User Account

All Pages

Record the issuance of the installment notes

Assignment Help Accounting Basics
Reference no: EM131749015

Question: Journalizing Installment Notes

On the first day of the fiscal year, a company issues $69,000, 9%, seven-year installment notes that have annual payments of $13,710. The first note payment consists of $6,210 of interest and $7,500 of principal repayment.

Hide

a. Journalize the entry to record the issuance of the installment notes.

b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank.

Reference no: EM131749015

Questions Cloud

How much cash does the company have : The company's long-term debt is $6,900. Its net working capital, excluding cash, is $1,600. Its fixed assets are $21,300. How much cash does the company have
Revise draft documents to improve audience comprehension : Revise draft documents to improve audience comprehension. Explain ideas in proper format using accurate details and relevant examples.
What is the current marginal tax rate : Jorge and Anita, married taxpayers, earn $187,500 in taxable income and $27,500 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate.
What do you think is the future of domestic terrorism : What are the most significant differences between the ideologies of domestic and international terrorist organizations? Explain.
Record the issuance of the installment notes : On the first day of the fiscal year, a company issues $69,000, 9%, seven-year installment notes that have annual payments of $13,710.
What are some of the ways that organized crime impacts you : What are some of the ways that law enforcement agencies are working to reduce these types of organized crime in the area you chose?
Explore effective graphics for visual presentations : Explore effective graphics for visual presentations. Use syntax, tone, and word choice appropriate to technical communications.
What factors contribute to its existence : Provide examples of the ways in which the U.S. criminal justice system is dealing with the types of organized crime that you found?
What amount should cleveland capital projects fund report : Construction of the town hall was completed on June 15, 2009. For the fiscal year ended June 30, 2009, what amount should Cleveland's capital projects fund.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd