Journalize the first annual interest payment on December 31, 20X1.
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Journalize the first annual interest payment on December 31, 20X1.
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- 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?Journalize the following, assuming a 360-day year is used for interest calculations: Apr. 30 Issued a $150,000, 30-day, 6% note dated April 30 to Misner Co. on account. May 30 Paid Misner Co. the amount owed on the note dated April 30.On November 1, Koala Kare Bear signed a $50,000, 10-month, 10% interest-bearing note payable. The journal entry on December 31 of the year would include a: • Debit to Interest Expense for $1,250 O Debit to Interest Expense for $833.33 • Credit to Interest Payable for $1,250 O Debit to Notes Payable for $50,000
- Landscape Corp borrows $100,000 Signs a 5-month, 12% note on March 1 Record the following journal entry for the interest accrual at June 30 year end.Prepare all relevant journal entries and schedules for a four year note issued on January 1 with a face value of $40,000. It is a 5% notePrepare all relevant journal entries for a $40,000 four year 5% interest note issued on January 1
- Journalize the entry to record the payment of the second installment the following June 30.For each notes receivable determine the interest revenue to be reported on the income statement for the year ended December 31. Use 360 days in your computations. date Face Rate% Term aug. 8. 45000. %7. 45days Oct. 7 62000 5 60 jan 6 28000 4 120 nov 12 43000 6 60On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $19,800. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.)
- On January 1, a company borrowed cash by issuing a $430,000, 4%, installment note to be paid in three equal payments at the end of each year beginning December 31. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) What would be the amount of each installment? Prepare an amortization table for the installment note. Prepare the journal entry for the second installment payment.Prepare all relevant journal entries and schedules for a four year note issued on January 1 with a face value of $40,000. It is a 5% note discounted at 8%Prepare all relevant Journal entries and schedules for the following: Issued, on January 01, a four year note Face Value of note is $40,000. It is a 5% note discounted at 8%