User Account

All Pages

Prepare all journal entries required for the note for John

Assignment Help Accounting Basics
Reference no: EM133106721

Question - On May 31, 2019, John Deere sold a tractor to Dirtco in exchange for a two-year, $400,000 non-interest-bearing note. Dirtco will make a $100,000 payment on May 31, 2020, and pay a lump sum payment of $300,000 on May 31, 2021. John Deere's year-end is December 31. Assume that your year-end adjusting entries are reversed. Do not show the reversal entry. If you do not know what a reversing journal entry is, it is important that you find out before doing this question. Dirtco would normally pay an interest rate of 7%.

Required - Prepare all journal entries required for the note for John Deere, from the initial sale to repayment. Count exact days for the year-end interest revenue adjustment. Calculate and journalize amounts to the nearest dollar.

Reference no: EM133106721

Questions Cloud

How much would aladdin report for cost of goods manufactured : If beginning finished goods inventory was 10,000 and cost of goods sold was 60,000, how much would Aladdin report for cost of goods manufactured
Prepare the journal entries to record the transaction : Prepare the journal entries to record the transaction for the bonds issued on 1 July 2020. Show your workings
Preventing spread of infection in the acute hospital setting : Summarise the main points of the identified articles including the purpose/aim of the study, research design, methods, and key findings
Compute the non-controlling interest should be reported : Showtime had a net income of P150,000 and paid cash dividend of P63,000 to Purpose. Compute the non-controlling interest should be reported
Prepare all journal entries required for the note for John : Dirtco would normally pay an interest rate of 7%. Prepare all journal entries required for the note for John Deere, from the initial sale to repayment
Examine the effects of the sarbanes-oxley act : Examine the effects of the Sarbanes-Oxley Act on the CPA profession, including both positive and negative effects
What is the rate of mark-down : Question - A cellphone was originally priced at P 29,000 and it was sold at P 24,000. What is the rate of mark-down
Acquire and appraise evidence from relevant databases : Demonstrate your ability to acquire and appraise evidence from relevant databases - Develop a search strategy to locate articles relevant to the assignment
Compute the cash payments for operating expenses : Swifty Corporation reports operating expenses of $91,600 excluding depreciation expense of $18,600, for 2022. Compute the cash payments for operating expenses

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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