Nicole thinks that her business, Nicole's Getaway Spa (NGS), is doing really well and she is planning a large expansion. With such alarge expansion, Nicole will need to finance some of it using debt. She signed a one-year note payable with the bank for $53,000 witha6 percent interest rate. The note was issued October 1, 2020; Interest is payable annually, and the end of Nicole's accounting periodis December 31.Required: Required:Prepare the Journal entries required from the issuance of the note until its maturity on September 30, 2021, assuming that no entrieare made other than at the end of the accounting period and when the note reaches its maturity. (Do not round intermediatecalculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Note payable is one of the liability of the business, on which regular interest payments needs to be…

Required: Prepare the journal entries required from the issuance of the note until its maturity on September 30, 2021, assuming that no entr are made other than at the end of the accounting period and when the note reaches its maturity. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Required: Prepare the journal entries required from the issuance of the note until its maturity on September 30, 2021, assuming that no entr are made other than at the end of the accounting period and when the note reaches its maturity. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $54,000 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 6%; Whispering's incremental borrowing rate is 8%. Whispering is unaware of the rate being used by the lessor. At the end of the lease, Whispering has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Whispering uses the straight-line method of depreciation on similar owned equipment. Click here to view factor tables.
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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 Credit
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The Garware Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information Accounts receivable on December 31 2020 RO 280000 Required balance in Allowance for Doubtful Accounts account on December 31 2020 RO 4000 Existing balance in Allowance for Doubtful Accounts account on December 31 2019 RO 3500 The journal entry to recognize uncollectible accounts expense on December 31 2017 is a. Dr Uncollectible Accounts Expense 4000 and Cr Allowance for Doubtful Accounts 4000 b. Dr Uncollectible Accounts Expense 500 and Cr Allowance for Doubtful Accounts 500 c. Dr Accounts Receivable 3500 Cr Allowance for Uncollectible Accounts Expense 3500 d. Dr Accounts Receivable 3500 Cr Uncollectible Accounts Expense 3500
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For attached data table: Request: Make initial entry, from the point of view of the borrower (who receives a loan), separating short- and long-term portion of the loan. Make appropriate entries to be made on 31 August 2023, not forgetting reclassification from long term to short term.