Please record the following journal entries:A) Record issuance of a notes payableB) record first monthly paymentC) Record Second Monthly payment On January 1, 2024, Royal Paradise borrows $42,000 by agreeing to a 5%, four-year note with the bank. Loan payments of $967.23are due at the end of each month with the first installment due on January 31, 2024.Required:Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations.Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal EntryRequired" in the first account field.)View transaction listJournal entry worksheet<12Record the second monthly payment.DateFebruary 29, 20243Note: Enter debits before credits.Record entryGeneral JournalClear entryDebitCreditView general journal

Journal Entry :— It is an act of recording transactions in books of account when transaction…

Answered: On January 1, 2024, Royal Paradise…

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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If a credit sale is made to a New customer, and the amount due is received before the year ends, explain the bookkeeping work that is required for that sales amount to eventually be included in the final accounts. Give an example of the bookkeeping entries to be made.
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! Required information [The following information applies to the questions displayed below.] Claire Corporation is planning to issue bonds with a face value of $160,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 12 percent.(FV of $1. PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Show Transcribed Text < Journal entry worksheet Note: Enter debits before credits. Record the issuance of the bonds on January 1. Date January 01 Record entry J General Journal Clear entry c Debit Credit View general journal
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