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Prepare the journal entries for the transactions

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Reference no: EM13331029

Q-1 On January 1, 2010, YG Company obtained an $88,000, seven year 5% installment note from FF Bank. The note requires annual payments of $15,208, with the first payment occurring on the last day of the fiscal year. The first payment consists of $4,400 interest and principal repayment of $10,808.

Journalize the following entries:

A) Issued the installment notes for cash on January 1, 2010.

=__

=__

B) Paid the first annual payment on the note.

=__

=__

=__

C) Determine the amount of interest expense on the note for the first year. =$

Q-2  Prepare the journal entries for the following transactions for BC company.

A) BC company. purchased 1,200 shares of the total of 100,000 outstanding shares of MT Corp. stock for $20.75 per share plus a $70 commission.

=__

=__

B) MT total earnings for the period are $84,000.

=__

=__

C) MT paid a total of $40,000 in cash dividends to shareholders of record.

=__

=__

Reference no: EM13331029

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