Every entry should have narration please Problem 1 November 19, 2020, BG Ltd purchased a mini excavator from an equipment supplier. The cost of the excavator was 560,000, with $6,000 paid in cash, and a note for $54.000 with interest on the note at 4% all due on November 18, 2021. BG
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Every entry should have narration please
Problem 1
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- 1. Joy’s Bar and Grill completed the following note-payable transactions: 2020 Aug. 1 Purchased kitchen equipment costing $60,000 by issuing a one-year, 5% note. Dec. 31 Accrued interest on the note payable. 2021 Aug. 1 Paid the note payable at maturity. Answer these questions for Joy’s Bar and Grill: 1. How much interest expense must be accrued at December 31, 2020? I don't understand the month parts, 5/12 for example as part of the answer, please explain, I'm confused. 2. Determine the amount of Joy’s final payment on July 31, 2021. 3. How much interest expense will Joy’s report for 2020 and for 2021?Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest RevenueCensider the following note payable transactions of Cargo Video Productions. D(Click the icon to view the transactions.) Requirements 1. Journalize the transactions for the company. Considering the given transactions only, what are Cargo Video Productions' total liabilities on December 31, 2019? 2. X Select explanations on the last line More Info he note requires annual principal pa Credit 2018 Oct. 1 Purchased equipment costing $40,000 by issuing a five-year, 9% note payable. The note requires annual principal payments of $8,000 plus interest each October 1. Dec. 31 Accrued interest on the note payable. 2019 Oct. 1 Paid the first installment on the note. Dec. 31 Accrued interest on the note payable. Print Done 4
- Looking for answers asap. Thanks! Analyze and review the following items and determine the appropriate journal entry. Notes Payable This is a short-term note. The company borrowed money from JRT Investments on October 31, 2020 for 3 months. The principal, along with interest is to be repaid on January 31, 2021. The interest rate is 1.8%. Notes Payable = $250,000create a journal entry for Jul 01 Purchased equipment, paying $6,060 cash and signing a 2-year note payable for $19,240. The equipment has a 8-year useful life. The note has a 9% interest rate, with interest payable on the first day of each following month.Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.
- Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9On 1st July 2020 Bashir purchase a machine for RO 15,000. The terms of purchase was 20% cash and the balance to be paid in monthly instalments of RO 500. What amount of the loan will be disclosed under Long term liabilities in the balance sheet on 31 Dec 2020? a. RO 3,000 b. RO 5,000 c. RO 7,000 d. RO 6,000
- K- Consider the following note payable transactions of Collective Video Productions. i (Click the icon to view the transactions.) Journalize the transactions for the company. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Sep. 1, 2023: Purchased equipment costing $24,000 by issuing a one-year, 6% note payable. Accounts and Explanation -xt pages Date 2023 Sep. 1 More info Sep. 1, 2023 Dec. 31, 2023 Sep. 1, 2024 Purchased equipment costing $24,000 by issuing a one-year, 6% note payable. Accrued interest on the note payable. Paid the note payable plus interest at maturity. Print Get more help. - X Done Clear all Debit Credit Check answerCube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank f3b771fe205d07f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7 fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3 fill in the blank 332b64fd401df83_5 fill in the blank 332b64fd401df83_6 fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9Use the following to answer questions 25-27 On January 1, year 1, the company borrows $45,000 to purchase a new vehicle by agreeing to a 7%, 5-year note with the bank. Payments of $891.05 are due at the end of each month with the first installment due on January 31, year 1. ROUND YOUR ANSWERS TO THE NEAREST CENT (2 decimal places). 25. After the first car payment (installment) is made the amount owed on the vehicle would be: $ 26. Determine interest expense for the second car payment $ 27. After the Company pays all of the car payments, how much do they owe at the end of the 5 years? $