еВook Show Me How Journalizing Installment Notes On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note payment consists of $5,720 of interest and $8,350 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. Previous Next Cherk My Work

еВook Show Me How Journalizing Installment Notes On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note payment consists of $5,720 of interest and $8,350 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. Previous Next Cherk My Work

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 104.4C

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(Learning Objective 3: Record note payable transactions) Dean Sales Companycompleted the following note payable transactions:2018Jul Purchased delivery truck costing $58,000 by issuing aone-year, 4% note payable.Dec 31 Accrued interest on the note payable.2019Jul 1 Paid the note payable at maturity.1Requirements1. How much interest expense must be accrued at December 31, 2018? (Round your answerto the nearest whole dollar.)2. Determine the amount of Dean Sales’ final payment on July 1, 2019.3. How much interest expense will Dean Sales report for 2018 and for 2019? (If needed,round your answer to the nearest whole dollar.)
Auditing || fall20 Dashboard My courses ACCT4141_iram_fall20 WEEK 7: 25 OCTOBER - 31 OCTOBER Case study 2 Separate groups: 5 My Submissions Case 2 Title Start Date Due Date Post Date Marks Available Case study 2 - Case 2 27 Oct 2020 - 08:00 28 Oct 2020 - 06:00 28 Oct 2020 - 19:00 100 Summary: On Chapters 9, 10, and 11: The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football. YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year. The charity’s income is derived wholly from voluntary donations. Sources of donations include: (i) Cash collected by volunteers asking the public for donations in shopping areas, (ii) Cheques sent to the charity’s head office, (iii) Donations…
(Learning Objective 6: Apply GAAP for notes receivable) Record the followingnote receivable transactions in the journal of Windham Golf. How much interest revenue didWindham earn this year? Use a 365-day year for interest computations, and round interestamounts to the nearest dollar. Windham Golf has a December 31 fiscal year-end.1 Loaned $17,000 cash to Jill Wateman on a one-year, 8% note.6 Performed service for Fairway Pro, receiving a 90-day, 10% note for$14,000.16Company.31 Accrued interest revenue for the year.Received a $5,000, six-month, 5% note on account from Paulson
(Learning Objective 4: Account for warranty expense and accrued warranty payable)North Boulder USA, a tire manufacturer, guarantees its tires against defects for five years or60,000 miles, whichever comes first. Suppose North Boulder USA can expect warranty costsduring the five-year period to add up to 3% of sales. Assume that a North Boulder USA dealerin Denver, Colorado, made sales of $641,000 during 2018. North Boulder USA received cashfor 15% of the sales and took notes receivable for the remainder. Payments to satisfy customerwarranty claims totaled $18,500 during 2018.1. Record the sales, warranty expense, and warranty payments for North Boulder USA.Ignore cost of goods sold.2. Post to the Accrued Warranty Payable T-account. The beginning balance was $14,000. Atthe end of 2018, how much in accrued warranty payable does North Boulder USA owe toits customers?
(Learning Objective 5: Apply GAAP to uncollectible receivables) At December 31,2018, before any year-end adjustments, the Accounts Receivable balance of HamptonCompany, Inc., is $330,000. The Allowance for Uncollectible Accounts has a $15,400 creditbalance. Hampton prepares the following aging schedule for Accounts Receivable:Age of AccountsTotal Balance 1–30 Days 31–60 Days 61–90 Days Over 90 Days$330,000 $100,000 $70,000 $30,000Estimated uncollectible 0.6% 3.0% 5.0%$130,00040.0%Requirements1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowanceaccount adequate? Too high? Too low?2. Make the entry required by the aging schedule. Prepare a T-account for the allowance.3. Show how Hampton will report Accounts Receivable on its December 31 balance sheet.
Question Content Area A $36,000, 60-day, 5% note, dated May 1, is received from a customer on account. Assume a 360-day year, the maturity value of the note is a. $36,000 b. $36,300 c. $37,800 d. $300
Item5 10points eBook Print References Check my workCheck My Work button is now enabled3 Item 5 On January 1, 2021, The Barrett Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $22,000 on each December 31 beginning on December 31, 2021, and a lump-sum payment of $120,000 on December 31, 2025. A 12% interest rate properly reflects the time value of money in this situation. ((FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)Required:Calculate the amount at which Barrett should record the note payable and corresponding merchandise purchased on January 1, 2021. (Round your final answer to nearest whole dollar amount.)
May I ask for a solution and explanation to the problem for a better understanding. Thank you! 6. Using Carrot Corp. What is the Average collection period for year 2? a. 20 days b. 22.50 days c. 24 days d. 24.50 days
(Learning Objective 3: Account for a short-term note payable) On June 1, 2019,Franklin Company purchased inventory costing $90,000 by signing an 8%, nine-month,short-term note payable. Franklin will pay the entire note (principal and interest) on the note’smaturity date. Journalize the company’s (a) purchase of inventory and (b) accrual of interest onthe note payable on December 31, 2019.
E5-18A. (Learning Objective 5: Apply GAAP for uncollectible receivables) At December 31,2018, Waco Travel Agency has an Accounts Receivable balance of $93,000. Allowance forUncollectible Accounts has a credit balance of $870 before the year-end adjustment. Servicerevenue (all on account) for 2018 was $800,000. Waco estimates that its uncollectible-accountexpense for the year is 1% of service revenue. Make the year-end entry to record uncollectibleaccount expense. Show how Accounts Receivable and Allowance for Uncollectible Accountsare reported on the balance sheet at December 31, 2018.
Learning Objective 6: Apply GAAP for notes receivable) Markley Foodscompleted the following selected transactions.2018Oct 31 Sold goods to Basic Foods, receiving a $30,000, three-month, 5.25% note. (Youdo not need to make the cost of goods sold journal entry for this transaction.)Dec 31 Made an adjusting entry to accrue interest on the Basic Foods note.2019Jan 31 Collected the Basic Foods note.Nov 11 Loaned $15,800 cash to Straord Shops, receiving a 90-day, 10.0% note.Dec 31 Accrued the interest on the Straord Shops note.Requirements1. Record the transactions in Markley Foods’ journal. Assume that no sales returns areexpected. Round all amounts to the nearest dollar. Explanations are not required.2. Show what Markley Foods will report on its comparative classified balance sheet atDecember 31, 2019, and December 31, 2018, for Notes Receivable and Interest Receivable.
Qsnhu login - Search Do Homework-3-1 M X X Home X TeMyLab Finance Pearso X P Introduction: The Time X S C A G Sign in https://mylab.pearson.com/Student/PlayerHomework.aspx?homeworkld=623722542&questionid=1&flushe... Shonda Curry 05/23/22 9:51 PM FIN-320-X5089 Principles of Finance 22EW5 = Homework: 3-1 MyFinanceLab Assignment Question 9, P5-18 (similar to) Save HW Score: 42%, 21 of 50 points O Points: 0 of 4 > (Related to Checkpoint 5.5) (Solving for n) Jack asked Jill to marry him, and she has accepted under one condition: Jack must buy her a new $320,000 Rolls-Royce Phantom. Jack currently has $37490 that he may invest. He has found a mutual fund with an expected annual return of 6 percent in which he will place the money. How long will it take Jack to win Jill's hand in marriage? Ignore taxes and inflation. The number of years it will take for Jack to win Jill's hand in marriage is years. (Round to one decimal place.)