Prepare the journal entry to record the receipt of the interest on July 1. (List debit entry before credit entry. 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.) Date Account Titles and Explanation July 1 Interest Receivable Interest Income Debit 6270 Credit 6270
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- Exercise 9-14 On July 1, 2020, Blue Spruce Aggregates Ltd. purchased 5% bonds having a maturity value of $55,000 for $57,014. The bonds provide the bondholders with a 4% yield. The bonds mature four years later, on July 1, 2024, with interest receivable June 30 and December 31 of each year. Blue Spruce uses the effective interest method to allocate unamortized discount or premium. The bonds are accounted for using the FV-OCI model with recycling. Blue Spruce has a calendar year end. The fair value of the bonds at December 31, 2020 and 2021, was $57,017 and $56,205, respectively. Assume fair value adjustments are recorded at year end only. Immediately after collecting interest on December 31, 2021, the bonds were sold for $56,205. Prepare the journal entry at the date of the bond purchase. (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.…Vaughn Limited, which uses a perpetual inventory system, purchased inventory costing $22,000 on February 1 by issuing a 3-month note payable bearing interest at 6%, with interest and principal due on May 1. The company's year end is on March 31 and the company records adjusting entries only at that time. Your answer is correct. Prepare the journal entry to record the purchase of inventory on February 1. (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. List debit entry before credit entry.) Date Account Titles Feb. 1 (b) Inventory Notes Payable eTextbook and Media List of Accounts Your answer is correct. Mar. 31 Date Account Titles Interest Expense Debit Interest Payable Prepare the journal entry to record the accrual of interest expense on March 31. (Credit account titles are automatically indented when the amount is entered. Do not indent…Show Attempt History Current Attempt in Progress On May 1, 2020, Christina Fashions borrowed $106,000 at a bank by signing a four-year, 6% loan. The terms of the loan require equal principal payments of $26,500 and accrued interest at 6% due annually on April 30. The loan agreement requires the company to maintain a minimum current ratio of 2.0. The December 31, 2020, year-end statement of financial position, immediately prior to the reclassification of long-term debt, follows: Current assets $137,800 Current liabilities $53,000 Non-current assets 163,200 Loan payable 106,000 Common shares 72,000 Retained earnings 70,000 Total liabilities and Total assets $301,000 shareholders' equity $301,000 Your answer is partially correct. Does Christina Fashions comply with the bank's current ratio requirement prior to recording the accrued interest and reclassification of the current portion of the long-term loan? (Round answer to 1 decimal place, e.g. 1.2.) Current ratio 2.6 Christina Fashions…
- Cullumber Company has the following securities in its investment portfolio on December 31, 2020 (all securities were purchased in 2020): (1) 2,900 shares of Anderson Co. common stock which cost $55,100, (2) 9,100 shares of Munter Ltd. common stock which cost $509,600, and (3) 6,300 shares of King Company preferred stock which cost $270,900. The Fair Value Adjustment account shows a credit of $9,200 at the end of 2020. In 2021, Cullumber completed the following securities transactions. 1. 2. On January 15, sold 2,900 shares of Anderson's common stock at $23 per share less fees of $2,350. On April 17, purchased 1,000 shares of Castle's common stock at $32 per share plus fees of $2,080. On December 31, 2021, the market prices per share of these securities were Munter $62, King $40, and Castle $21. In addition, the accounting supervisor of Cullumber told you that, even though all these securities have readily determinable fair values, Cullumber will not actively trade these securities…Ceradyne Limited accepts a three-month, 7%, $43,600 note receivable in settlement of an account receivable on April 1, 2018. Interest is due at maturity. Prepare the journal entries required by Ceradyne Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming the note is honoured and that no interest has previously been accrued. (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.) te Account Titles and Explanation < Debit C Prepare the journal entries required by Ceradyne Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming that the note is dishonoured, but eventual collection is expected. (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…Prepare the journal entry to record the security purchase on April 17, 2021. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit Apr. 17, 2021
- 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Debit CreditPrepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) (b) Account Titles and Explanation (c) purchases accounts payable Date December 31 Accounts Payable Notes Payable December 31 cash eTextbook and Medial Discount on Notes Payable List of Accounts Your Answer Correct Answer Solution notes payable Your answer is partially correct. Account Titles and Explanation Interest Expense Interest Payable (To record interest on the note) Interest Expense Prepare adjusting entries at December 31. (if no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round…The following are selected 2020 transactions of Crane Corporation. Sept. Purchased inventory from Encino Company on account for $46,800. Crane records purchases gross and uses a periodic inventory system. 1 Issued a $46,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Oct. 1 (a) ite Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Account Titles and Explanation ber 1 Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 note. r1 Your answer is correct. Purchases Accounts Payable Accounts Payable Notes Payable Cash Discount on Notes Payable Notes Payable Debit 46,800 46,800 46,800 3120 Credit 46.800 46,800 49921
- On July 1, 2020, Bridgeport Corporation purchased Johnson Company by paying $189,700 cash and issuing a $64,500 note payable to Steve Johnson. At July 1, 2020, the balance sheet of Johnson Company was as follows. Cash $38,100 Accounts payable $160,000 Accounts Receivable 67,500 Stockholders' equity 165,800 Inventory 75,800 $325,800 Land 29,400 Buildings (net) 55,200 Equipment (net) 52,200 Copyrights 7,600 $325,800 The recorded amounts all approximate current fair values except for land (worth $45,400), inventory (worth $94,900), and copyrights (worth $11,300).Prepare the journal entries for Shamrock in 2020. (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.) Date Account Titles and Explanation Debit Credit Sep. 1, 2020 + Cash 1920 Accounts Receivable 450 Unearned Service Revenue Sales Revenue (To record sales)Sunland Resort Corp. issued a 20-year, 6%, $274.000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31. Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a fixed principal payment of $6.850. (Round answers to O decimal places, eg. 5,276. 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.) Date Account Titles and Explanation Debit Credit Issue of Note Dec. 31, 2021 (Torecord issuance of note.) First Instalment Payment June 30, 2022 (Torecord p con note.) Second Instalment Payment Dec. 31, 2022 (Torecord payment on note.) eTextbook and Media List of Accounts Prepare the journal entries to record the mortgage note payable and the first two instalment…
