(a) Introduction: A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically. To record: Journal entry for the issuance of Notes.

Question

In 2014, LL Bean sold 450,000 pairs of boots. At one point in 2014, it had a back order of 100,000. In 2015, LL Bean expects to sell 500,000 pairs of boots. As of late November 2015, it has a back order of 50,000.Question: When would LL Bean see sales revenue from the sale of its back order on the boots?

Answer 1

Question

Chapter 9, Problem 78E

To determine

(a)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for the issuance of Notes.

To determine

(b)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Adjusting Journal entry for interest expense for year 2021 and 2022.

To determine

(c)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for interest expense for year 2023 and repayment of note.

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In 2014, LL Bean sold 450,000 pairs of boots. At one point in 2014, it had a back order of 100,000. In 2015, LL Bean expects to sell 500,000 pairs of boots. As of late November 2015, it has a back order of 50,000.Question: When would LL Bean see sales revenue from the sale of its back order on the boots?

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Answer 2

Question

Chapter 9, Problem 78E

To determine

(a)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for the issuance of Notes.

To determine

(b)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Adjusting Journal entry for interest expense for year 2021 and 2022.

To determine

(c)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for interest expense for year 2023 and repayment of note.

Expert Solution & Answer

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Answer 3

Question

Chapter 9, Problem 78E

To determine

(a)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for the issuance of Notes.

To determine

(b)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Adjusting Journal entry for interest expense for year 2021 and 2022.

To determine

(c)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for interest expense for year 2023 and repayment of note.

Expert Solution & Answer

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Answer 4

Question

Chapter 9, Problem 78E

To determine

(a)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for the issuance of Notes.

To determine

(b)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Adjusting Journal entry for interest expense for year 2021 and 2022.

To determine

(c)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for interest expense for year 2023 and repayment of note.

Expert Solution & Answer

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Answer 5

Chapter 9, Problem 78E

To determine

(a)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for the issuance of Notes.

To determine

(b)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Adjusting Journal entry for interest expense for year 2021 and 2022.

To determine

(c)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for interest expense for year 2023 and repayment of note.

Answer 6

Chapter 9, Problem 78E

To determine

(a)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for the issuance of Notes.

Answer 7

Chapter 9, Problem 78E

To determine

(a)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for the issuance of Notes.

Answer 8

To determine

(b)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Adjusting Journal entry for interest expense for year 2021 and 2022.

Answer 9

To determine

(b)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Adjusting Journal entry for interest expense for year 2021 and 2022.

Answer 10

To determine

(c)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for interest expense for year 2023 and repayment of note.

Answer 11

To determine

(c)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for interest expense for year 2023 and repayment of note.

Answer 12

Expert Solution & Answer

Answer 13

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Answer 23

Ch. 9 - Prob. 1DQ Ch. 9 - What is the difference between a bond and a note?...Ch. 9 - What does the face (or Par) value of a bond...Ch. 9 - Prob. 4DQ Ch. 9 - What is the stated or coupon rate of a bond?Ch. 9 - Prob. 6DQ Ch. 9 - How does a secured bond differ from an unsecured...Ch. 9 - Prob. 8DQ Ch. 9 - Prob. 9DQ Ch. 9 - Prob. 10DQ

(a) Introduction: A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically. To record: Journal entry for the issuance of Notes.

Solution Summary: The author explains that a note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

Videos

(a)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for the issuance of Notes.

(b)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Adjusting Journal entry for interest expense for year 2021 and 2022.

(c)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for interest expense for year 2023 and repayment of note.

Chapter 9 Solutions

(a) Introduction: A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically. To record: Journal entry for the issuance of Notes.

Solution Summary: The author explains that a note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

Videos

(a) Introduction: A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically. To record: Journal entry for the issuance of Notes.

(b) Introduction: A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically. To record: Adjusting Journal entry for interest expense for year 2021 and 2022.

(c) Introduction: A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically. To record: Journal entry for interest expense for year 2023 and repayment of note.

Chapter 9 Solutions

(a)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for the issuance of Notes.

(b)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Adjusting Journal entry for interest expense for year 2021 and 2022.

(c)

Introduction:

A note is long term liability wherein the issuer is entitled to pay the face value of the Note at the time of maturity and make interest payments periodically.

To record:

Journal entry for interest expense for year 2023 and repayment of note.