Branch Corporation issued $12 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at a 9% discount rate. Prepare the journal entry for the issuance of the commercial paper and its repayment at maturity.

Q: lendar year. Required: For all journal entries: If an amount box does not require an entry, leave…

A: Given Danzer Industries Inc. issued $56,000,000 of 20-year, 11% bonds at a market (effective)…

Q: 1.Journalize the entries to record the foregoing transactions. Round all amounts to the nearest…

A:

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: Journal entries refers to the recording or the posting of the business transactions into the books…

Q: On the first day of its fiscal year, J Co. issued $1,000,000 of five-year, 8% bonds to finance the…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: Bonds are the debt financial instrument issued by the company to raise the funds and in return…

Q: A company borrowed $10,000 by signing a 180-day promissory note at 11%. The maturity value of the…

A: Amount Borrowed =$ 10,000  Number of days = 180 Rate of Interest = 11% per annum = 11/12  % Maturity…

Q: On October 1, Eder Fabrication borrowed $60 million and issued a nine-month, 12% promissory note.…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: On the first day of the current fiscal year, $200,000 of 10-year, 7% bonds, with interest payable…

A:

Q: On January 1, the first day of the fiscal year, a company issues an $800,000, 4%, 10-year bond that…

A: BondA bond is an instrument evidencing a debt which is issued for the purpose of raising money…

Q: ABS-CBN COMPANY received from a customer a one-year, $500,000 note bearing annual interest of 8%.…

A: Discounting seems to be the act of transferring or surrendering a customer's notes receivable to a…

Q: At what amount should be the note receivable from UUU Company be reported at year-end?

A:

Q: Anderson Co. issued a $50,932, 60-day, discounted note to National Bank. The discount rate is 1196.…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: Justin Company signed a $90,000, three-month, 9% note payable, on December 1. If the accounting…

A: Interest accrued on December 31= Face value of bonds x rate of interest x no. of month/12 = $90000 x…

Q: On June 8, Williams Company issued an $73,207, 7%, 120-day note payable to Brown Industries.…

A: Formula: Interest amount = Principal amount x Interest rate x Time period.

Q: On November 1, Bahama Cruise Lines borrows $4 million and issues a six-month, 6% note payable.…

A: Interest expense = Notes payable x rate of interest x time = $4,000,000 x 6% x 2/12 = $40,000

Q: On October 1, Eder Fabrication borrowed $84 million and issued a nine-month, 15% promissory note.…

A: Prepare the journal entry for the issuance of the note:

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: Year1       July        1   Cash                                       $69,552,279…

Q: GIFFCO contracted with the investment bank X.M. Retzoff to issue 25 million of short-term paper. The…

A: When debt securities are issued at commission, the fees and commission are deducted from the net…

Q: On October 1, Eder Fabrication borrowed $84 million and issued a nine-month, 15% promissory note.…

A: Journal entries is an process of recording accounting transactions of the firm which involves…

Q: On the first day of the fiscal year, a company issues a $1,350,000, 11%, five-year bond that pays…

A: Since it is a semiannual bond interest will be paid in 10 installments  ( 5 years × 2 )  The bond is…

Q: On October 1, Eder Fabrication borrowed $74 million and issued a nine-month promissory note.…

A:

Q: On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $700,000, 5%, 10-year…

A: The accounting equation shows the equal balance of assets side and equity& liability side, it…

Q: At year end, Rei company issued a P2,000,000 face amount note payable in exchange for services…

A: Note payable ::::P2,000,000.... Interest expenses::2000000*3%*9/12 months=P45,000...... The compound…

Q: On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond that pays…

A: Formula used: Discount on bonds payable = Face value of bond - Cash received

Q: On the first day of the fiscal year, a company, issues $65,000, 6%, five year installment notes that…

A: Notes payable is liability.

Q: On the first day of the fiscal year, a company issues a $1,000,000, 8%, five-year bond that pays…

A: Journal entry can be defined as the process of recording relevant business transaction into the…

Q: On the first day of the fiscal year, a company issues $89,000, 6%, five-year installment notes that…

A: Long-term notes payable: Long-term notes payable represent a legal and written promise made by the…

Q: On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes that…

A: a. Prepare the journal entry to record the issuance of the instalment notes.

Q: On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the…

A: Under such type of loan arrangement as in the given case, the borrower obtains certain amount of…

Q: On January 1, 20x1, Drive Co, paid cash of P200,000 and issued a noninterest-bearing note P2,000,000…

A: Working note: Computation of initial recognition value of note payable:

Q: On the first day of the fiscal year, a company issues a $1,000,000, 7%, 5-year bond that pays…

A: A bond refers to the instrument which is issued by the government to borrow money when needed. It is…

Q: On the first day of the fiscal year, a company issues $69,000, 9%, seven-year installment notes that…

A: Note​ : Note is an instrument through which borrower obtains money from a person called lender and…

Q: On January 1, a company issues bonds dated January 1 with a par value of $560,000. The bonds mature…

A: Interest expense is the amount of interest recompensed in a period. It is the amount paid as return…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $91,800 to Jergens Company…

A: Answer: Note are issued at the face value or the discounted value. When price of the note is the…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: a.

Q: TORR, Inc. issues a $600,000, 9%, five-year note payable on January 1, 20X1. If the monthly payment…

A: Carrying value of note payable Liability note payable =$600000 on January 1 Add Finance cost…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: Bonds: These are financial instruments issued by the company to the public, to raise funds. Periodic…

Q: On June 8, Williams Company issued an $80,400, 7%, 120-day note payable to Brown Industries.…

A: Given: Face value = $80,400 Interest rate = 7% Days = 120

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: A callable bond, otherwise called a redeemable bond, is a bond that the guarantor may recover before…

Q: On January 1, a company borrowed cash by issuing a $300,000, 5%, installment note to be paid in…

A:

Q: On the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that…

A: Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for…

Q: On the first day of it's fiscal year, Ebert Co. issued $11,000,000 of 10-year, 7% bonds to finance…

A: An amortization schedule is a schedule showing the periodic debts, their interest expenses, the…

Q: On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond that pays…

A: Formula: Interest amount = Bond value x Time period x Interest rate

Q: On January 1, the first day of its fiscal year, Jacinto Company issued $18,400,000 of five-year, 12%…

A: Bonds refers to the debt instrument issued by a corporate company to raise funds. It is an asset for…

Q: On January 1, year 8 Harper Co. finances the purchase of equipment by issuing a $15,000…

A: Given Purchase cost = 15000 The present value of an ordinary annuity of $1 at 5% for 10 periods…

Q: On October 1, Eder Fabrication borrowed $79 million and issued a nine-month promissory note.…

A: Liabilities: Liabilities are referred to as the obligations of the business towards the creditors…

Q: On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond that pays…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Firs step in…

Q: On January 1, a company issues bonds dated January 1 with a par value of $400,000. The bonds mature…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: At year-end, Roth Company issued a P1,000,000 face value note payable to Wake Company in exchange…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: On December 12, Lowell Corporation accepted a $160,000, 120-day, non-interest-bearing note from…

A: Maturity value is the total sum of money which the payee will receive on maturity date. formula:…