Required a. Record the required journal entries for Year 1, Year 2, Year 3, and Year 4 related to the note payable and interest rate swap agreement. • Note: If a journal entry isn't required, select "N/A-Debit" and "N/A-Credit" as the account names and leave the Dr. and Cr. answers blank (zero).
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- AP6-3 (Static) Determining Bad Debt Expense Based on Aging Analysis LO6-2 [The following information applies to the questions displayed below.] Assume that Briggs & Stratton Engines Incorporated uses the aging approach to estimate bad debt expense at the end of each accounting year. Credit sales occur frequently on terms n/45. The balance of each account receivable is aged on the basis of four time periods as follows: (1) not yet due. (2) up to 6 months past due. (3) 6 to 12 months past due, and (4) more than 1 year past due. Experience has shown that for each age group, the average loss rate on the amount of the receivable at year-end due to uncollectibility is (a) 1 percent. (b) 5 percent, (c) 20 percent, and (d) 50 percent, respectively. At December 31, 2022 (end of the current accounting year), the Accounts Receivable balance was $39,500 and the Allowance for Doubtful Accounts balance was $1,550 (credit). In determining which accounts have been paid, the company applies collections…Paid interest expense on Note recorded previously (above). Select the account(s) that would be debited and credited when recording the above transaction. If a second debit or credit does not apply, select "None" as a match. Debit Debit Credit Credit Interest Expense Interest Payable Interest Payable CashRequired information Use the following information for the Exercises 12-13 below. (Algo) [The following information applies to the questions displayed below.] Del Gato Clinic's cash account shows an $16,473 debit balance and its bank statement shows $15,762 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,180. b. The June 30 bank statement lists a $70 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $489 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $498. d. The June 30 cash receipts of $2,830 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.
- Presented below is information related to the purchases of common stock by Carla Company during 2020. Cost Fair Value (at purchase date) (at December 31) Investment in Arroyo Company stock $107,000 $88,000 Investment in Lee Corporation stock 230,000 278,000 Investment in Woods Inc. stock 190,000 200,000 Total $527,000 $566,000 (Assume a zero balance for any Fair Value Adjustment account.) (a) What entry would Carla make at December 31, 2020, to record the investment in Arroyo Company stock if it chooses to report this security using the fair value option? (b) What entry would Carla make at December 31, 2020, to record the investments in the Lee and Woods corporations, assuming that Carla did not select the fair value option for these investments?(b) To record estimated liability. (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.) Period 1 Account Titles and Explanation Period 2 Account Titles and Explanation Save for Later Debit Debit Credit Credit Attempts: 0 of 1 used Submit AnswerAt December 31, 2021, Skysong, Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. 5. $630,000 41,000 Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,669.000 54,000 2,056,000 41,000 17,000
- 7. Opening balances are entered: A. via the Gear menu B. on the day the expenses were incurred C. on the Chart of Accounts D. as a Journal Entry or directly into the account register 8. Which accounts in the Chart of Accounts CANNOT be deleted? A. Accounts added by other users B. Preset accounts or those linked to other features C. Asset accounts D. All of them 9. What type of account is a credit card account? A. Asset B. Liability C. Equity D. RevenueOn December 21, 2025, Blue Company provided you with the following information regarding its equity investments. Investments Clemson Corp. stock Colorado Co. stock Buffaloes Co. stock December 31, 2025 Total of portfolio Previous fair value adjustment balance Fair value adjustment-Cr. (a) (b) (c) Cost $20,200 9,900 20,200 $50,300 Fair Value Unrealized Gain (Loss) $(900) (1,000) $19,300 8,900 20,790 $48,990 590 (1,310) 0 $(1,310) During 2026, Colorado Co. stock was sold for $9,410. The fair value of the stock on December 31, 2026, was Clemson Corp.stock- $19,410; Buffaloes Co. stock-$20,700. None of the equity investments result in significant influence. Prepare the adjusting journal entry needed on December 31, 2025. Prepare the journal entry to record the sale of the Colorado Co. stock during 2026. Prepare the adjusting journal entry needed on December 31, 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do…On July 15, 2024, the Niche Car Company purchased 2,800 tires from the Treadwell Company for $35 each. The terms of the sale were 2/10, ¹/30 . Niche uses a perpetual inventory system and the net method of accounting for purchase discounts.
- Prêpare a Journal Entries for Accounts Receivables. Is not a graded question If can't the part B is : what would the year-end adjusting journal entry be given the following Allow to DA 375On 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).for the (1)st question: is wrong to make the below journal entry S. No Particulars Debit Amt € Credit amt € 1. Interest expense 500 Loan 500