Prepare the journal entry to record the receipt of the interest on July 1. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation July 1 Interest Receivable Interest Income Debit 6270 Credit 6270
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- Pharoah Corporation issued $420,000 of 5-year bonds on April 1, 2023. Interest is paid semi-annually on April 1 and October 1. Below is a partial amortization schedule for the first few years of the bond issue. Semi-Annual Interest Period Apr 1, 2023 Oct. 1, 2023 Apr. 1.2024 Oct 1, 2024 Apr. 1.2025 Oct. 1, 2025 Apr. 1, 2026 Interest Payment $8,400 $6,591 8,400 6,563 6,536 6,508 6,479 6,451 8,400 Interest Expense 8,400 8,400 8,400 Amortization. $1,809 1,837 1,864 1,892 1,921 1,949 Carrying Amount of Bonds $439,367 437,558 435,721 433,857 431.965 430,044 428,095Vaughn Limited, which uses a perpetual inventory system, purchased inventory costing $22,000 on February 1 by issuing a 3-month note payable bearing interest at 6%, with interest and principal due on May 1. The company's year end is on March 31 and the company records adjusting entries only at that time. Your answer is correct. Prepare the journal entry to record the purchase of inventory on February 1. (Credit account titles are automatically indented when the 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 debit entry before credit entry.) Date Account Titles Feb. 1 (b) Inventory Notes Payable eTextbook and Media List of Accounts Your answer is correct. Mar. 31 Date Account Titles Interest Expense Debit Interest Payable Prepare the journal entry to record the accrual of interest expense on March 31. (Credit account titles are automatically indented when the amount is entered. Do not indent…On January 1, 2021, Cullumber Corp. borrows $9,000 by signing a 3-year, 3% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. Calculate the annual principal payment. Annual principal payment $ eTextbook and Media List of Accounts Question Part Score Prepare an instalment payment schedule for the note. Period Cash payment Interest Expense Reduction of Principal Principal Bal Jan. 1, 2021 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 eTextbook and Media List of Accounts Question Part Score Prepare journal entries to record the note and the first instalment payment. (Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 (Torecord issuance of note.) Dec. 31, 2021
- On January 1, 2022, Oriole Company issued $430,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1. (a)Show Attempt History Current Attempt in Progress On May 1, 2020, Christina Fashions borrowed $106,000 at a bank by signing a four-year, 6% loan. The terms of the loan require equal principal payments of $26,500 and accrued interest at 6% due annually on April 30. The loan agreement requires the company to maintain a minimum current ratio of 2.0. The December 31, 2020, year-end statement of financial position, immediately prior to the reclassification of long-term debt, follows: Current assets $137,800 Current liabilities $53,000 Non-current assets 163,200 Loan payable 106,000 Common shares 72,000 Retained earnings 70,000 Total liabilities and Total assets $301,000 shareholders' equity $301,000 Your answer is partially correct. Does Christina Fashions comply with the bank's current ratio requirement prior to recording the accrued interest and reclassification of the current portion of the long-term loan? (Round answer to 1 decimal place, e.g. 1.2.) Current ratio 2.6 Christina Fashions…Cullumber Company has the following securities in its investment portfolio on December 31, 2020 (all securities were purchased in 2020): (1) 2,900 shares of Anderson Co. common stock which cost $55,100, (2) 9,100 shares of Munter Ltd. common stock which cost $509,600, and (3) 6,300 shares of King Company preferred stock which cost $270,900. The Fair Value Adjustment account shows a credit of $9,200 at the end of 2020. In 2021, Cullumber completed the following securities transactions. 1. 2. On January 15, sold 2,900 shares of Anderson's common stock at $23 per share less fees of $2,350. On April 17, purchased 1,000 shares of Castle's common stock at $32 per share plus fees of $2,080. On December 31, 2021, the market prices per share of these securities were Munter $62, King $40, and Castle $21. In addition, the accounting supervisor of Cullumber told you that, even though all these securities have readily determinable fair values, Cullumber will not actively trade these securities…
- Ceradyne Limited accepts a three-month, 7%, $43,600 note receivable in settlement of an account receivable on April 1, 2018. Interest is due at maturity. Prepare the journal entries required by Ceradyne Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming the note is honoured and that no interest has previously been accrued. (Credit account titles are automatically indented when the 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.) te Account Titles and Explanation < Debit C Prepare the journal entries required by Ceradyne Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming that the note is dishonoured, but eventual collection is expected. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account…Prepare the journal entry to record the security purchase on April 17, 2021. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Apr. 17, 2021(a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12(b) On March 1, journalize the entry to record the write-off, assuming that the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12
- Current Attempt in Progress Cullumber Tailors sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. 2. (a) Cullumber Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $477. The standalone selling price of the tablet is $249 (the cost to Cullumber Tailors is $191). Cullumber Tailors sells the Internet access service independently for an upfront payment of $277. On January 2, 2025, Cullumber Tailors signed 110 contracts, receiving a total of $52,470 in cash. Cullumber Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $587. Cullumber Tailors provides the 3-year tablet service plan as a separate…Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) (b) Account Titles and Explanation (c) purchases accounts payable Date December 31 Accounts Payable Notes Payable December 31 cash eTextbook and Medial Discount on Notes Payable List of Accounts Your Answer Correct Answer Solution notes payable Your answer is partially correct. Account Titles and Explanation Interest Expense Interest Payable (To record interest on the note) Interest Expense Prepare adjusting entries at December 31. (if no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round…On July 31, 202O, Teal Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction begun immediately and was completed on November 1, 2020. To help finance construction, on July 31 Teal issued a $282,000, 3-year, 12% note payable at Netherlands National Bank, on which interest is payable each July 31. $177,000 of the proceeds of the note was paid to Minsk on July 31. The remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at 10% until November 1. On November 1, Teal made a final $105,000 payment to Minsk. Other than the note to Netherlands, Teal's only outstanding liability at December 31, 2020, is a $28,900, 8%, 6-year note payable, dated January 1, Q Ace Qu Ac 2017, on which interest is payable each December 31. Vie Ac Calculate the interest revenue, weighted-average accumulated expenditures, avoidable interest, and total interest cost to be capitalized during 2020. Que Accou…