Journalize the transactions for the company. 2. Considering the given transactions only, what are Video Productions' total liabilities on December 31, 2025? Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Apr. 1, 2024: Purchased equipment costing $198,000 by issuing nine-year, 8% note payable. The note requires annual principal payments of $22,000 plus interest each April
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- Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the journal entry to recognize payment of the short-term note on December 4.7.Lanson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts payable $26,800Bonds payable, due 2030 24,900Salaries payable 16,900Notes payable, due 2022 22,000Notes payable, due 2026 40,800 What amount should be included in the current liabilities section of Lanson's December 31, 2021, balance sheet? Group of answer choices $65,700 $43,700 $106,500 $68,600Please provide journal entries for the below situation, including payment of bill. 01/01/2022 Security Deposit for Utilities Bill Paid : $39030/01/2023 Partial Refund of Deposit : $160 Utilities Bill for January 2023 dated 30/01/23Electricity Charges : $143.22Less: Deposit Refund : -$160Sub-total : -$5.31Tax @ 8% : $11.46Total Amount Payable: $6.15
- On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…hi based on the above question would item h) $250,000 of the notes payable is due for payment on December 31st, 2021, would this be reflected in the jounal entry? if so how do I enter it on the journal entry?Erza Company has a P180,000, 10%, 90-day note receivable outstanding at December 31. The note is dated December 1, 2020. The appropriate adjusting entry is made to record accrued interest on the note at year-end. What is the correct adjusting entry on December 31 of the current year? Debit Interest Revenue and credit Interest Receivable, P4,500 Debit Interest Receivable and credit Interest Revenue, P1,500 Debit Interest Receivable and credit Interest Revenue, P4,500 Debit Interest Revenue and credit Interest Receivable, P1,500
- On 2019-03-23, xeniya deposits $814.22 in an account paying a simple interest rate 5.540%. Calculate the force of interest δ(t) on 2019-10-22. Use the daycount convention ACT/365.On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…
- Assume the following information regarding a note received by HEERHUM YU Company:Principal amount of note receivable P1,500,000Date of note October 1, 2020Term of note 120 daysDate of discounting December 1, 2020Discount rate 12%Interest income for 120 days P50,000How much loss on discounting is to be recognized on December 1, 2020?Multiple Company provided the following information on December 31, 2020: Accounts payable after deducting debit balances in supplier's accounts of P100.000 Accrued liabilities Note payable - due March 31. 2021 Note payable - due May 31, 2023 Note payable - due December 31, 2022 P500.000 P50.000 P1.000.000 P800.000 P2.000.000 On December 27, 2020 the note payable of P1,000,000 was replaced by an 18-month note for the same amount. During November 1, 2020, the Company breached a covenant pertaining to the May 31, 2023 note, making it due and demandable. On December 24, 2020, the creditor agreed to not to demand payment for 13 months from the date of breach. The note payable maturing on December 31, 2022, which was acquired on June 30, 2018. The creditor has the right to call the note 36 months from issuance How much is the total current liabilities as of December 31. 2020?Required: Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method:Determine the amount to be charged to the uncollectible expense account.Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31 Journal Entries Date Particulars Debit($) Credit($) 10.1.20 Accounts Receivable 11000 To sales 11000 15.5.20 Allowance for uncollectible accounts(2500+400) 2900 To accounts receivable 2900 4.8.20 Cash(70% of 11000) 7700 Allowance for uncollectible accounts(30% of $11000) 3300 To Accounts Receivable 1100 26.10.20 Accounts Receivable(30% of $400) 120 To allowance for uncollectible accounts 120 26.10.20 Cash 120 To accounts receivable 120…