Journalize the entry to record the transaction on june

Assignment Help Accounting Basics
Reference no: EM132049465

Question - Fixed Asset Purchases with Note: On June 30, Techcram Management Company purchased land for $350,000 and a building for $450,000, paying $400,000 cash and issuing a 6% note for the balance, secured by a mortgage on the property. The terms of the note provide for 20 semiannual payments of $20,000 on the principal plus the interest accrued from the date of the preceding payment. For a compound transaction, if an amount box does not require an entry, leave it blank.

a. Journalize the entry to record the transaction on June 30.

b. Journalize the entry to record the payment of the first installment on December 31.

c. Journalize the entry to record the payment of the second installment the following June 30.

Reference no: EM132049465

Questions Cloud

Prepare an installment payments schedule for the first years : Talkington Electronics issues a $353,700, 10%, 10-year mortgage note on December 31, 2013. Prepare an installment payments schedule for the first 2 years
Bond features gives the bond holder an option : Which of the following bond features gives the bond holder an option?
Find the exact answer and simplify : Find the exact answer and simplify as much as possible. Show work.
How your experience reflects changes in society : Description of how melody, harmony, rhythm, and texture are used in the music of the era of your selected work
Journalize the entry to record the transaction on june : On June 30, Techcram Management Company purchased land for $350,000, Journalize the entry to record the transaction on June 30
The romantic era through a comparison of compositions : Compare and contrast the ways each composer approached the program in these respective pieces. Do they follow clear stories?
Sample of the substance to decay : How long will it take for a sample of the substance to decay to 66% of the original amount. How many years will it take?
Prepare the journal entry to record the issuance of bonds : On January 1, Klosterman Company issued $462,000, 12%, 10-year bonds at face value. Prepare the journal entry to record the issuance of the bonds
Fundamental counting principle to solve : Use the fundamental counting principle to solve. An ice cream store sells 2 drinks, in 5 sizes, and 8 flavors. In how many ways can a customer order a drink?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd