Please do not Give image format On January 1, 2024, Patty's Pasties borrows $22,000 to purchase a delivery truck byagreeing to a 6%, three-year loan with the bank. Payments of $669.28 are due at theend of each month, with the first installment due on January 31, 2024.Record the issuance of the installment note payable and the first monthly payment. (Ifno entry is required for a particular transaction/event, select "No Journal EntryRequired" in the first account field. Do not round your intermediate calculations.Round your final answers to 2 decimal places.)View transaction listJournal entry worksheet<12Record the issuance of the installment note payable.Note: Enter debits before credits.DateJanuary 01, 2024Record entryGeneral JournalClear entryDebitCreditView general journ

Note payable: Note payable also called promissory note. It is a legal instrument in which one party…

Answered: On January 1, 2024, Patty's Pasties…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 14EA: Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1,...

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Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
Please record the following journal entries: A) Record issuance of a notes payable B) record first monthly payment C) Record Second Monthly payment
On January 1, 2024, Carla Vista Corp. borrows $12,600 by signing a 3-year, 6% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. (c) Prepare journal entries to record the note and the first instalment payment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles Jan. 1, 2024 Dec. 31, 2024 Debit Credit
On January 1, 2021, Julee Enterprises borrows $30,000 to purchase a new Toyota Highlander by agreeing to a 7%, 4-year note with the bank. Payments of $718.39 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 two monthly payments. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Record the issuance of the note payable on Jan 01, 2021. Date General Journal Debit Credit January 01, 2021 Record the first payment on Jan 31, 2021. Date General Journal Debit Credit January 31, 2021 Record the second payment on Feb 28, 2021. Date General Journal Debit…
On January 1, 2024, Oriole Corp. borrows $16,800 by signing a 3-year, 6% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. (a) Question Part Score (b) Question Part Score (c) 2/2 6/6 Prepare journal entries to record the note and the first instalment payment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date > Account Titles Debit
Hi, I need help with the following three journal entries. Thank you.
On September 30, 2018, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team's fiscal year ends on December 31. Read the requirements. Requirement 1. Journalize all entries for Team Bank related to the note for 2018 and 2019. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Begin by recording the loan on September 30, 2018. Date Accounts and Explanation Debit Credit 2018 Sep. 30 Course Chat Time GB V
Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of $54,800 in its bank account. The note has a 3-year term, compounds 4 percent interest annually, and requires an annual installment payment on December 31. Cucina Corporation has a December 31 year-end and adjusts its accounts only at year-end. Required: 1. Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. 2. Prepare the journal entries on (a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. 3. If Cucina Corporation's year-end were March 31, rather than December 31, prepare the adjusting journal entry it would make for this note on March 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. (Do…

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