1) choose between; issued at Par, issued at Premium, issued at discount 2) for journal entries choose between; interest expesense, mortage (note) payable, cash Text LO 13.2Following is a list of scenarios, Identify if the bond was issued at par, premium or discount12A company issued $100,000, 5-year bonds, receiving $97,000.Beluga Inc. issued 10-year bonds with a face value of $100,000and a stated rate of 3% when the market rate was 4%.3Cawatosa Inc. issued 5-year bonds with a face value of$200,000 at 107Diana Inc. issued $100,000 of its 9%, 5-year bonds when themarket rate was 9%.5Elk Branch Inc. issued $700,000 of 5%, 10-year bonds andreceived $757,243.6Foxcroft Inc. issued 100 bonds with a face value of $1,000. Thebonds had a stated rate of 6% when the market rate was 5% 234LO56789101112131415161718192021222324ACEFHalep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interestrate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of eachyear. Prepare an amortization table showing the principal and interest in each payment.1. Prepare the amortization table for the borrowing2. Prepare journal entries to record the borrowing, year 1 and year 2 paymentsPart 1Amortization TableJan 1, 2018Dec 31, 2018Dec 31, 2019Dec 31, 2020Dec 31, 2021Part 2DateJan. 1Dec. 31Dec. 31BBeginningBalanceAccount TitleCashPaymentTo record the borrowingTo record year 1 paymentTo record year 2 paymentDInterestExpenseTo PrincipalDebitEndingBalance$15,588$7,947$0Credit

Text LO 13.2 Following is a list of scenarios, Identify if the bond was issued at par, premium or discount 1 A company issued $100,000, 5-year bonds, receiving $97,000. 2 Beluga Inc. issued 10-year bonds with a face value of $100,000 and a stated rate of 3% when the market rate was 4%. 3 4 Diana Inc. issued $100,000 of its 9%, 5-year bonds when the market rate was 9%. Cawatosa Inc. issued 5-year bonds with a face value of $200,000 at 107 5 Elk Branch Inc. issued $700,000 of 5%, 10-year bonds and received $757,243. 6 Foxcroft Inc. issued 100 bonds with a face value of $1,000. The bonds had a stated rate of 6% when the market rate was 5%

Text LO 13.2 Following is a list of scenarios, Identify if the bond was issued at par, premium or discount 1 A company issued $100,000, 5-year bonds, receiving $97,000. 2 Beluga Inc. issued 10-year bonds with a face value of $100,000 and a stated rate of 3% when the market rate was 4%. 3 4 Diana Inc. issued $100,000 of its 9%, 5-year bonds when the market rate was 9%. Cawatosa Inc. issued 5-year bonds with a face value of $200,000 at 107 5 Elk Branch Inc. issued $700,000 of 5%, 10-year bonds and received $757,243. 6 Foxcroft Inc. issued 100 bonds with a face value of $1,000. The bonds had a stated rate of 6% when the market rate was 5%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following events occur for Messer Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 July 23, 2024 Provide services to customers on account for $37,400. Receive $26,500 from customers on account. Estimate that 30% of uncollected accounts will not be received. Provide services to customers on account for $50,400. Receive $6,000 from customers for services provided in 2024. December 31, 2024 April 12, 2025 June 28, 2025 September 13, 2025 October 5, 2025 December 31, 2025 Write off the remaining amounts owed from services provided in 2024. Receive $44,500 from customers for services provided in 2025. Estimate that 30% of uncollected accounts will not be received.
How did you get the discount on Note payable in JE number 2?
For each account, indicate whether it appears in the general ledger or the subsidiary ledger. Accounts Payable - Igwe Choose. Accounts Receivable - Ukpolo Choose. Prepaid Rent Choose. Notes Payable Choose. Store Supplies Choose. Interest Expense Choose.
Journal entry: If a company uses the ALLOWANCE method for valuing Accounts Receivable on the balance sheet, what will the journal entry be (with out amounts) at the end of the accounting period. Journal: Debit Account Credit Account
ro.14 Defining common receivalles terms Metch the terms with their correct definition. Lear Definitions Terms a. The party to a credit transaction who takes on an obligation/payable. b. The party who receives a receivable and will collect cash in 1. Accounts receivable 2. Other receivables 3. Debtor the future. C. A written promise to pay a specified amount of money at a particular future date. 4. Notes receivable 5. Maturity date d. The date when the note receivable is due. e. A miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. 6. Creditor f. The right to receive cash in the future from customers for goods sold or for services performed.
nku.3
need help finding the net payment and credit towards account still due invoice amount= $538.42 date of invoice= April 23 Date of payment= May 14 credit terms= 3/10,1/15, n/30 E.O.M Net price= ?
Credit terms of 1/10, n/30 means
8. Discount on Note Payable should be classified as a a. current asset b. contra account to Notes Payable c. part of stockholder's equity d. deferred debt
Determining Amounts to be Paid on Invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: نه ن ن ن ن a. b. C. C. d. e. a. $ b. $ 00000 d. $ Merchandise e. S Invoice Amount $18,200 9,100 5,800 2,600 3,600 Freight Paid by Seller $400 - 100 FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 1/10, n/30 FOB destination, 1/10, n/30 Customer Returns and Allowances $900 1,100 500 400
A summary of Klugman Company's December 31, 2021. accounts receivable aging schedule is presented below along with the: estimáted percent uncollectible for each age group: Age Group 0-69 days 61-98 days 01 123 days Dver 128 days Amount $55,000 19,500 2,500 1, 000 0.5 1.0 10.0 50.0 The allowance fer uncollectible accounts had a balance of $1,350 on January 1, 20211. During the year, bad debts of $700 were. written of: Required: Prepare all joumal entries for 2021 with respect to bad debts and the aflowance for uncollectible accounts. (f no entry is required fain a transaction/event, select "No journat entry requirEG" in the first account fielld.) w transaCtion ist Journal entry worksheet Record the entry to write-off specific accounts.
Do not give answer in image