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Data for the next 2 questions Opera Company purchased a delivery truck at $22,000 plus 8% sales taxes. Opera paid $2,500 in cash and financed the rest at 12% requiring 48 equal monthly payments at the end of each month. Q7. Complete partial Schedule in the space provided on the Answers Sheets pertaining this financing Q8. Provide the necessary journal entry that company must make for 2d monthly payment Q9. Factory equipment was purchased by issuing a 5-year note payable which requires a single payment of $100,000 at the maturity of the note. The single payment includes the price of the equipment plus annually compounded interest. The market rate of interest at the time of signing the note was 4%. Provide journal entry for recoding the purchase of equipment.

Q7. Table Title:

Pay #

0

1

2

Q8.

Debit

Credit

Q9.

Debit

Credit
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Answer #1

Opera Company Purchased a Delivery truck at $22000 plus 8% Sales tax So The Company Should Capitalize the Delivery truck and transfer to Fixed Assets Journal entry for the same will Be Delivery Truck A/c... Dr Sales Tax $22000 $1760 To Party $23760 ( Being Delivery truck Purchased from the Party) Q7. Pay# 0 2500 655.51 655.51

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