Long-term notes payable: Long-term notes payable represent a legal and written promise made by the business to pay a debt with interest over a period of more than a year. It is reported under the long-term liability section of the balance sheet. Installment note: It is a debt in which the borrower is required to pay equal periodic payments to the lender based on the term of the note. To Journalize: The issuance of the installment note for cash at face amount.

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General Account

Answer 1

Question

Chapter 14, Problem 14.11EX

To determine

Long-term notes payable: Long-term notes payable represent a legal and written promise made by the business to pay a debt with interest over a period of more than a year. It is reported under the long-term liability section of the balance sheet.

Installment note: It is a debt in which the borrower is required to pay equal periodic payments to the lender based on the term of the note.

To Journalize: The issuance of the installment note for cash at face amount.

To determine

To Journalize: The annual payment on the note.

To determine

To Journalize: The annual payment on the note.

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Answer 2

Question

Chapter 14, Problem 14.11EX

To determine

Long-term notes payable: Long-term notes payable represent a legal and written promise made by the business to pay a debt with interest over a period of more than a year. It is reported under the long-term liability section of the balance sheet.

Installment note: It is a debt in which the borrower is required to pay equal periodic payments to the lender based on the term of the note.

To Journalize: The issuance of the installment note for cash at face amount.

To determine

To Journalize: The annual payment on the note.

To determine

To Journalize: The annual payment on the note.

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Answer 3

Question

Chapter 14, Problem 14.11EX

To determine

Long-term notes payable: Long-term notes payable represent a legal and written promise made by the business to pay a debt with interest over a period of more than a year. It is reported under the long-term liability section of the balance sheet.

Installment note: It is a debt in which the borrower is required to pay equal periodic payments to the lender based on the term of the note.

To Journalize: The issuance of the installment note for cash at face amount.

To determine

To Journalize: The annual payment on the note.

To determine

To Journalize: The annual payment on the note.

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Answer 4

Question

Chapter 14, Problem 14.11EX

To determine

Long-term notes payable: Long-term notes payable represent a legal and written promise made by the business to pay a debt with interest over a period of more than a year. It is reported under the long-term liability section of the balance sheet.

Installment note: It is a debt in which the borrower is required to pay equal periodic payments to the lender based on the term of the note.

To Journalize: The issuance of the installment note for cash at face amount.

To determine

To Journalize: The annual payment on the note.

To determine

To Journalize: The annual payment on the note.

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Answer 5

Chapter 14, Problem 14.11EX

To determine

Long-term notes payable: Long-term notes payable represent a legal and written promise made by the business to pay a debt with interest over a period of more than a year. It is reported under the long-term liability section of the balance sheet.

Installment note: It is a debt in which the borrower is required to pay equal periodic payments to the lender based on the term of the note.

To Journalize: The issuance of the installment note for cash at face amount.

To determine

To Journalize: The annual payment on the note.

To determine

To Journalize: The annual payment on the note.

Answer 6

Chapter 14, Problem 14.11EX

To determine

Long-term notes payable: Long-term notes payable represent a legal and written promise made by the business to pay a debt with interest over a period of more than a year. It is reported under the long-term liability section of the balance sheet.

Installment note: It is a debt in which the borrower is required to pay equal periodic payments to the lender based on the term of the note.

To Journalize: The issuance of the installment note for cash at face amount.

Answer 7

Chapter 14, Problem 14.11EX

To determine

Long-term notes payable: Long-term notes payable represent a legal and written promise made by the business to pay a debt with interest over a period of more than a year. It is reported under the long-term liability section of the balance sheet.

Installment note: It is a debt in which the borrower is required to pay equal periodic payments to the lender based on the term of the note.

To Journalize: The issuance of the installment note for cash at face amount.

Answer 8

To determine

To Journalize: The annual payment on the note.

Answer 9

To determine

To Journalize: The annual payment on the note.

Answer 10

To determine

To Journalize: The annual payment on the note.

Answer 11

To determine

To Journalize: The annual payment on the note.

Answer 12

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Answer 14

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Answer 23

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Solution Summary: The author explains that long-term notes payable represent a legal and written promise made by the business to pay an interest-free debt.

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To Journalize: The annual payment on the note.

To Journalize: The annual payment on the note.

Chapter 14 Solutions