1. Michael Brown contributed his motor vehicle to the firm. Original cost: $13000. Current market value: $3000 in exchange for ordinary shares @$1 per share 2. Arranged an interest only loan with Grand Bank for $8000; interest at 5% p.a.; payable quarterly. Principal amount is to be repaid 31 December 2033. Loan amount is deposited in the account today. How to record these in xero

Accounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it.  Long Term Liability?

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Journalize the transactions for the company. 2. Considering the given transactions​ only, what are Video​ Productions' total liabilities on December​ 31, 2025? Requirement 1. Journalize the transactions for the company. ​(Record debits​ first, then credits. Select explanations on the last line of the journal​ entry.) ​Apr. 1, 2024​: Purchased equipment costing $198,000 by issuing ​nine-year, 8​% note payable. The note requires annual principal payments of $22,000 plus interest each April 1.

Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount   enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount

On January 1, 2018, a business borrowed $15,000 on a five-year, 6% note payable. At December 31, 2018, the business should record. A. note receivable of $15,000. B. interest payable of $900. C. cash payment of $15,000. D. nothing. (The note is already on the books.)

Hi, below is an attached photo of the question. Please show explanation of calculations. Thankyou.

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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

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