Journalize the entries to record the following transactions

Assignment Help Accounting Basics
Reference no: EM131009194

On January 1, 2016, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $43,830, beginning on December 31, 2016.

Journalize the entries to record the following transactions. Be sure to include the year in the date for the entries. Refer to the Chart of Accounts for exact wording of account titles.

2016 Jan. 1 Issued the note for cash at its face amount.Dec. 31 Paid the annual payment on the note, which consisted of interest of $14,000 and principal of $29,830.

2019 Dec. 31 Paid the annual payment on the note, which included $6,253 of interest. The remainder of the payment reduced the principal balance on the note. 

Reference no: EM131009194

Questions Cloud

How the concept of tqm includes continuous improvement : Explain how the concept of TQM includes continuous improvement, empowerment, and quality function deployment. Use relevant, real-life examples to illustrate your points
Wilson company''s managers investigate departures : Wilson Company's managers investigate departures from the budget that appear to be significant. What principle is being followed? A.Small amounts do not matter B.Incremental analysis
Directly to work in process : Which of the following is added directly to work in process?
Is this a one-tailed or two-tailed test : The following MINITAB output presents the results of a hypothesis test for the difference p1 - p2 between two population proportions. Is this a one-tailed or two-tailed test? What is the null hypothesis?
Journalize the entries to record the following transactions : On January 1, 2016, Hebron Company issued a $175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of $43,830, beginning on December 31, 2016. Journalize the entries to record the following transactions. Be sure t..
Is this justified by the data : Out of a total of 82,486 accidents involving drivers aged 15-24 years, 4243, or 5.1%, occurred in a driveway. Out of a total of 219,170 accidents involving drivers aged 25-64 years, 10,701 of them, or 4.9%, occurred in a driveway.Can you conclude ..
Explaining the importance of positive employee relations : Write a 350- to 700-word memo to your employees explaining the importance of positive employee relations
Major damage in the united states : A hurricane bond pays the holder a face amount, say +1 million, if a hurricane causes major damage in the United States. Suppose that the chance for such a storm is 5% per year.
Can conclude that proportion of cars whose emissions exceed : In a random sample of 77 cars driven at a higher elevation, 18 of them produced more than 10 g of particulate pollution per gallon of fuel consumed. Can you conclude that the proportion of cars whose emissions exceed 10 g per gallon is greater at ..

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