Prepare the journal entry to record the repayment

Assignment Help Accounting Basics
Reference no: EM132569423

Question - On July 31, 2016, a company purchased equipment for $154,800, paying $42,000 cash and signing a 4% note payable for the remainder. The interest and principal of the note are due on January 31, 2017. Prepare the journal entry to record the repayment of the interest and note on January 31, 2017.

Reference no: EM132569423

Questions Cloud

Analyze the modern conflict theory essay : Analyze the strengths and weaknesses of the ideas of Mills and Berger as they apply to your selected social problem (Alcoholism).
Practice presentation tools : We've discussed presentation tools and how to make an effective presentation. what would you add to make it more compelling?
Relationship between food availability and population growth : Provide a response to the author's message . Do you think the population and its growth have help contribute to the spread of Covid-19 over the past few months.
Is George required to recognize any income : Is George required to recognize any income from the purchase of the refrigerator, the receipt of the service contract, and the service call
Prepare the journal entry to record the repayment : The interest and principal of the note are due on January 31, 2017. Prepare the journal entry to record the repayment of the interest and note on January
Managed fund tracking international bonds index : In January 2020, you have constructed a fixed income portfolio for your client (according to his needs) with two bond investment funds:
Different business mentoring models : What are the six (6) key components of management structure? Describe the five (5) different business mentoring models.
MFE 6220 Quantitative Analysis in Equity Markets Assignment : MFE 6220 Quantitative Analysis in Equity Markets Assignment Help and Solution, Ohio University - Assessment Writing Service
Prepare journal entry to record the accrual of the interest : Prepare the journal entry to record the accrual of the interest at year end, November 30, 2016, assuming interest has not previously been accrued

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