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

See similar textbooks

Similar questions

4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the receipt. Account Debit Credit 5. Prepare the journal entry to accrue interest on the above note at 12/31/20. Account Debit Credit 6. Prepare the entry to record payment of the above note in full on it's due date of 5/1/21. Account Debit Credit 7. AB Company purchases a truck in the amount of $15,000. Additional costs include sales tax of $1500, painting of $2500, license of $150 and a 1 year auto insurance policy of $1200. Complete the journal entry for the auto purchase. Account Debit Credit
Taylor Bank lends Guarantee Company $110,065 on January 1. Guarantee Company signs a $110,065, 7%, nine-month note. The journal entry made by Guarantee Company on January 1 for the proceeds and issuance of the note is a. Interest Expense 5,778 Cash 104,287 Notes Payable 110,065 b. Cash 110,065 Notes Payable 110,065 c. Cash 115,843 Interest Expense 5,778 Notes Payable 110,065 d. Notes Payable 104,287 Interest Payable 5,778 Cash 104,287 Interest Expense 5,778
On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day year, what is the maturity value of the note? a.$84,800 b.$78,800 c.$80,000 d.$81,200
On January 1, 20Y2, Hebron Company issued a $213,000, five-year, 4% installment note to Ventsam Bank. The note requires annual payments of $47,846, beginning on December 31, 20Y2. Journalize the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account titles. 20Y2 Jan. Dec. 20Y5 Dec. 1 Issued the note for cash at its face amount. 31 Paid the annual payment on the note, which consisted of interest of $8,520 and principal of $39,326. 31 Paid the annual payment on the note, included $3,610 of interest. The remainder of the payment reduced the principal balance on the note.
Entries for Installment Note Transactions On January 1, 20Y2, Hebron Company issued a $33,000, 4-year, 8% installment note to Ventsam Bank. The note requires annual payments of $9,963, beginning on December 31, 20Y2. Journalize the entries to record the following: 20Y2 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 $2,640 and principal of $7,323. 20Y5 Dec. 31 Paid the annual payment on the note, included interest of $738. 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. 20Y2 Jan. 1 fill in the blank b2a79dfd4f8ffc5_2 fill in the blank b2a79dfd4f8ffc5_3 fill in the blank b2a79dfd4f8ffc5_5 fill in the blank b2a79dfd4f8ffc5_6 Paid the annual payment on the note, which consisted of interest of $2,640 and principal of $7,323. If an…
Proceeds from Notes Payable On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $37, 200. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. Sfill in the blank 1 b. Determine the proceeds of the note, assuming the note is discounted at 6%. Sfill in the blank 2
Proceeds journal entry
Gentry Wholesalers accepts from Concord Stores a $8,850, 4-month, 8% note dated May 31 in settlement of Concord’soverdue account. The maturity date of the note is September 30. What entry does Gentry make at the maturity date,assuming Concord pays the note and interest in full at that time?Date Account Titles and Explanation Debit CreditSept.30 Notes ReceivableInterest ReceivableNotes Payable
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.…
3
< Entries for discounted note payable A business issued a 60-day note for $39,000 to a bank. The note was discounted at 6%. Assume a 360 days in a year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. 000 000 b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. E A A