User Account

All Pages

Journalize the first annual note payment

Assignment Help Financial Accounting
Reference no: EM132742651

Problem - Journalizing installment notes - On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes that have annual payments of $15,431. The first note payment consists of $3,900 of interest and $11,531 of principal repayment.

Required -

a. Journalize the entry to record the issuance of the installment notes.

b. Journalize the first annual note payment.

Reference no: EM132742651

Questions Cloud

Calculate the amount of the interest expense for each option : (1) issue a $150,000, 45-day, 4% note or (2) issue a $150,000, 45-day note that the creditor discounts at 4%. Calculate the amount of the interest expense
Journalize Bennett Enterprises entries to record issuance : Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for inventory. Journalize Bennett Enterprises entries to record issuance
Journalize entry to record the estimated warranty expense : On June 20, a customer required a $90 part replacement plus $42 of labor under the warranty. Journalize entry to record the estimated warranty expense
List four components of a firm plan of action : List four components of a firm's plan of action necessary to implement CSR over the short to medium term. What examples from business can you think of where.
Journalize the first annual note payment : The first note payment consists of $3,900 of interest and $11,531 of principal repayment. Journalize the first annual note payment
Write description of business in brief : The Critical Thinking assignments in this course will build upon each other to help you complete the final Portfolio Project, an evaluation plan for a business.
Recombinant innovation by art kleiner : Summary of theories and practice in recombinant innovation by Art kleiner
Journalize the adjusting entry required at January : Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty
Draft an internal communication to address the issue : Draft an internal communication that you believe will effectively address the issues of the above scenario. Your message must accomplish the following.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine interest at the same nominal rate

Determine interest at the same nominal rate, yet the annuity in part b earns more than the one in part a over the 10 years. Why does this occur?

  About cost behavior

The true statement about cost behavior is that:

  Prepare provision for depreciation account for three years

Prepare the Provision for Depreciation Account for the three years. Prepare the Pick-up Truck account for 2004, 2005 and 2006.

  Each assembly line can produce all three products

Whippany manufacturing wants to estimate costs for each product they produce at its Troy plant. The Troy plant produces three products at this plant, and runs two flexible assembly lines. Each assembly line can produce all three products. Classify ea..

  Record accrued interest at decemember

Feb. 28 Sold merchandise to Lennox, Inc., for $20,000 and accepted a 6%, 7-month note. 6% is an appropriate rate for this type of note.

  Par value of bond issued

Let’s say Gaming Capital, LLC has issued 100 bonds with the following characteristics: Par Value of Bond Issued (amount of the loan) $2,500 Annual Interest Rate (interest rate of the loan) 5% Term (the amount of time before the loan will be paid back..

  Prepare journal entries to record the april purchases

On June 30, 2012, the per share market price (fair value) of the Johnson & Johnson shares is $55 and the Starbucks shares is $19. Prepare the adjusting entry to record any necessary fair value adjustment to its portfolio of trading securities.

  Which is a factor considered by the lessor

Which is a factor considered by the lessor at the commencement date regarding the possible termination of a lease? The amount of any fixed payments

  Developer of radiology equipment

Triple Z Inc., a developer of radiology equipment, has stock outstanding as follows: 12,000 shares of cumulative preferred 2% stock, $150 par and 50,000 shares of $10 par common. Calculate the dividends per share on each class of stock for each of th..

  Prepare a statement of activities for the year ended june

Prepare journal entries in good form to record the foregoing transactions for the year ended June 30, 2017. Prepare a statement of activities for the year ended June 30, 2017.

  What was its charge for depreciation and amortization

What was its charge for depreciation and amortization? Write out your answer completely. For example, 25 million should be entered as 25,000,000.

  Columnar form of the partnership realization and liquidation

Nelson, Parker, and Rice are partners who share profits 4:3:3, respectively. Parker decides that it would be more profitable for him to operate as a sole proprietor. Nelson and Rice are in agreement that life would be more rewarding if Parker were to..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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