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Record the
The entry to record accured interest is as fallows
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- what is the due date for a loan dated Nov 7 for 120 days?On March 1, 2021, the company lent $20,400. The note required principal and interest at 9% be paid on February 28, 2022. What is the journal entry and the amount to enter into the journal?At the adjustments: end of the month, you are also required to take into consideration the following (a) Non-current assets are to be depreciated at the rate of 0.5% per month. (b) Allowance for doubtful debt is set at a rate of 1% on accounts receivable balance. (c) Electricity and water bill for the month of January 2020 is still accrued. (d) Insurance for the month of February 2020 is paid in advance. (e) Closing inventory of fuel saving oil amounted to 10% of purchases account balance. On 31 January 2020, you are required to balance all the accounts and prepare the following: (a) Trial Balance as at 31 January 2020 (b) Statement of Profit or Loss for the month ended 31 January 2020 (c) Statement of Financial Position as at 31 January 2020
- The maturity date for a 45 days note dated June 4, 2020 is O June 30, 2020 O July 18, 2020 O July 19, 2020 O uly 20, 2020 O None of the abcveThe following amortization schedule indicates the interest and principal to be repaid on an installment note established January 1, 2021, for a company with a March 31 fiscal year-end. Period 1/1-12/31, Year 1 Interest Expense on Notes Payable $ 560 424 #TITT 286 144 1,414 1/1-12/31, Year 2 1/1-12/31, Year 3 1/1-12/31, Year 4 Total Beginning Notes Payable $ 28,000 21, 207 14, 278 Repaid Principal Ending Notes 7,210 $ 6,793 6,929 7,068 7,210 28,000 Payable $ 21,207 14,278 7,210 Required: 1. Assuming the company makes the required annual payments on December 31, use the amortization schedule to determine (a) the amount of the (rounded) annual payment; (b) the amount of Interest Expense to report in the year ended March 31, 2021; (c) the amount of Interest Expense to report in the year ended March 31, 2022; (d) the Notes Payable balance at January 1, 2024; and (e) the total interest and total principal paid over the note's entire life 2. Assuming the company makes adjustments at the end…At the end of 2025, the following information is available for Great Adventures. • ⚫ Additional interest for five months needs to be accrued on the $31,800, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. • ⚫ Assume that $11,800 of the $31,800 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. ⚫ By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $26,800 during the year and recorded those as Deferred Revenue. . ⚫ Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $13,800. ⚫ For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $5,800. Requirement General…
- Write a brief report about the accruals and deferrals of Amazon’s 2018 annual report.Calculate 2019 debt interest based on the information below. Opening Debt Balance Additions (Repayments) Interest Rate Closing Debt Balance Debt Interest 1,750 2,500 1,500 1,250 2018 Actual 25,000 0 5% 25,000 1,250 2019 Estimate 10,000 5%Find the maturity date, maturity value and proceeds of the below promissory note: Face Date Term Interest Value rate $2,500 December 6 1/4% 3, 2021 months Given:
- Cullumber Company borrowed $760,000 on December 31, 2019, by issuing an $760,000, 8% mortgage note payable. The terms call for annual installment payments of $113,262 on December 31.At the end of 2025, the following information is available for Great Adventures. • Additional interest for five months needs to be accrued on the $31,800, 6% note payable obtained on August 1, 2024. Recall that annual interest is paid each July 31. • Assume that $11,800 of the $31,800 note discussed above is due next year. Record the entry to reclassify the current portion of the long-term note. By the end of the year, $20,000 in gift cards have been redeemed. The company had sold gift cards of $26,800 during the year and recorded those as Deferred Revenue. • Great Adventures is a defendant in litigation involving a biking accident during one of its adventure races. The company believes the likelihood of payment occurring is probable, and the estimated amount to be paid is $13,800. • For sales of MU watches, Great Adventures offers a warranty against defect for one year. At the end of the year, the company estimates future warranty costs to be $5,800. Requirement General Journal…Adjusting journal entry for: On November 1st, 2018, FTS purchased a certificate of deposit from First National Bank for $25,000. The deposit earns interest of 2.0% annually and has a maturity end date of 11/1/2020. Interest earned is received annually on November 1st of each year.
