Company A purchases land on January 1, 2021 for $ 40,000 with a note payable. Other cost includes $ 2500 in delinquent property taxes, ș in transfer taxes and a ș 1500 survey fee. General Journal Page Date Account Titles and Explanation Debit Credit
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![Company A purchases land on January 1, 2021 for $ 40,000 with a note payable. Other cost includes $ 2500 in delinquent property taxes, Ş in transfer taxes and a $ 1500 survey fee.
General Journal
Page
Date
Account Titles and Explanation
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F226838f0-6400-468a-9026-f717489efba5%2F975ab5e3-24a5-4016-8cec-e27dbf82b480%2F4g4vfyf_processed.jpeg&w=3840&q=75)
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- Prepare all journal entries and adjusting journal entries necessary to record all of Red Robin's transactions related to the note payable information below: Red Robin purchased the building on January 1, 2019, for $496,300 using a note payable. The loan is a 30-year, 5% installment loan with annual payments due every December 31. See amortization table below: Building Loan Amortization Principal Interest Years Payments/year Payment Date 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40 31-Dec-41 31-Dec-42 31-Dec-43 31-Dec-44 31-Dec-45 31-Dec-46 31-Dec-47 31-Dec-48 $496,300 5.00% 30 1 32,285 Interest Principal Payment Balance 496,300 488,830 480,986 7,470 32,285 7,844 32,285 24,815 24,441 24,049 32,285 23,638 32,285 23,205 32,285 22,751 32,285 22,274 10,011 32,285 21,774 10,511 32,285 21,248 11,037 32,285 8,236 8,647…Dextra Computing sells merchandise for $16,000 cash on September 30 (cost of merchandise is $11,200). Dextra collects 7% sales tax. Record the entry for the $16,000 sale and its sales tax. Also record the entry that shows Dextra sending the sales tax on this sale to the government on October 15. View transaction list Journal entry worksheet 1 2 3 Record the cash sales and 7% sales tax. Date September 30 Note: Enter debits before credits. General Journal Debit Credit >E4-29 Mattson Loan Company completed these transactions: 2019 Apr. Dec. 2020 Apr. 1 Loaned $20,000 to Charlene Baker on a one-year, 5% note. 31 Accrued interest revenue on the Baker note. 1 Collected the maturity value of the note from Baker (principal plus interest). Show what Mattson would report for these transactions on its 2019 and 2020 balance sheets and income statements. Mattson's accounting year ends on December 31.
- Record the following transactions for Concord Co. in the general journal. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2020 May 1 Received a $33,000, 12 months, 10% note in exchange for Mark Chamber’s outstanding accounts receivable. Dec. 31 Accrued interest on the Chamber note. Dec. 31 Closed the interest revenue account. 2021 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) Date Account Titles and Explanation Debit Credit May 1, 2020Dec. 31, 2020May 1, 2021 May 1, 2020Dec. 31, 2020May 1, 2021 (To record accrued interest on note.) May 1, 2020Dec. 31, 2020May 1, 2021 (To close the…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 AssignmeSelkirk Company obtained a $24,000 note receivable from a customer on January 1, 2021. The note, along with interest at 8%, is due on July 1, 2021. On February 28, 2021, Selkirk discounted the note at Unionville Bank. The bank's discount rate is 10%. Required: Prepare the journal entries required on February 28, 2021, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale. (do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Tab 1) Record the accrued interest earned. Tab 2) Record the discounting of note receivable. Date General Journal Debit Credit February 28, 2021 ____________________________ ___________ ____________ _____________________________ ____________ ____________…
- On July 1, Alton Co. issued an $74,700, 10%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends July 31. Using a 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? When required, round your answer to the nearest dollar. Select the correct answer. a-$1,246 b-$1,869 c-$7,470 d-$623On August 2, Jun Company receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.) View transaction list Journal entry worksheet 1 Record cash received on note plus interest. Note: Enter debits before credits. Date October 31 General Journal Debit CreditPresident Company purchased merchandise from Captain Corporation on September 30, 2024. Payment was made in the form of a noninterest-bearing note requiring President to make six annual payments of $4,200 on each September 30, beginning on September 30, 2027. Required: Calculate the amount at which President should record the note payable and corresponding purchase on September 30, 2024, assuming that an interest rate of 8% properly reflects the time value of money in this situation. Note: Use tables, Can someone please give me the correct answer for this?
- On February 15, 2021 Parker Company sells 1,000 books at $10 each on account to Nobes Companywith terms 4/10, n/60. Nobes applies net cost method for purchases and pays this amount March 1, 2021.Make journal entries for Nobes, February 15, and March 1 st .Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory Journalize Pedroni Enterprises entries to record: The issuance of the note The payment of the note at maturity Journalize Zorzi Industries entries to record: The receipt of the note Receipt of the payment of the note at maturity On July 31, 2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation – Building $365,000 Ray Zorzi – Capital $530,000 Administrative Expenses 440,000 Ray Zorzi – Drawing 15,000 Building 810,000 Sales 1,437,000 Cash 78,000 Sales tax Payable 4,500 Cost of Merchandise Sold…Record the sale by Balus Company of $136,000 in accounts receivable on May 1. Balus is charged a 3.00% factoring fee. View transaction list Journal entry worksheet 1 > Record the sale of receivable. Note: Enter debits before credits. Date General Journal Debit Credit May 01 Record entry Clear entry View general journal
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