Loan Questions


How To Journalize Transactions? related questions

  • 1Journalize The Transactions?

    The following article and were selected from the transactions made by the sound and vision shops this year : April 7 borrowed $ 36,000 from the company First Financial , issuing a 60 - day notice 8% of that amount . May 10 purchased the equipment by issuing a $ 125,000, 120 days Mildford Equipment Company , which ruled the note at the rate of 6% Paid June 6 first class financial firm the interest due on the note of April 7 and renewed the loan by issuing a new 30 days , 9% note for $ 36,000 (record both the debit and credit account IOU ) July 6 financial company paid the amount owed first order of June 6 August 3 merchandise purchased on behalf of Hamilton co . , $ 15,000 , term , n/30 Issued September 2 or a 60 - day of 6% from $ 15,000 to Hamilton co . , In account September 7 Milford equipment company Paid the amount due on the note of May 10 November 1 Hamilton co Paid the amount due on the note of September 2 Nov. 15 Purchased store merchandising team co Systems. for $ 150,000 , paying $ 55,500 and issuing a series of seven notes 8 % for $ 13,500 each, with a maturity of 30 days apart. December 15 paid the amount due co Merchandising Systems. on the first note of the series issued on November 15 . December 21 settled a personal injury to a client fro $ 30,000 , payable in January. Sound and Vision shops cumulative loss of litigation claims payable account . 10 points for best answer!

  • 2How To Journalize Transactions?

    1 - Published 6000 additional shares of capital by $ 30,000 in cash . 2 - Borrowed $ 10,000 from January 2, 2012 , the Bank of Metropolis as a long-term loan . Interest for the year is $ 700 , payable on January 2, 2012 3 - Cash $ 5.100 on 1 September rent a truck for years 4 - Payment of $ 900 on December 1 for an insurance policy for one year.

  • 3In accounting for a CORPORATION, how do you journalize an expense paid with your own PERSONAL CASH?

    Example , I own a company and I paid out of my pocket OWN $ 300 for office supplies . Do I have OFFICE SUPPLIES $ 300 debit and credit loans shareholders for $ 300? ? ? ? ? ? ? Is there another explanation that should CREDIT ?

  • 4How do I journalize truck purchase with cash deposit, trade in, and notes payable?

    I bought a car for $ 52,915.00 . Cash Deposit : $ 5000 and $ 5000 leaving a balance of Commerce $ 42,915 . I put $ 42,915.00 on loan. Total interest : $ 11,993.40 . Bring the Notes to $ 54,908.40 . How journilze entry . My monthly payment is $ 915.14 per month for 60 months.

  • 5Journalize notes receivable, dishonored notes, accrued interest?

    All journal transactions to the nearest dollar . 2011 Dec 6 - Received a $ 5,000, 60 days , 9% to account Hello Music 31 - Made an adjusting entry to accrue interest on the Hello Music note 31 - He closure input interest income 2012 February 4 collected the maturity value of the Hello Music note July 1 Loaned $ 15,000 cash to pop music , receiving a 6 - month , 8% note . October 2 received a note of $ 2,000 , 60 days , 8 % FOR SALE OF MUSIC Union . Ignore cost of goods sold . December 1 Music Union dishonored its note at maturity ; canceled the note as uncollectible , debiting Allowance for doubtful notes . 30 Collected the maturity value of the note of pop music .

  • 6Help me with these transactions?

    Received December 12 $ 4,800.00 bill Insurance Brokers intact for auto insurance for the period December 1, 2014 to November 30, 2015. Input: DR. Prepaid Insurance 4.800 CR. 4800 Cash December 31 balance in prepaid insurance refers to the automobile policy provided by Insurance Agents intact. (See Dec. 12) December 27, 31 recorded an annual depreciation expense of vehicle. Depreciation is calculated on a straight line, with an estimated useful life of five years and an estimated residual value of $ 6,700.00. Cost of the car according to November 30, 2014 the trial balance is 20,700 The amortization expense RD 2800 2800 Accumulated Depreciation CR December 28, 31 listed on the vehicle against the purchase of a new vehicle with the list price of $ 38,000. He received a business in the provision of $ 6,500.00 for the old vehicle. Payment of $ 8,000.00 down payment and signed a long-term note payable for the balance. (Ignore the VAT on this transaction). DR vehicle (new) 38,000 DR accumulated vehicle depreciation (ex) 2800 CR 20700 Antique Vehicle CR Cash (deposit?) 8000 CR loan to pay? ? .. CR Gain? Loss? in the exchange of assets .. ? December 30, 31 determines that the consulting services rendered but unbilled at December 31 totaled $ 11,600. Prepared customer bills, plus a 5% GST . DR Accounts Receivable 12,180 Revenue Service 11600 CR CR 580 VAT payable Recorded 31 December 31 the annual provision for bad debt expenses. It is estimated that 4% of December 31, 2014 accounts receivable is not collectible. DR Uncollectible Excpense CR Allowance for doubtful accounts Plesae check and correct entries. I'm confused atm. Thanks a ton in advance

  • 7Help Me With These Journals Transactions?

    How I can make an archive of journal entries for the following: A-6000 Issued capital additional shares for $ 30,000 cash . B - Borrowed $ 10,000 on January 2, 2012 , the Bank of Metropolis as a long-term loan . Interest for the year is $ 700 , payable on January 2, 2012 Thanks Big JoJo

  • 8Someone calculate my transactions please?

    here are my transactions .. Could calculate that the letter analysis , general ledger and trial balance .... please .. please .. if you're a real person accounting or mathematics Oct 1 - receive monthly salaries - $ 3,278 2nd withdrawals at banks , $ 1670 3rd loan repayment Fourth -paid credit for Carpenters Finance - $ 480 5th purchased goods for cash - $ 300 6 busfare payment - $ 2 7 to pay phone bills - $ 92.48 8 to pay water bills , $ 47 9 to pay electricity bills $ 449.74 11- paid bills online - $ 118.50

  • 9How do you record the following transactions?

    Company invested $ 50,000 in the business in exchange for common stock . He also borrowed $ 100,000 from a local bank purchase equipment for $ 95,000 cash and $ 40,000 to purched credit inventoryof Inventory sold for $ 30,000 for $ 50,000 cash The interest paid by the bank loan of $ 1000 cash Recorded $ 500 of depreciation expense related to your team Payment of a cash dividend of $ 2,000

  • 10Help with journalizing these transactions?

    Purchase invoice Office Depot for $ 200 of supplies used immediately. I think it would be spending provisions and accounts payable , but I'm a little unsure of whether to use inputs or supplies expenses . A loan of 50000 was taken with a simple annual interest rate of 12% . Record the annual payment that includes payment of the loan and interest . I think it would dr to bank loan and interest expense and cr for cash .

  • 11Interpret the law of secured transactions.?

    Agile Corporation borrowed $ 1 million Hi Finance Company ( HFC ) . Agile signs a financing statement describing the collateral , its inventory and proceeds , and HFC files the statement in the appropriate state office . Using the same collateral , Agile later borrows $ 500,000 from Metro Bank , which has its financing statement . Defaults on loans agile . Metro claims that at the time the loan was unaware of HFCs interest . Among these parties , who has priority for the warranty?

  • 12Accounting analyzing transactions?

    His friend , Don Jones , has provided the following information about your new home inspection business , which is operating as a sole proprietorship . Using the accounting equation , analyze and report Don