On January 1, 2024, Oriole Corp. borrows $16,800 by signing a 3-year, 6% note payable. The note is repayable in three annual fixedprincipal payments on December 31 of each year.Your answer is incorrect.Calculate the annual principal payment.Annual principal payment$eTextbook and MediaList of AccountsSave for Later Last saved 14 hours ago.Attempts: 1 of 2 usedSubmit AnswerSaved work will be auto-submitted on the due date. Auto-submission can take up to 10 minutes.Question Part Score(b)The parts of this question must be completed in order. This part will be available when you complete the part above.Question Part Score0/2-16

The objective of the question is to calculate the annual principal payment for a 3-year, 6% note…

Answered: On January 1, 2024, Oriole Corp.…

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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On January 1, 2024, Oriole Corp. borrows $16,800 by signing a 3-year, 6% note payable. The note is repayable in three annual fixed principal payments on December 31 of each year. (a) Question Part Score (b) Question Part Score (c) 2/2 6/6 Prepare journal entries to record the note and the first instalment payment. (List all debit entries before credit entries. 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. Record journal entries in the order presented in the problem.) Date > Account Titles Debit
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 Revenue
Cube 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_9
Sylvestor Systems borrows $ 110,000 cash on May 15 by signing a 60-day, 12%, 110,000 note 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity(Use 360 days a year Round final answers to the nearest whole dollar)
Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations.) Required: 1. Journalize Roseland's entries to record: a. The issuance of the note. b. The payment of the note at maturity. If an amount box does not require an entry, leave it blank. а. b. 2. Journalize CorpOne's entries to record: a. The receipt of the note. b. The receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. а. b.
Currie Company borrowed $24,000 from Sierra Bank by issuing a 9% three-year note. Currie agreed to repay the principal and interest by making annual payments in the amount of $9,481. Based on this information, what is the amount of the interest expense associated with the second payment? (Round your answer to the nearest dollar.) Multiple Choice O O O $9,481 $2,160 $1,405 $1,501
On January 1, Year 1, Mahoney Company borrowed $168,000 cash from Sun Bank by issuing a 5-year, 8% term note. The principal and interest are repaid by making annual payments beginning on December 31, Year 1. The annual payment on the loan equals $42.077, What is the amount of principal repayment included in the payment made on December 31, Year 1? Multiple Choice Ο Ο Ο Ο $13,440 $37.467 $40,725 $28,637
Martinez Co. borrowed $79,200 on March 1 of the current year by signing a 60-day, 9%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry for the payment should include a Round your answer to the nearest whole dollar. Oa. debit to Interest Payable for $1,188 Ob. debit to Interest Expense for $1,188 Oc. credit to Cash for $79,200 Od. credit to Cash for $86,328
Help Save & Exit On April 12, Hong Company agrees to accept a 60-day, 6%, $6,900 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make, when it records payment of the note on the maturity date? (Use 360 days a year.) Multiple Choice Debit Notes Payable $6,900; debit Interest Expense $69; credit Cash $6,969. Debit Notes Payable $6,900; credit Interest Expense $69, credit Cash $6,831. Debit Cash $6,969; credit Interest Revenue $69; credit Notes Receivable $6,900. Debit Notes Payable $6,900; debit Interest Expense $104; credit Cash $7,004. Debit Cash $6.969; credit Interest Revenue $69; credit Notes Payable $6,900.
On January 1, 20X1, Bouncy House, Inc. obtains a $50,000, 6 year, 8% installment note for the latest and greatest bouncy house. Bouncy House is required to make annual payments. The first payment occurs on December 31, 20X1. а. Calculate your annual payment amount. b. Create the loan amortization schedule (table). Record the first three journal entries. d. How much total interest does Bouncy House pay on this installment note? С.
On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has an interest rate of 10% and will be paid semi-annually over two years. The payment terms are a biended payment of $8,235 which includes interest and principal. Do not enter dollar signs or commas in the input boxes, Round all answers to the nearest whole dollar. Complete the tabie to record the amount of principal and interest for each payment. Note: Due to rounding, make the reduction of the principal in the last payment equal to the remaining principal balance. This will ensure the ending principal balance is $0. Date Cash Payment Interest Expense Reduction of Principal Principal Balance Jul 1 2020 Jan 1, 2021 Jul 1, 2021 Jan 1, 2022
Entries for notes payable Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a 360-day year. For a compound transaction, if an amount box does not require an entry, leave it blank.

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