**Educational Resource: Recording Loan Journal Entries****Context:**Oriole Company borrowed $790,000 on December 31, 2019, through a 9% mortgage note payable. The agreement stipulates annual installment payments of $123,098 due each December 31.**Task (a):**Prepare the journal entries to document the mortgage loan and the first two installment payments. **Instructions:**- **Rounding**: Round all numerical figures to 0 decimal places (e.g., 15,250).- **Formatting**: Credit account titles will be automatically indented when amounts are entered. Do not manually indent.- **Order**: Record all journal entries in the order they are presented in the problem. Ensure all debit entries precede credit entries.**Journal Entry Format:**| Date | Account Titles and Explanation | Debit | Credit ||------------|--------------------------------|-------|--------|| [Select] | | | || | | | || [Select] | | | || | | | || [Select] | | | || | | | |Make sure to accurately select and document the dates, account titles, debits, and credits for each transaction to maintain clear and precise accounting records.

Lets understand the basics. When amount is borrowed against the notes then it needs to repaid with…

Answered: Oriole Company borrowed $790,000 on…

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

please help me dont give answer in image format
December 11, 2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign a $12,000, 60-day note. Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2019, and the customer’s repayment on February 9, 2020, assuming: 1. Interest of 12% was assessed in addition to the face value of the note. 2. The note was issued as a $12,000 non-interest-bearing note with a present value of $11,765. The implicit interest rate on the note receivable was 12%. Assume a 360-day year. (Round to the nearest dollar.）
Hi there, I'm not sure how to write this journal entry
Sayed Company borrowed $40,000 on August 31, 2020, by issuing an 9-month, 9% interest-bearing note. The company prepares its financial statement annually at the end of December. Maturity date is: April 1, 2020 May 1, 2020 June 1, 2020 July 1, 2020 None of the above The adjusting entry to record the accrued interest on December 31, 2020 is: * Debit Interest Expense and Credit Interest Payable for $1,200 Debit Interest Expense and Credit Interest Payable for $1,500 Debit Interest Expense and Credit Cash for $3,600 Debit Interest Expense and Credit Interest Payable for $2,700 None of the above O O
Cullumber Company borrowed $313,000 on January 1, 2022, by issuing a $313,000, 10% mortgage note payable. The terms call for annual installment payments of $54,000 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit ILOR Cred
Sunland Company borrowed $760,000 on December 31, 2019, by issuing an $760,000, 9% mortgage note payable. The terms call for annual installment payments of $118,423 on December 31. (a) Your answer is correct. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Dec. 31, 2019 ec. 31, 2020 Account Titles and Explanation Cash Mortgage Payable Interest Expense Mortgage Payable Cash Debit 760,000 68400 50023 Credit 760,000 118423
D1.
1. a) the amt of interest pd in cash every payment period, 1. b) the amt of amorization to be recorded at each interest payment date.(use the straight -line method
Instructions Ellsworth Enterprises borrowed $486,000 on an 12%, interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was paid with interest on March 31, 2021. Required: 1. Prepare the entry for this note on September 30, 2020. 2. Prepare the adjusting entry for this note on December 31, 2020. 3. Indicate how the note and the accrued interest would appear on the balance sheet at December 31, 2020. 4. Prepare the entry to record the repayment of the note on March 31, 2021.
The balance sheet for Pina Colada Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable Less: Discount on bonds payable $1,280,000 51,200 $1,228,800 Pina Colada decides to redeem these bonds at 105 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Detwiler Orchard issues a $558,020, 10%, 15-year mortgage note to obtain needed financing for a new lab. The terms call for semiannual payments of $36,300 each.Prepare the entries to record the mortgage loan and the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 8,970.) Account Titles and Explanation Debit Credit (To record mortgage loan)
im.3

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS