Select the best answer for the question 20. Which one of the following accounts would not appear on a balance shee OA. Notes receivable OB. Jack Kapp. Capital OC. Interest expense OO D. Mortgage payable 4 Mark for review (Will be highlighted on the review pagey Previous Question Next Question 3
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- On 31 December 20X7, a company has the following bond on the statement of financial position: Bond payable, 7%, interest due semi-annually on 31 Dec. and 30 June; maturity date, 30 June 20X11 Premium on bonds payable $6, 200,000 52,080 $6,252,080 On 28 February 20X8, 20% of the bond was retired for $1,364,000 plus accrued interest to 28 February. Interest was paid on this date only for the portion of the bonds that were retired. Premium amortization was recorded on this date in the amount of $500, representing amortization on the retired debt only. Required: Provide the entries to record the bond interest on 28 February and the bond retirement. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)On 31 December 20X7, a company has the following bond on the statement of financial position: Bond payable, 7%, interest due semi-annually on 31 Dec. and 3e June; maturity date, 30 June 20X11 Premium on bonds payable $5,600,000 47,040 $5,647,040 On 28 February 20X8, 20% of the bond was retired for $1,232,000 plus accrued interest to 28 February. Interest was paid on this date only for the portion of the bonds that were retired. Premium amortization was recorded on this date in the amount of $450, representing amortization on the retired debt only. Required: Provide the entries to record the bond interest on 28 February and the bond retirement. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)LETS START I. Matching type: Directions: Match the terms in Column A with the correct definition in Column B. You may choose more than one a. one answer from Column B. ANSWER Column A Column B 1. Principal A. time money is borrowed 2. Term B. amount paid or earned for the use of money 3. Interest C. percentage of increase of investment 4. Maturity Value D. amount of money borrowed or investment E. amount added by the lender, to be received on repayment date F. amount received on repayment date 5. Interest rate
- Record the following journal entries: 1) Record issuance of note 2) Record the adjusting entry for interest 3) Record the repayment of the note and payment t of interest maturityReceived interest revenue of RO. 525. In the Interest revenue ledger Select one: O a. Interest revenue OR 525 - On the debit b. Interest revenue OR 725 - On the credit O c. Interest revenue OR 525 - On the credit O d. Interest revenue OR 725 - On the debitwhat is the gournal jeneral entry for: 1. repaid loan. 2. paid interest.
- Looking for answer. Please include all the calculations for my reference. Thanks in advance. (Variaous Receivable Items - Independent situation)Why did you select those customer accounts? also how to use a cell reference to enterthe answer for the 1st question? ( Whatis the dollar amount of total receivables? Use a cell reference to input your answer)SUBJECT: Financial Accounting and Reporting Instruction: Choose the Debit and Credit Accounts of the following transactions. TRANSACTION: Opened an account with Bank and made initial deposit1. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 2. Credit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation TRANSACTION: Bought Equipment on Account3. Debit *a. Cash In Bankb. Accounts Receivablec. Unused Laundy Suppliesd. Prepaid Insurancee. Equipmentf. Accounts Payableg. Unearned Incomeh. Amora, Drawingi. Amora, Capitalj. Service Incomek. Salaries ExpenseL.Taxes and Licensesm.Transportation 4. Credit *a. Cash In…
- Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account: _________ Note Receivable. __________ Accounts Payable.According to the promissory note below, answer the following questions (Refer to the pic attached) (a) Name the maker of the notes. (b) Name the payee. (c) Determine the due date to settle the payment. (d) Calculate the amount of interest according to the note above. (e) Find out the amount of maturity value.Beacon Inc. received a gift of land and building in Twin Pines Park as an inducement to relocate. The land and buildings have fair values of $44,000 and $445,000. Required: Prepare journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journat entry required" in the first account field.) View transaction list Journal entry worksheet 1. Record the entry on receiving a gift of Land and Building. Note: Enter debits before credits. Transaction General Journal Debit Credit