jacobs5919
17.04.2021 •
Business
On the first day of the fiscal year, Shiller Company borrowed $26,000 by giving a three-year, 12% installment note to Soros Bank. The note requires annual payments of $10,952, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $3,120 and principal repayment of $7,832.
Journalize the entries to record the following:
a1. Issued the installment note for cash on the first day of the fiscal year. If an amount box does not require an entry, leave it blank.
a2. Paid the first annual payment on the note. If an amount box does not require an entry, leave it blank.
b. How would the notes payable be reported on the balance sheet at the end of the fiscal year?
Solved
Show answers
More tips
- S Science and Technology QR Code: How it Works and Why You Need it?...
- C Computers and Internet Dropbox: What is it and How to Use it...
- H Health and Medicine How to Increase Hemoglobin in the Blood...
- A Animals and plants How to Store Carrots: Tips for Homeowners...
- L Legal consultation Juvenile Justice: Who Needs It?...
- F Family and Home How to Choose the Best Diapers for Your Baby?...
- F Family and Home Parquet or laminate, which is better?...
- L Leisure and Entertainment How to Properly Wind Fishing Line onto a Reel?...
- L Leisure and Entertainment How to Make a Paper Boat in Simple Steps...
- T Travel and tourism Maldives Adventures: What is the Best Season to Visit the Luxurious Beaches?...
Answers on questions: Business
- B Business he primary purpose of messages that explain procedures, announce meetings, answer questions, and transmit findings is...
- B Business If a tax is levied on the buyers of a product, then the supply curve will a. shift down. b. become flatter. c. shift up. d. not shift. 2 points...
- B Business The chance of winning a lottery game is 1 in approximately 23 million. Suppose you buy a​ $1 lottery ticket in anticipation of winning the ​$8 million grand prize. Calculate...
- B Business When the company pays stockholders a dividend, what is the effect on the accounting equation for that company...
- B Business inancial assets do NOT include which of the following: a. hedge funds and ETFs b. jewelry and stamps c. T-Bills and T-Bonds d. common stocks and preferred stocks...
- B Business The term refers to the events and trends inside an organization that affect management, employees, and the organizational culture....
- B Business An individual s demand curve: a. represents the various quantities that a consumer is willing to purchase of a good at various price levels. b. will shift if preferences, prices...
- B Business True or false: Developing a strategic plan for the company is a common part of leadership development programs for senior-level executives....
- B Business The managers of Z-Cosmetics, after identifying key measurements, decided to set performance targets for their business. In order to fulfill the purpose, they adopted a process...
- B Business Metes refers to: *street address *landmarks and monuments *measures and distances *a meeting of the minds...
Ответ:
.79 + .04 = .83 + 11.00 = 11.83