AccountsCashAccounts ReceivableAllowance for Uncollectible AccountsInventoryLandBuildingsAccumulated DepreciationAccounts PayableCommon StockRetained EarningsTotalsDebitCredit$ 12,50036,600$ 3,100153,30080,300133,00010,90032,000213,000156,700$ 415,700$ 415,700During January 2024, the following transactions occur:January 1 Borrow $113,000 from Captive Credit Corporation. The installmentnote bears interest at 6% annually and matures in 5 years.January 4Payments of $2,185 are required at the end of each month for 60months.Receive $32,300 from customers on accounts receivable.January 10 Pay cash on accounts payable, $24,000.January 15 Pay cash for salaries, $30,200.January 30 Firework sales for the month total $201,200. The cost of theunits sold is $119,000.January 31 Pay the first monthly installment of $2,185 related to the$113,000 borrowed on January 1.Exercise 9-24 (Algo) Part 33. Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above).for transactions during January (requirement 1) and adjusting entries at the end of January(requirement 2). (Do not round intermediate calculations.)FREEDOM FIREWORKSAdjusted Trial BalanceJanuary 31, 2024

Adjusted Trial Balance -Adjusted Trial Balance includes ledgers after providing adjusting entries to…

Answered: January 1 January 4 Borrow $113,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Peachtree Company borrows $23,000 from the local bank at 5% interest. The term of the note is 5 years, and the annual payments remain constant at $5,312. Determine the decrease in notes payable that Peachtree Company should record in the first year. a. $1,062 b. $1,150 c. $4,162 d. $5,312
Use average daily balance method to compute finance charge on credit card account for August, 31 days. The starting balance from previous month is $290. Transactions are shown below. Assume annual interest rate of 25% on the account and the billing date is august 1st. 8/3-payment of $74 8/6-charged $150 8/21 charged $20 8/28 charged $26
On September 1, Purifier Company borrowed $12,000 on a 6-month, 4%, short-term note payable. How much interest will Purifier pay on March 1? $480 $80 $240 $160 None of these.
Sylvestor Systems borrows $96,000 cash on May 15 by signing a 60-day, 7%, $96,000 note. 1. On what date does this note mature?2-a. Prepare the entry to record issuance of the note.2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.
Subject:
< Sunshine Service Center received a $40,000, 120-day, 6% note, dated April 12, from a customer on account. Assume 360 days per year. a. Determine the due date of the note. August 10 b. Determine the maturity value of the note. 120 c. Journalize the entry for the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Note Receivable Interest Revenue
Barton Company has a line of credit with Sea View Bank. Barton can borrow up to $200,000 at any time over the course of Year 2. The following table shows the interest rate expressed as an annual percentage along with the amounts borrowed and repaid during the first three months of Year 2. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. Month January February March Multiple Choice $1,500. Borrowed/ (Repaid) $25,000 (5,000) 20,000 Based on this information, the amount of interest expense Barton would recognize in February is $1,800. $150. Amount $125. Annual Interest Rate 6% 9% 9%
Sylvestor Systems borrows $146,000 cash on May 15 by signing a 90-day, 7%, $146,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.
Proceeds from Notes PayableOn May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 120-day note with a face amount of $63,600. Assume a 360-day year.Required:a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%.$b. Determine the proceeds of the note, assuming the note is discounted at 9%.$
Finance Calculating the Cost of Credit Card Purchases Directions Use the interest rate of 18% and an annual fee of $49 to complete this chart. In Month 1, there was a balance due of $3,000. The borrower will make a monthly payment of $200 and keep new purchases of goods and services at $115 per month for the year. Month 1 Calculate the interest for each month (balance x 1.5%). To obtain the balance for the next month, subtract the payment from the balance and add cost of new purchases plus monthly interest and fee. For example: $3,000 - $200 = $2800+ $115 + $94 = $3,009. (NOTE: The annual fee of $49 is paid only once.) 2 3 4 5 6 7 8 9 10 11 Interest rate: 18% (APR); 1.5% monthly 12 Balance $3,000 $3,009 $2,969.14 Payments $200 $200 Purchases $115 $115 E $49 $45 67-20112.2011 CARD WALICH FRACTORES 2017-12-221. PARTS TAPER Annual fee: $49 Interest & Fee $45.14 Interest & Fee (Cumulative) $94 $139.14 101
Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.
Use the following to answer questions 25-27 On January 1, year 1, the company borrows $45,000 to purchase a new vehicle by agreeing to a 7%, 5-year note with the bank. Payments of $891.05 are due at the end of each month with the first installment due on January 31, year 1. ROUND YOUR ANSWERS TO THE NEAREST CENT (2 decimal places). 25. After the first car payment (installment) is made the amount owed on the vehicle would be: $ 26. Determine interest expense for the second car payment $ 27. After the Company pays all of the car payments, how much do they owe at the end of the 5 years? $

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