Bought delivery van P850,000 terms 20% down and the balance payable in one year. Required: 1. Record the transaction in the general journal.
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Bought delivery van P850,000 terms 20% down and the balance payable in one
year.
Required: 1. Record the transaction in the general journal.
Step by step
Solved in 2 steps
- Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
- Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?A enterprise prepared introduced a article line, introduced this line need 1.5 million Yuan, enterprise can has two kind of payment way, one is in signed once paid; also has a payment way, when signed pay 500,000 , line two years later put operations, then from annual of sales 4 million in the extraction 5% for repayment (third end began), total eight years, asked enterprise need take what payment way, years rates 10%?If a machine is purchased on installment and the buyer makes an Php 80 000 down payment and owes a balance of Php 150 000 in 2 years. Determine the machine cash value if money is worth 14 % compounded quarterly. A. Php 193 912.00 B. Php 139 869.00 C. Php 183 936.00 D. Php 199 363.00
- Automotive Excellence Inc. borrowed $18,000.00 on june 21 with an interest rate of 8.9% per annum. On july5, $6000.00 was repaid, and on august 10, $5000.00 was repaid. Automotive Excellence paid the balance of the loan on October 11. What was the final payment? The final payment was $ (Round the final answer to the nearest cent as needed.Mutiple choice: A hospitality company is the maker of an $18,000 note to be paid in quarterlyinstallments of $3,000 each. The first payment is to be made on June 30. How willthe note be represented on the balance sheet for May 31? A. $18,000 long-term liabilityB. $3,000 expense, $15,000 long-term liabilityC. $3,000 expense, $9,000 current liability, $6,000 long-term liabilityD. $12,000 current liability, $6,000 long-term liabilityScrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $680,000. The terms of the loan are 3.4% annual interest rate and payable in 8 months. Interest is due in equal payments each month. A. Compute the interest expense due each month. If required, round final answer to two decimal places. $fill in the blank f6a95d01507605c_1 B. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. If required, round final answers to two decimal places. If an amount box does not require an entry, leave it blank. Oct. 20 fill in the blank 1acca4f97faa002_2 fill in the blank 1acca4f97faa002_3 fill in the blank 1acca4f97faa002_5 fill in the blank 1acca4f97faa002_6 May 20 fill in the blank 1acca4f97faa002_8 fill in the blank 1acca4f97faa002_9 fill in the blank 1acca4f97faa002_11 fill in the blank…
- A Company recieved a loan of 140,000 at 5%Compounded monthly-to Purchase equipment for the company if they have to repay $2000 at the endof every month construct an amorti3ation Schedule Provding details of this repaymentOn January 1, year 1, a machine is purchased at an invoice price of $40,000 . The full purchase price is to be paid at the end of year 5. Assuming 12% compound interest, what did the machine cost if compounding is (1) annually, (2) semiannually, and (3) quarterly?A firm purchased heavy cable and 4 inch conduit on credit and agreed to pay 10% interest rate per annum. Purchases are made in October for cable costing $756.80 and in December for conduit costing $1,325.25. If full payment is made by March 1st of the following year, how much is paid? (Charge interest for the full month of purchase)
