Farmland County borrowed $100,000 on a 10-year, 7% installment note payable on January 1, Year 1. The terms of the note require Farmland to pay 10 equal payments of $14,238 each December 31 for 10 years. The required general journal entry to record the first payment on the note on December 31, Year 1 is:
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- 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 blankOn 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, 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 CreditOn the first day of the fiscal year, Shiller Company borrowed $26,000 by giving a three-year, 12% installment note to Soros Bank. The note requires annual payments of $10,952, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $3,120 and principal repayment of $7,832. Journalize the entries to record the following: 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. a2. Paid the first annual payment on the note. If an amount box does not require an entry, leave it blank. b. How would the notes payable be reported on the balance sheet at the end of the fiscal year?On January 1, Yeargan Company obtained a $125,000, seven-year 5% installment note from Farmers Bank. The note requires annual payments of $21,602, with the first payment occurring on the last day of the fiscal year. The first payment consists of $6,250 interest and principal repayment of $15,352. Journalize the following entries: Required: a. Issued the installment notes for cash on January 1.* b. Paid the first annual payment on the note.* *Refer to the Chart of Accounts for exact wording of account titles.
