1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Genrish500 [490]
3 years ago
5

C.S. Sandhill Company had the following transactions involving notes payable. July 1, 2022 Borrows $62,000 from First National B

ank by signing a 9-month, 8% note. Nov. 1, 2022 Borrows $65,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022 Prepares adjusting entries. Feb. 1, 2023 Pays principal and interest to Lyon County State Bank. Apr. 1, 2023 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Business
1 answer:
netineya [11]3 years ago
3 0

Answer:

C.S. Sandhill Company

Journal Entries:

July 1, 2022

Debit Cash $62,000  

Credit 9-month, 8% Notes Payable (First National Bank) $62,000

To record signing of a 9-month 8% notes payable for cash borrowed.

Nov. 1, 2022

Debit Cash $65,000

Credit 3-month, 6% Notes Payable (Lyon County State Bank) $65,000

To record the signing of a 3-month 6% notes payable for cash borrowed.

Dec. 31, 2022

Debit Interest Expense $3,130

Credit Interest Payable $3,130

To record interest expense for the two notes.  See calculations below.

Feb. 1, 2023

Debit 3-month, 6% Notes Payable (Lyon County State Bank) $65,000

Debit Interest Payable $650

Debit Interest Expense $325

Credit Cash $65,975

To record the repayment of the notes payable with interest due.

Apr. 1, 2023

Debit 9-month, 8% Notes Payable (First National Bank) $62,000

Debit Interest Payable $2,480

Debit Interest Expense $1,240

Credit Cash $65,720

To record the repayment of the notes payable with interest due.

Explanation:

a) Data and Analysis:

July 1, 2022 Cash $62,000  9-month, 8% Notes Payable (First National Bank) $62,000

Nov. 1, 2022 Cash $65,000 3-month, 6% Notes Payable (Lyon County State Bank) $65,000

Dec. 31, 2022 Interest Expense $3,130 Interest Payable $3,130 ($62,000 * 8% * 6/12) + ($65,000 * 6% * 2/12)

Feb. 1, 2023 3-month, 6% Notes Payable (Lyon County State Bank) $65,000 Interest Payable $650 Interest Expense $325 Cash $65,975 (Interest expense = $325 ($65,000 * 6% * 1/12)

Apr. 1, 2023 9-month, 8% Notes Payable (First National Bank) $62,000 Interest Payable $2,480 Interest Expense $1,240 Cash $65,720 (Interest expense = $1,240 ($62,000 * 8% * 3/12)

You might be interested in
_____ is a term that describes a situation in organizations when there is a variety of demographic, cultural, and personal diffe
Iteru [2.4K]

Answer and Explanation:

c. Diversity

3 0
3 years ago
In preparing a company's statement of cash flows for the most recent year, the following information is available:
Butoxors [25]

Answer:

- $ 138,000

Explanation:

The investment activities includes the transaction done on purchasing the equipment and selling the land.

Thus, for the given question

The list of investment activities:

Purchase of Equipment = - $ 149,000  

Proceeds from Sales = $ 130,000  

Purchase of Land = - $ 119,000

here, the negative sign depicts the amount is paid

thus, the net cash flow from the investment activities

= - $ 149,000 + $ 130,000 + (- $ 119,000)

or

the net cash flow from the investment activities = - $ 138,000

3 0
2 years ago
Read 2 more answers
Byron is a partner in the Dowdy Group. At the close of the current year, Byron's basis in the partnership is $34,000. At that ti
Kitty [74]

Answer:

$17,000

Explanation:

The partnership takes on/out  the basis of contributed/ distributed property; cash is always consider basis as its face value.

The fair market value of property distributed is used to consider contributor’s gain/ loss only.

The basis in the partnership after distribution = current basis in partnership – cash distributed – basis of any other distribution

Thus Bryon’s basis in the partnership after the distribution = $34,000 - $8,000 = $17,000

6 0
3 years ago
What is a silence pad?
Verdich [7]
<span>B. A felt layer underneath the tablecloth i hope this help you</span>
7 0
3 years ago
Read 2 more answers
Older people who live in communities that provide amenities such as housekeeping, dining facilities, and transportation services
Neko [114]
Elders reside with those accommodations available to them usually live in a assisted living facility or a nursing home
8 0
3 years ago
Other questions:
  • What is meant by centralised direction?
    7·1 answer
  • Which type of educational worker will most likely help students find books outside the classroom to help them write research pap
    11·1 answer
  • According to the information provided in english 120, why might a subject encyclopedia be useful to start a research project?
    11·1 answer
  • White Leo Autos manufactures and markets four different cars, Leo Sport, Leo Prestige, Leo Spark, and Leo Ease. These four produ
    10·1 answer
  • All oligopoly models share several assumptions. Which of the following is among them?
    5·1 answer
  • Shawn Incorporated planned to produce 3,000 units of its single product, Megatron, during November. The standard specifications
    11·1 answer
  • At December 31, 2020, the following information was available for Blossom Company: ending inventory $40,250, beginning inventory
    8·1 answer
  • With access to the Internet nearly universal in the United States, many potential market segments have become more perceptive. r
    12·1 answer
  • Which sector dominates developed economies such as the United States? In developed economies such as the United States, the sect
    11·1 answer
  • An agreed-upon solution about a common set of engineering features and design choices is known as a?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!