On January 1, 2019, Fulton Inc. enters into a contract with Gibson to deliver goods. Gibson pays $100,000 at the time the contract is signed, at which time the goods are transferred and Fulton’s performance obligation is complete. In addition, Gibson agrees to pay Fulton $100,000 on December 31, 2019, and December 31, 2020. If Fulton entered into a financing arrangement with Gibson it would charge an interest rate of 9%. Please assist with the journal entries. Thank you!      There are 8 journal entries in all.

On October 10, 2020, Executor Co. entered into a contract with Belisle Inc. to transfer Executor's specialty products (sales value of $10,000, cost of $6,500) on December 15, 2020. Belisle agrees to make a payment of $5,000 upon delivery and signs a promissory note to pay the remaining balance on January 15, 2021. What entries does Executor make in 2020 on this contract? Ignore time value of money considerations.

On January 1, 2021, The Barrett Company purchased merchandise from a supplier. Payment was a noninterestbearing note requiring five annual payments of $20,000 on each December 31 beginning on December 31, 2021, and a lump-sum payment of $100,000 on December 31, 2025. A 10% interest rate properly reflects the time value of money in this situation.Required:Calculate the amount at which Barrett should record the note payable and corresponding merchandise purchased on January 1, 2021.

On December 11, 2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign a $27,000, 60-day note.   Required:   Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2019, and the customer’s repayment on February 9, 2020, assuming: 1. Interest of 9% was assessed in addition to the face value of the note. 2. The note was issued as a $27,000 non-interest-bearing note with a present value of $26,598. The implicit interest rate on the note receivable was 9%. Assume a 360-day year.   CHART OF ACCOUNTS Hooper Inc. General Ledger   ASSETS 111 Cash 121 Accounts Receivable 125 Notes Receivable 126 Discount on Notes Receivable 127 Interest Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 198 Accumulated Depreciation   LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Income 261 Income Taxes…

On November 1, 2021 a  customer enters into a contract with MyWatch, Inc. to purchase an eWatch plus a one year internet data plan for the watch for a combined price of $700.  Each item may be purchased separately from MyWatch, Inc.    The standalone selling price of the eWatch is $500 and the standalone selling price of the one year internet data plan is $300.  The customer pays MyWatch, Inc. $400  when the contract is signed.  MyTWatch, Inc. bills the remaining $300 balance evenly over the contract period of one year.   What is the correct accounting for the sale of the ewatch and the data plan?     Question 19 options:   a)  MyWatch would record unearned revenue of $200 when the customer takes control of the ewatch.     b)  MyWatch would record sales revenue of $500 when the customer takes control of the ewatch.     c)  MyWatch would recored sales revenue of $438 when the customer takes control of the ewatch.…

On January 2, 2020, Adani Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $11,000, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000 (cost $6,000). Prepare the journal entry to record this transaction on January 2, 2020. How much total revenue should be recognized in 2020?

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DBC Company has received a confirmation letter from the First National Bank of Miami (FNBM) about a line of credit for $12,000,000 on January 2, 2020. According to the terms of this short-term loan, DBC Company will be charged the following: A. ABC will be charged for 50 basis points interest (on an annual basis) for any unused amount of credit from the commencement of this agreement. B. Upon usage of any funds, the interest charge will be Prime rate plus 75 basis points. Prime rate at the commencement of this loan on January 2, 2020, was 5.25%. C. The following events took place in 2020: 1) On February 1, 2020; DBC Co., used $4,000,000 against its line of credit for its working capital purposes. 2) On May 1, 2020; DBC Co., used an additional $2,400,000 to purchase fixed assets. 3) On June 1, 2020, upon the meeting of F.O.M.C., the Fed announced its "Quantitative Easiness" policy and reduced the discount rate by 0.50 basis points. Immediately FNBM bank reflected the same reduction to…

Bridgeport Inc. enters into an agreement on March 1, 2020, to sell Werner Metal Company aluminum ingots. As part of the agreement, Bridgeport also agrees to repurchase the ingots on May 1, 2020, at the original sales price of $190,000 plus 3%. (a) Prepare Bridgeport's journal entry necessary on March 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles ancienter O for the amounts.) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit

To attract retailers to its shopping center, the Marketplace Mall will lend money to tenants under formal contracts, provided that they use it to renovate their store space. On November 1, 2020, the company loaned $105,000 to new tenants on one-year notes with stated annual interest rates of 10 percent. Interest is to be received by Marketplace Mall on April 30, 2021, and at maturity on October 31, 2021.   Required: Prepare journal entries that Marketplace Mall would record related to these notes on the following dates: (a) November 1, 2020; (b) December 31, 2020 (Marketplace Mall’s fiscal year-end); (c) April 30, 2021; and (d) October 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)