Answer b) part with all working, answer in text form please (without image), Note: .Every entry should have narration please Whispering Corporation purchased a computer on December 31, 2024, for $128,100, paying $36,600 down and agreeing to pay thebalance in five equal installments of $18,300 payable each December 31 beginning in 2025. An assumed interest rate of 10% isimplicit in the purchase price.(a)Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimalplaces, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)Your answer is correct.(b)Datelec. 31, 2024DateAccount Titles and ExplanationEquipmentc. 31, 2025Discount on Notes PayableNotes PayableCashYour answer is partially correct.Account Titles and ExplanationInterest ExpenseNotes PayablePrepare the journal entry at December 31, 2025, to record the payment and interest (effective-interest method employed).(Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before creditentries.)CashDebitDiscount on Notes Payable105971.422128.6DebitCredit91,500Credit36,60018,300

A journal entry is a basic accounting record that is used to chronologically track financial…

e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is requ No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) e 2024 Account Titles and Explanation Equipment Discount on Notes Payable Debit 105971.4 22128.6 Credit

e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is requ No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) e 2024 Account Titles and Explanation Equipment Discount on Notes Payable Debit 105971.4 22128.6 Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concord Corporation purchased a computer on December 31, 2024, for $115,500, paying $33,000 down and agreeing to pay the balance in five equal installments of $16,500 payable each December 31 beginning in 2025. An assumed interest rate of 10% is implicit in the purchase price. Prepare the journal entry at December 31, 2025, to record the payment and interest (effective-interest method employed). (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation c. 31, 2025 Interest Expense Notes Payable Cash Discount on Notes Payable Debit 6600 16,500 Credit 6600 16500 Prepare the journal entry at December 31, 2026, to record the payment and interest (effective-interest method employed). (Round answers to 2 decimal places, e.g. 52.75.…
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