repare the entry to accrue the interest on June 30. (List all debit entries before credit entries. Credit account titles are automatically ndented when the amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275.) Date Jun 30, 2022 Account Titles and Explanation exibook Interest Expense interest Payable eTextbook and Media Debit Credit Assistance Used
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- On January 1, 2022, Oriole Company issued $430,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1. (a)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 6270Prepare 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)
- On December 31, 2023, Bonita Link Corporation received a four-year, 6%, $572,000 bank loan. The terms provide for payment of the bank loan with semi-annual instalment payments of $81,485 principal and interest, starting on June 30. Bonita has a March 31 year end and records adjusting entries annually.On January 1, 2022, Ivanhoe Company issued $322,500, 7%, 5-year bonds at face value. Interest is payable annually on January 1. (a) ✓ Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 1, 2022 Account Titles and Explanation Cash Bonds Payable Debit 322500 Credit 322500 ArPharoah Corporation issued $420,000 of 5-year bonds on April 1, 2023. Interest is paid semi-annually on April 1 and October 1. Below is a partial amortization schedule for the first few years of the bond issue. Semi-Annual Interest Period Apr 1, 2023 Oct. 1, 2023 Apr. 1.2024 Oct 1, 2024 Apr. 1.2025 Oct. 1, 2025 Apr. 1, 2026 Interest Payment $8,400 $6,591 8,400 6,563 6,536 6,508 6,479 6,451 8,400 Interest Expense 8,400 8,400 8,400 Amortization. $1,809 1,837 1,864 1,892 1,921 1,949 Carrying Amount of Bonds $439,367 437,558 435,721 433,857 431.965 430,044 428,095
- On January 1, 2021, Cullumber Corp. borrows $9,000 by signing a 3-year, 3% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. Calculate the annual principal payment. Annual principal payment $ eTextbook and Media List of Accounts Question Part Score Prepare an instalment payment schedule for the note. Period Cash payment Interest Expense Reduction of Principal Principal Bal Jan. 1, 2021 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 eTextbook and Media List of Accounts Question Part Score Prepare journal entries to record the note and the first instalment payment. (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 Jan. 1, 2021 (Torecord issuance of note.) Dec. 31, 2021Current Attempt in Progress Cullumber Tailors sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. 2. (a) Cullumber Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $477. The standalone selling price of the tablet is $249 (the cost to Cullumber Tailors is $191). Cullumber Tailors sells the Internet access service independently for an upfront payment of $277. On January 2, 2025, Cullumber Tailors signed 110 contracts, receiving a total of $52,470 in cash. Cullumber Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $587. Cullumber Tailors provides the 3-year tablet service plan as a separate…Current Attempt in Progress Sunland-on Ltd. sells rock-climbing products and operates an indoor climbing facility for climbing enthusiasts. On July 1, 2021, Sunland-on received a three-month $12,000 bank loan from City Credit Union due on September 30, 2021, and bearing interest at 3%. Interest is payable at maturity. The company records adjusting entries annually at its year end, December 31. During the next four months, Sunland-on incurred the following: Purchased inventory on account for $18,000 from Black Diamond, terms n/30. The company uses a perpetual inventory system. Sept. 1 30 Repaid the $12,000 bank loan payable to City Credit Union (see opening balance), as well as any interest owed. Oct. Issued a six-month, 4%, $18,000 note payable to Black Diamond in exchange for the account payable (see September 1 transaction). Interest is payable 1 the first of each month. Borrowed $24,000 cash from Montpelier Bank for 12 months at 3% to finance the building of a new climbing area for…
- Sullivan Equipment Sales showed the following. 2020 Jan. 15 Sold $25,000 of nerchandise for $29, e00 to JanCo; terms 3/5, n/15. 16 krote off Fedun's account in the anount of $15,000. 20 Collected the anount owing tron the January 15 sale. 1 Accepted a $12,000, 68-day, 7% note dated this day in granting Parker Holdings a tine extension on its past-due account. Mar. Apr. 15 Sold nerchandise costing $62,000 for $71,000 to custoners who used their Visa credit cards. Assune Visa charges a 1% fee and deposits the cash electronically into the retaller's account innediately at the time of sale. ? Parker Holdings honoured the note dated March 1. 1 Accepted a $24,e00, three-nonth, 6X note dated this day in granting Grant Conpany a time extension on its past-due Nov. account. Dec. 31 Sullivan's year-end. Interest was accrued on outstanding notes receivable. 31 Bad debts are based on an aging analysis that estinated $9,700 of accounts receivable are uncollectible. Allowance for Doubtful Accounts…On December 31, 2023, Bridgeport Co. performed environmental consulting services for Indigo Co. Indigo was short of cash, and Bridgeport Co. agreed to accept a $165,000 zero-interest-bearing note due December 31, 2025, as payment in full. Indigo is somewhat of a credit risk and typically borrows funds at a rate of 11%. Bridgeport is much more creditworthy and has various lines of credit at 6%. Click here to view factor tables Prepare the journal entry to record the transaction of December 31, 2023, for Bridgeport Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 5,275.25. 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 all debit entries before credit entries.) Account Titles and Explanation Notes Receivable Discount on Notes Receivable Service Revenue Debit 165000…Prepare the general journal entries to record the accounts receivable 'write-offs' and the 'write-off recoveries' for 2023. Label Debit accounts with "Dr" and Credit accounts with "Cr". For example: (Dr) Asset $XXXXX, (Cr) Revenues $XXXXX. Ignore GST & narrations