Riverbed Corporation issued a 5-year, $82,000, zero-interest-bearing note to Brown Company on January 1, 2025, and received cash of $48,663. The implicit interest rate is 11%. Prepare Riverbed's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Date (a) Account Titles and Explanation Debit Cre
Riverbed Corporation issued a 5-year, $82,000, zero-interest-bearing note to Brown Company on January 1, 2025, and received cash of $48,663. The implicit interest rate is 11%. Prepare Riverbed's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Date (a) Account Titles and Explanation Debit Cre
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 31E
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Riverbed Corporation issued a 5-year, $82,000, zero-interest-bearing note to Brown Company on January 1,2025 , and received cash of $48,663. The implicit interest rate is 11%. Prepare Riverbed's
Transcribed Image Text:Riverbed Corporation issued a 5-year, $82,000, zero-interest-bearing note to Brown Company on January 1, 2025, and received cash
of $48,663. The implicit interest rate is 11%.
Prepare Riverbed's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O
decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
No.
Date
(a)
Account Titles and Explanation
Debit
Cred
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