Can you solve these accounting problem? Farmland County borrowed $100,000 on a 10-year, 7%installment note payable on January 1, Year 1. The terms ofthe note require Farmland to pay 10 equal payments of$14,238 each December 31 for 10 years. The required generaljournal entry to record the first payment on the note onDecember 31, Year 1 is:

Explanation: On December 31, Year 1, the payment of annual installment of $14,238 will be made. This…

Answered: Farmland County borrowed $100,000 on a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a sevenyear,7% installment note to Soros Bank. The note requires annual payments of $15,772, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $5,950 and principal repayment of $9,822.a. Journalize the entries to record the following:1. Issued the installment note for cash on the first day of the fiscal year.2. Paid the first annual payment on the note.b. Explain how the notes payable would be reported on the balance sheet at the end of the first year.
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
On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven-year, 7% installment note to Soros Bank. The note requires annual payments of $15,772, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $5,950 and principal repayment of $9,822. a. Journalize the entries to record the following: 1. 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. - Select - - Select - - Select - - Select - 2. Paid the first annual payment on the note. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - b. Explain how the notes payable would be reported on the balance sheet at the end of the first year. Notes payable are reported as liabilities on the balance sheet. The portion of the note…
On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven-year, 7% installment note to Soros Bank. The note requires annual payments of $15,772, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $5,950 and principal repayment of $9,822. a. Journalize the entries to record the following: 1. 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. 2. Paid the first annual payment on the note. If an amount box does not require an entry, leave it blank. b. Explain how the notes payable would be reported on the balance sheet at the end of the first year. Notes payable are reported as liabilities on the balance sheet. The portion of the note payable that is due within____ is reported as a_____. The remaining portion of the note payable that is not due within one year is reported as a(n)_____. .
On the first day of the fiscal year, Shiller Company borrowed $22,000 by giving a five-year, 12% installment note to Soros Bank. The note requires annual payments of $6,207, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $2,640 and principal repayment of $3,567. Journalize the entries to record the following:
Moss County Bank agrees to lend the Cullumber Company $350000 on January 1. Cullumber Company signs a $350000, 6%, 9-month note. The entry made by Cullumber Company on January 1 to record the proceeds and issuance of the note is
On January 1, 2021, Beaver Tours financed the purchase of a new building by borrowing $600,000 from the bank using a 30-year, 6% note payable. Payments of $3,597.30 are due at the end of each month, with the first installment due on January 31, 2021. Record the issuance of the note payable and the first monthly payment.
On January 1, the first day of the fiscal year, Shiller Company borrowed $120,000 by giving a seven-year, 9% installment note to Soros Bank. The note requires annual payments of $23,843, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $10,800 and principal repayment of $13,043. Required: A. Journalize the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account titles. 1. Issued the installment note for cash on the first day of the fiscal year. 2. Paid the first annual payment on the note. B. Explain how the notes payable would be reported on the balance sheet at the end of the first year.
Ont/2/ 2021, the County of Santa Teresa issued a 20-year-life serial bond with a principal of $8,000,000 and 5% annual interest. Interests are paid on January 1 and July 1 with $400,000 in bonds being retired on each interest payment date. The debt service fund levies property taxes in the amount to cover interest and principal payments. Prepare entries for the Debt Service Fund for the following transactions. 1. Prepare the entries to record the budget for the debt service fund for Year 2021. 2. Prepare the entry to levy the property taxes. 3. Prepare the entry to pay the interest and principal on 7/1/2021.
On January 1, Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires annual payments of $43,620, beginning on December 31, Year 1.a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4.b. Journalize the entries for the issuance of the note and the four annual note payments.c. Describe how the annual note payment would be reported in the Year 1 income statement. Exhibit 4 Attached
On April 1, 2019, Houghton City issued 10-year, 3 percent serial, general obligation bonds at a face amount of 2,000,000. Interest is due semi-annually on April 1 and October 1. The first payment of $200,000 for redemption of principal is due April 1, 2020. The city has a calendar year end of December 31. Record the interest that should be recognized for the calendar year end December 2019 in two ways: first, for the governmental activities on the government-wide statement of activities, and second, for the General Fund on the statement of revenues, expenditures, and changes in fund balance. Assume cash is paid on the day interest is due. Show your calculations. Explain why interest expense is treated differently in those two statements. Date Account Name Date Account Name Debit Credit Debit Credit
On January 1st, year one, zero company obtained a 52,000, for year, 6.5% installment note from regional bank. The note requires annual payments of $15,179, beginning on December 31st, year one. The December 31st, Year too carrying amount in the amortization table for this installment and it will be equal to

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS