. Date Debit Credit Db Cr
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) Your answer is correct. 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.) Date Dec. 31, 2019 ec. 31, 2020 Account Titles and Explanation Cash Mortgage Payable Interest Expense Mortgage Payable Cash Debit 760,000 68400 50023 Credit 760,000 118423
Looking for answers asap. Thanks! Analyze and review the following items and determine the appropriate journal entry. Notes Payable This is a short-term note. The company borrowed money from JRT Investments on October 31, 2020 for 3 months. The principal, along with interest is to be repaid on January 31, 2021. The interest rate is 1.8%. Notes Payable = $250,000
Subject : Accounting
On June 1, 2023 Stanfield Tileworks accepts a $50,000, five month, 9% note from a customer. On November 1, 2023, Stanfield receives full payment for the note including accrued interest. Please provide the journal entry that results from this payment
How to journalize the issuance of the note on january 1 2024
On the first day of the fiscal year, Shiller Company borrowed $32,000 by giving a 5-year, 11% installment note to Soros Bank. The note requires annual payments of $8,783, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $3,520 and principal repayment of $5,263. Journalize the entries to record the following: Question Content Area a1. Issued the installment note for cash on the first day of the fiscal year. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Question Content Area a2. Paid the first annual payment on the note. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
eBook Show Me How Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $39,600. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming the note is discounted at 6%. Check My Work Email Instructor Save and Exit Previous Submit Assignme
The transaction below pertains to Boyer Coe Company, whose fiscal year ends December 31. On November 1, 2019 Coe borrowed $25,000 at 6 percent for 6 months. The entry to record the November 1 borrowing transaction would include a: A. Credit to notes payable for $750 B. Credit to notes payable for $24,250 C. Debit to cash for $24,250 D. Debit to cash for $25,000
1. Record journal entries for the following transactions of Hansen Bakery Company. Jan. 1, 2020 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Issued a $265,500 note to customer Jack Bullock as terms of a merchandise sale. The merchandise's cost to Hansen Bakery Company is $89,750. Note contract terms included a 36-month maturity date, and a 4.3% annual interest rate. Hansen Bakery Company records interest accumulated for 2020. Hansen Bakery Company records interest accumulated for 2021. Jack Bullock honors the note and pays in full with cash.
Problem: ABC Company issued a promissory note to RCBC Bank. Details from the promissory note are as follows: Date of note: November 1, 2020 Term of note: 180 days Principal: P120,000 Interest rate: 12% Determine the following: 1. What is the account to be credited on the adjusting entry on December 31, 2020? 2. How much is the amount to be credited on December 31, 2020? 3. How much is the total interest expense for the full term of the note.
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