age X* Cengage X Cengage XCengage x MindTar x MindTap XG module xS ACC202com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseeBookShow Me HowJournalizing Installment NotesOn the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first notepayment consists of $5,720 of interest and $8,350 of principal repayment.a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.38b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.PreviousNextCheck My Work6:34 PM55°F11/27/2021 * Cengage X- Cengage x Cengage X Cengage x MindTar x MindTap xG module xS ACC202 xgagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-falseеВookShow Me HowQuick ratioAdieu Company reported the following current assets and current liabilities for two recent years:Dec. 31, 20Y4 Dec. 31, 20Y3Cash$830$1,090Temporary investments1,2001,500Accounts receivable820910Inventory2,1002,500Accounts payable1,9002,500a. Compute the quick ratio on December 31 for each year. Round to one decimal place.20Υ420Υ3Quick Ratiob. Is the quick ratio improving or declining?Check My WorkPreviou55°F

Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Journalizing Installment Notes On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note payment consists of $5,720 of interest and $8,350 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. 88 b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.

Journalizing Installment Notes On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note payment consists of $5,720 of interest and $8,350 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. 88 b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.

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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Entries for Installment Note Transactions On January 1, Year 1, Wedekind Company issued a $58,000, 4-year, 10% installment note to Shannon Bank. The note requires annual payments of $18,297, beginning on December 31, Year 1. Journalize the entries to record the following: Year 1 Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which consisted of interest of $5,800 and principal of $12,497. Year 4 Dec. 31 Paid the annual payment on the note, including $1,664 of interest. The remainder of the payment reduced the principal balance on the note. Issued the note for cash at its face amount. If an amount box does not require an entry, leave it blank. Year 1, Jan. 1 - Select - - Select - - Select - - Select - Paid the annual payment on the note, which consisted of interest of $5,800 and principal of $12,497. If an amount box does not require an entry, leave it blank. Year 1, Dec. 31 -…
On the first day of the fiscal year, a company issues $32,000, 11%, five-year installment notes that have annual payments of $8,658. The first note payment consists of $3,520 of interest and $5,138 of principal repayment. Question Content Area a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $1,020 $960 Temporary investments 1,200 1,400 Accounts receivable 820 940 Inventory 2,200 2,600 Accounts payable 1,900 2,200 a.…
Subject : Accounting