On january 1 2013 a company borrowed 50000 cash by signing

Assignment Help Accounting Basics

Reference no: EM13587145

On January 1, 2013, a company borrowed $50,000 cash by signing a 7% installment note that is to be repaid with five annual end-of year payments, the first of which is due on December 31,2013.

(a) Prepare the company's gernal journal entry to record the note's issuance.

(b) Assume thatt the annual payments are o consist of accrued interest plus equal amounts of principal. Prepare the general journal entries to record the first and second installment payments.

Reference no: EM13587145

Questions Cloud

Provide reasoning for the observed regioselectivity for : write a stepwise mechanism using arrows to show movement of electrons for the reaction of 1-butyne with hydrogen

If 52000 direct materials units are required in production : in preparing the direct materials budget for quan company management concludes that required purchases are 64000 units.

The vertices of triangle abc are the points a4-3 b21 and : the vertices of triangle abc are the points a4-3 b21 and c-24. find the measure of the largest angle in the triangle to

How do both meiosis and sexual reproduction fertilization : eukaryotic cells can divide by mitosis or meiosis. in humans mitosis produces new cells for growth and repair meiosis

On january 1 2013 a company borrowed 50000 cash by signing : on january 1 2013 a company borrowed 50000 cash by signing a 7 installment note that is to be repaid with five annual

A 128m long vertical glass tube is filled with a liquid at : a 1.28m long vertical glass tube is filled with a liquid at 20 degrees celcius. how much will the height of the liquid

You were hired to perform an attest engagement for an : you were hired to perform an attest engagement for an electronic supply company sparks electronics. sparks is trying to

Change all trig functions to sines and cosines and simplify : change all trig functions to sines and cosines and simplify. write the answer using s for sinx and c for cosx.cos

What pretax amounts related to the lease would : on june 30 2013 georgia-atlantic inc. leased a warehouse facility from ic leasing corporation. the lease agreement

User Account

All Pages