User Account

All Pages

Prepare the journal entry at the date of purchase

Assignment Help Accounting Basics
Reference no: EM132526345

Question - Sarasota Corporation purchased a computer on December 31, 2019, for $128,100, paying $36,600 down and agreeing to pay the balance in five equal installments of $18,300 payable each December 31 beginning in 2020. An assumed interest rate of 10% is implicit in the purchase price.

Required -

Prepare the journal entry at the date of purchase.

Prepare the journal entry at December 31, 2020, to record the payment and interest (effective-interest method employed).

Prepare the journal entry at December 31, 2021, to record the payment and interest (effective-interest method employed).

Reference no: EM132526345

Questions Cloud

What are the relevant costs : The polo-shirts cost Garrison $10 each. What are the relevant costs, relevant revenues, sunk costs, and opportunity costs for Garrison
What the budgeted cash payments for june would be : Cash payments are 60% in the month of the purchase, and 40% in the following month. The budgeted cash payments for June would be
Explain the endothermic reaction in detail : Regarding the forensic aspects of arson, explain the endothermic reaction and what information forensic scientists can get from this phenomenon.
Data governance involves the supervision and monitoring : Data governance involves the supervision, monitoring, and control of an organization's data assets.
Prepare the journal entry at the date of purchase : Sarasota Corporation purchased a computer on December 31, 2019, for $128,100, Prepare the journal entry at the date of purchase
Contribute to constipation : How incomplete emptying of bowels in older adults may contribute to constipation?
Conduct research on safety and risks to pit : Conduct research on safety and risks to PIT. Cite all sources and use APA format to create a policy that conveys your philosophy and orders on the use of PIT.
Adequate measures to mitigate futures incidence : Design all-inclusive plan of action on weaknesses of chain-link fence in organization and adequate measures to mitigate futures incidence.
Compute the total direct labor variance : If in producing 1300 units, the actual direct labor cost was $36800 for 2300 direct labor hours worked, compute the total direct labor variance

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