Homework Answers
| July 1 | Cash | 11,000 | |
| Notes payable | 11000 | ||
| Dec31 | Interest expense | 660 | |
| Interest payable | 660 | ||
| (11,000*12%*6/12) |
.
| Interest payable (11,000*12%*6/12) | 660 |
| Interest expense (11,000*12%,*6/12) | 660 |
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Midshipmen Company borrows $11,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed...
Midshipmen Company borrows $17,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed...
Midshipmen Company borrows $17,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2022. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0). Journal entry worksheet < 1 2 Record the borrowing for Midshipmen on July 1, 2021....
Midshipmen Company borrows $20.000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed...
Midshipmen Company borrows $20.000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays Interest of 12% (1%/month) on June 30, 2022 Required: 1.82 Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of interest Payable and interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0) Complete this question by entering your answers in the tabs below. Required 1 and 2...
Midshipmen Company borrows $12,500 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed...
Midshipmen Company borrows $12,500 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2022. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of Interest Receivable and Interest Revenue (assuming the balance of Interest Receivable at the beginning of the year is $0).
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
On November 1, 2021, Aviation Training Corp. borrows $52,000 cash from Community Savings and Loan Aviation...
On November 1, 2021, Aviation Training Corp. borrows $52,000 cash from Community Savings and Loan Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation's year-end is December 31 Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 2 3 Record the issuance of note. Note: Enter debits...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.1 million cash to expand...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.1 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month 8% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.6 million cash to expand...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.6 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.2 million cash to expand op...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.2 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31 Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first...
On February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of...
On February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of $800,000. The bonds sold for $731,364 and mature on January 31, 2041 (20 years). The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on July 31 and January 31. Strauss-Lombardi's fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record their issuance by Strauss-Lombardi on February 1, 2021, interest on July 31,...
Midshipmen Company borrows $17,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2022. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of Interest Payable and Interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0). Journal entry worksheet < 1 2 Record the borrowing for Midshipmen on July 1, 2021....
Midshipmen Company borrows $20.000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays Interest of 12% (1%/month) on June 30, 2022 Required: 1.82 Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of interest Payable and interest Expense (assuming the balance of Interest Payable at the beginning of the year is $0) Complete this question by entering your answers in the tabs below. Required 1 and 2...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
On November 1, 2021, Aviation Training Corp. borrows $52,000 cash from Community Savings and Loan Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation's year-end is December 31 Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 2 3 Record the issuance of note. Note: Enter debits...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.1 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month 8% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.6 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.2 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31 Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first...
On February 1, 2021, Strauss-Lombardi issued 9% bonds, dated February 1, with a face amount of $800,000. The bonds sold for $731,364 and mature on January 31, 2041 (20 years). The market yield for bonds of similar risk and maturity was 10%. Interest is paid semiannually on July 31 and January 31. Strauss-Lombardi's fiscal year ends December 31. Required: 1. to 4. Prepare the journal entries to record their issuance by Strauss-Lombardi on February 1, 2021, interest on July 31,...
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