1. In January, ordered and received new POS machines for restaurant use for which it signed a note promising to pay $25 within 3 months, interest free. The company uses the account "Equipment" for computer acquisitions. 2. In January, borrowed $200 from Chase Bank and signed a 2 year note. Interest on the loan was 1.2% per annum due at the first year anniversary date of the loan. 3. Signed a contract with a construction company to build new restaurant branches for $100. At the signing, the company wrote a check for $15 to the construction company as an initial payment for the construction. Construction will begin in July 2018 and is expected to be completed sometime next year.

1. In January, ordered and received new POS machines for restaurant use for which it signed a note promising to pay $25 within 3 months, interest free. The company uses the account "Equipment" for computer acquisitions. 2. In January, borrowed $200 from Chase Bank and signed a 2 year note. Interest on the loan was 1.2% per annum due at the first year anniversary date of the loan. 3. Signed a contract with a construction company to build new restaurant branches for $100. At the signing, the company wrote a check for $15 to the construction company as an initial payment for the construction. Construction will begin in July 2018 and is expected to be completed sometime next year.

Name: 1 to 3 Accounting Entries 1. In January, ordered and received new POS
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Description: 1 to 3 Accounting Entries 1. In January, ordered and received new POS machines for restaurant use for which it signed a note promising topay $25 within 3 months, interest free. The company uses the account "Equipment" for computer acquisitions.2. In

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...

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Homeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $680,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 8.80%. Each year on December 31, the company pays down the principal balance by $89,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. $ B. Compute the interest accrued on December 31 of the first year. $ C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of…
Mohammed LLC is a growing consulting firm. The following transactions take place during the current year. A. On June 10, Mohammed borrows $300,000 from a bank to cover the initial cost of expansion. Terms of the loan are payment due in four months from June 10, and annual interest rate of 6%. B. On July 9, Mohammed borrows an additional $120,000 with payment due in four months from July 9, and an annual interest rate of 10%. C. Mohammed pays their accounts in full on October 10 for the June 10 loan, and on November 9 for the July 9 loan. Record the journal entries to recognize the initial borrowings, and the two payments for Mohammed. If an amount box does not require an entry, leave it blank. Round intermediate calculation and final answers to the nearest whole dollar. June 10 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 July 9 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 Oct. 10 fill…