The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31.   2021 Jan.   13   Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $20 million at the bank’s prime rate. Feb.   1   Arranged a three-month bank loan of $5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 10% was payable at maturity. May   1   Paid the 10% note at maturity. Dec.   1   Supported by the credit line, issued $10 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 9% discount rate.     31   Recorded any necessary adjusting entry(s). 2022 Sept.   1   Paid the commercial paper at maturity.   Required: Prepare the appropriate journal entries through the maturity of each liability. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars

Greener Pastures Corporation borrowed $1,950,000 on November 1, 2021. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2022. (a) The note issued on November 1. (b) The interest accrual on December 31. Indicate the effects of the amounts for the above transactions.

The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2024 January 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $27.0 million at the bank's prime rate. February 1 Arranged a three-month bank loan of $6.6 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 13% was payable at maturity. May 1 Paid the 13% note at maturity. December 1 Supported by the credit line, issued $16.3 million of commercial paper on a nine - month note. Interest was discounted at Issuance at a 12% discount rate. December 31 Recorded any necessary adjusting entry(s). 2025 September 1 Paid the commercial paper at maturity. Required: Prepare the appropriate journal entries through the maturity of each liability.

Flounder, Inc. issued a $115,000, 4-year, 12% note at face value to Flint Hills Bank on January 1, 2025, and received $115,000 cash. The note requires annual interest payments each December 31. Prepare Flounder's journal entries to record (a) the issuance of the note and (b) the December 31 interest payment.

Question. Jamaica Corporation carried out the following transactions involving note payable. During the fiscal year ended December 31, 2020. Aug 6      Borrowed $ 15,200 from Tony Stark, issuing to him a 45 da, 14% note payable. Sept. 16   Purchased office equipment from Ikea Company. The invoice amount was $18,800 and Ikea Company agreed to accept as full payment a 3-month, 15% note for the invoice amount. Sept. 20   Paid Tony Stark note plus accrued interest. Nov.1      Borrowed $ 2,35,000 from Nation Commercial Bank at an interest rate of 12% per annum; signed a 90-days note payable for $ 2,42,256, which included  a $7,056 interest charge in the face amount. Dec.1      Purchased merchandise in the amount of $13,000 from Stephens & Co. Gave in settlement a 60-day note nearing interest at 15% (Perpetual inventory system is deployed). Dec. 16   The $18,800 note payable to Ikea Company matured today. Paid the interest accrued and issued new 30-days, 12% note to replace the maturing…

Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of $51,800 in its bank account. The note has a 3-year term, compounds 5 percent interest annually, and requires an annual installment payment on December 31. Cucina Corporation has a December 31 year-end and adjusts its accounts only at year-end. Required: 1. Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. 2. Prepare the journal entries on (a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. 3. If Cucina Corporation's year-end were March 31, rather than December 31, prepare the adjusting journal entry it would make for this note on March 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. (Do…

The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation (CCC) must repay on an installment note established January 1, 2021. CCC has a December 31 year-end and makes the required annual payments on December 31. Year 1 2 3 4 Total Beginning Notes Payable 52,000 40,629 28, 235 14,725 Repaid Principal Interest Expense on Notes Payable (a) Annual Payment (b) Interest Expense (c) Notes Payable (d-1) Total Interest (d-2) Total Principal 4,680 3,657 2,541 1,325 12, 203 11,371 12,394 13,510 14,725 52,000 Ending Notes Payable 40,629 28,235 14,725 0 Use the amortization schedule to determine (a) the amount of the (rounded) annual payment; (b) the amount of interest expense to report in the year ended December 31, 2021 (Year 1); (c) the note payable balance at January 1, 2024; and (d) the total interest and total principal paid over the note's entire life. (Round your answers to the nearest whole dollar amount.)

Campus Flights takes out a bank loan in the amount of $200,500 on March 1, 2019. The terms of the loan include a repayment of principal in ten equal installments, paid annually from March 1. The annual interest rate on the loan is 8%, recognized on December 31, the fiscal year-end date. The interest recognized for the first payment date as of December 31, 2019 is $13,267. The interest recognized for the year 2020 as of the first payment date is $16,040. The principal due on the first payment date, March 1, 2020 is $186,659.  1. Compute the interest recognized for the second payment date as of December 31, 2020. _______________ 2. Compute the total interest for the year 2020. __________ IMPORTANT: Please count your months carefully as the note's "year" crosses between two fiscal years.

On January 1, 2021, Nantucket Ferry borrowed $14,600,000 cash from BankOne and issued a four-year, $14,600,000, 8% note. Interest was payable annually on December 31. Prepare the journal entries for both firms to record interest at December 31, 2021.

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