1

Mber 31, 2015. Brighton paid suo ACCINS QUESTION #8 The note is to be paid off...

Question

Mber 31, 2015. Brighton paid suo ACCINS QUESTION #8 The note is to be paid off...

mber 31, 2015. Brighton paid suo ACCINS QUESTION #8 The note is to be paid off in five to consist of equal amounts of princip
mber 31, 2015. Brighton paid suo ACCINS QUESTION #8 The note is to be paid off in five to consist of equal amounts of principal se and(b) the second installment on Jan 11 for $112.000 on December 31.2 wo new delivers for the balance. The note is to nstallments are to consist of to record (a) the purchase and(b) $12.000 and signed December 21, 2mal entries to rec Preps hion Corporation purchased no new delivery vans for $112 572,000 and sondes 5.1 car. 10% role for the balance puments hinnine December 21, 2016. Assume the installment plus accrund interest. Prenare the journal entries to record (a) the December 31, 2017

Answers

Journal entries :-

Date Account Title and Explanation Debit Credit
Dec 31, 2015 Delivery Van 112,000
Cash 12,000
Note payable 100,000
(To record purchase of delivery vans)
Dec 32, 2017 Note payable 20,000
Accrued Interest expense 8,000
Cash 28,000
(To record second installment)

Principal amount in installments = 100,000/5 = $20,000

Principal after Ist installment = 100,000 - 20,000 = 80,000

Interest = 80,000 x 10% = 8,000

Total installment = 20,000 + 8,000 = 28,000


Similar Solved Questions

1 answers
Standard labor hours rate for production of a product are given as follows: Details Hours Rate/hour...
Standard labor hours rate for production of a product are given as follows: Details Hours Rate/hour Total Skilled workers 5 1.50 7.50 Unskilled 8 0.50 4.00 Semi-skilled 4 0.75 3.00            &nbs...
1 answers
Exercise 3-3 (Video) The ledger of American Company has the following work in process account. ?...
Exercise 3-3 (Video) The ledger of American Company has the following work in process account. ? Work in Process-Painting 5/1 Balance 3,790 5/31 Transferred out 5/31 Materials 5,930 5/31 Labor 4,068 5/31 Overhead 2,280 5/31 Balance Production records show that there were 600 units in the beginning i...
1 answers
Use the Laplace transform table and the linearity of the Laplace transform to determine the following...
Use the Laplace transform table and the linearity of the Laplace transform to determine the following transform. Complete parts a and b below. P{2te -2- 5 cos V2t} Click the icon to view the Laplace transform table. a. Determine the formula for the Laplace transform. p{214 e e-2 - 5t cos V2t} = (Typ...
1 answers
Part One: True/False Questions (2.5 marks / question) 1. An aged trial balance of accounts receivable...
Part One: True/False Questions (2.5 marks / question) 1. An aged trial balance of accounts receivable may provide evidence on the adequacy of th allowance for uncollectible accounts 2. Confirmation of accounts receivable by direct communication with the debtor tests the existence of accounts receiva...
1 answers
Need help with the questions Circle the compound with the highest heat of combustion 2,3-dimethyl-2-butene 2-methyl-2-pentene...
Need help with the questions Circle the compound with the highest heat of combustion 2,3-dimethyl-2-butene 2-methyl-2-pentene (E) 2-hexene (Z) 2-hexene (Z) 3-methyl-2-pentene 8. What are the three hydration reactions for alkenes? What is the regiochemistry for each one? Which one(s) do(es) not go...
1 answers
QUESTION 10 Takashi plans to save $25,000 per year until he retires. His first savings contribution...
QUESTION 10 Takashi plans to save $25,000 per year until he retires. His first savings contribution to his retirement account is expected in 1 year from today. Takashi plans to retire in 6 years from today, immediately after making his last $25,000 contribution to his retirenlent account. He then pl...
1 answers
How do you multiply #(8b+6)(b-5)#?
How do you multiply #(8b+6)(b-5)#?...
1 answers
US Products operates two divisions with the following sales and expense formation for the month of...
US Products operates two divisions with the following sales and expense formation for the month of July East Division Sales $240.000. Corton margin ratio . Directed expenses $40.000 West Division Sales $60.000. Contribution margin ratio Sox, Directed expenses $32,000 US Products' total fixed exp...
1 answers
(5 points). OPG has six new power plants planned for the future. The anticipated useful life...
(5 points). OPG has six new power plants planned for the future. The anticipated useful life of these plants is 30 years for the non-renewable energy plants (plants 1, 2 and 3) and 40 years for the renewable energy plants (plants 4, 5 and 6). Plants 1, 2 and 4 will be on line in year 5. Plants 3 and...
1 answers
A study is being conducted on critics opinions of the new Addam's Family movie. Out of...
A study is being conducted on critics opinions of the new Addam's Family movie. Out of 112 critic reviews, 45 were positive. A. Construct a 95% confidence interval for the percentage of critics that had a positive opinion of the movie. B. Another website polled critics score of the movie (from 1...
1 answers
20-20 (Objectives 20-2, 20-3) Following are some of the tests of controls and substantive tests of...
20-20 (Objectives 20-2, 20-3) Following are some of the tests of controls and substantive tests of transactions procedures often performed in the payroll and personnel cycle. 1. Reconcile the monthly payroll total for direct manufacturing labor with the labor cost distribution. 2. Examine the time ...
1 answers
Mass of NiCl2 in 5 mL saturated solution = 2.73 g Solubility (g/L) of NiCl2 =...
Mass of NiCl2 in 5 mL saturated solution = 2.73 g Solubility (g/L) of NiCl2 = 546 g/L Molar solubility of NiCl2 = 4.44 M [Ni2+] = 4.44 M [Cl-] = 8.88 M Ksp for NiCl2 = 350.1 Why is it reasonable that the Ksp of NiCl2 should be so high?...
1 answers
A 26Kg dog receives maintenance fluids at a rate of 40mL/Kg/24 hours. How many milliliters does...
A 26Kg dog receives maintenance fluids at a rate of 40mL/Kg/24 hours. How many milliliters does it receive per hour?...
1 answers
Name: Week 7 HSCI 390L: Hypothesis Testing Worksheet 1. It has been reported that the average...
Name: Week 7 HSCI 390L: Hypothesis Testing Worksheet 1. It has been reported that the average credit card debt for college seniors is $3262. The student senate at a large university feels that their seniors have a debt much less than this. so they conduct a study of 50 randomly selected seniors and ...
1 answers
A cheetah can accelerate from rest to a speed of 29.0 m/s in 4.00 s. What...
A cheetah can accelerate from rest to a speed of 29.0 m/s in 4.00 s. What is its acceleration? Number m/s...
1 answers
Convert the following C code to AVR assembly (you might want to reference the AVR Instruction...
Convert the following C code to AVR assembly (you might want to reference the AVR Instruction Set Data Sheet in Lab Resources on Moodle) If (i < 100X Assume we are working with unsigned integers and that i is in register R28, x in R22 and j in R23 O COMPARE: CP R28 100 BRCS END MOV R22 R23 INC R2...
1 answers
Please explain why 1010???? and also why c can be represent in that way? please draw table error...
please explain why 1010???? and also why c can be represent in that way? please draw table error code 9:07 No SIM For an integer n greater than or equal to 0, a code g that associates it with a 4-bit code word g (n) is obtained as shown on the right, but it is assumed that the following conditio...
1 answers
A long wire is bent to form a 90 degree angle using a circular arc with...
A long wire is bent to form a 90 degree angle using a circular arc with a radius r=2cm. The wire carries a current I=0.5A as shown. Point P is located in the plane of the wire at the center of the circular arc. 2. A long wire is bent to form a 90° angle using a circular arc with a radius R 2 cm....
1 answers
2) Carver Corporation produces a product which sells for $40. Variable manufacturing costs are $18 per...
2) Carver Corporation produces a product which sells for $40. Variable manufacturing costs are $18 per unit. Fixed manufacturing costs are $5 per unit based on the current level of activity, and fixed selling and administrative costs are $4 per unit. A selling commission of 15% of the selling price ...

-- 0.018633--