Original journal entry to record issue of note receivable

Assignment Help Financial Accounting

Reference no: EM131293710

On Jan 1, 2014 Xena provided services in exchange for a 2 year $100,000, 8% note receivable that pays interest quarterly. The customer's normal borrowing rate is 12%. 1. Prepare a schedule with debits and credits through the life of the note. 2. Prepare original journal entry to record the issue of the Note Receivable. 3. Prepare journal entry to record the interest on 12/31/15 for the note receivable. 4. On Jan 1, 2014 what is the carrying value of the Note Receivable

Reference no: EM131293710

Questions Cloud

Research a company : Research a company or 2 (and note them) that instituted the approach and what they did to do such. Include some of the issues they ran into and include your insight concerning their approach.

Implement a different environment for public leadership : From the weekly readings and e-Activity, suggest three (3) strategies that a public leader could use in order to do the following: persuade other governmental departments to work collaboratively to reduce financial burdens, increase sufficiency in..

Do you see asteroids more as a threat or as an opportunity : Do you see asteroids more as a threat or as an opportunity? What is your thought about mining on asteroids? What is your thought about this? Do you want to live, work, & play in space?

Representatives of a company : Avatars are virtual characters that can be used as representatives of a company that is using the Internet as a distribution channel. For instance, avatars can be used as shopping assistants, website guides, or as identification figures.

Original journal entry to record issue of note receivable : On Jan 1, 2014 Xena provided services in exchange for a 2 year $100,000, 8% note receivable that pays interest quarterly. The customer's normal borrowing rate is 12%. Prepare a schedule with debits and credits through the life of the note. Prepare or..

Demonstrate ability to make and support argumentative claim : Demonstrate the ability to make and support an Argumentative claim in a well-supported, organized, and cohesive essay. Demonstrate ability to select credible and reliable sources for use in a well-supported and cohesive essay.

Prepare debits and credits through the life of the bond : On 7/1/14 sasha issued $2,000,000 12% bond, maturing in 5 years with a yield of 10% compounded semi annually. The bonds are accounted for under the effective interest method. At what amount were the bonds issued? Prepare debits and credits through th..

What is this investments net after-tax annual cash inflow : Dorothy & George Company is planning to acquire a new machine at a total cost of $64,800. The machine’s estimated life is six years and its estimated salvage value is $600. The company estimates that annual cash savings from using this machine will b..

Determine the present value of the tax shield effect : Rockyford Company must replace some machinery that has zero book value and a current market value of $2,800. One possibility is to invest in new machinery costing $50,000. This new machinery would produce estimated annual pretax cash operating saving..

User Account

All Pages