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Chapter 14 Homework

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Bb Lessons / Assignment X CengageNOWv2 | Onl x Course Hero x Course Hero x Course Hero x Course Hero x Course Hero X + A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 14 Homework eBook Show Me How Print Item O Journalizing Installment Notes ? 1. PE. 14.02A.BLANKSHEET Instructions Chart of Accounts Journal 2. PE. 14.03A.BLANKSHEET 3. PE. 14.05A.BLANKSHEET Instructions X 4. PE. 14.08A.BLANKSHEET On the first day of the fiscal year, a company issues $89,000, 6%, five-year installment notes that have annual payments of $21, 128. The first note payment consists of $5,340 of interest and $15,788 of principal repayment. 5. EX. 14.05 Required: 6. EX. 14.12 Journalize the following transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered 20Y1 Jan. Installment notes are issued 20Y2 Jan. 1 First annual note payment is made Progress: 4/6 items Previous Next Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignment X CengageNOWv2 | Onl x Course Hero x Course Hero x Course Hero x Course Hero x Course Hero X + A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 14 Homework eBook Show Me How Print Item O Journalizing Installment Notes ? 1. PE. 14.02A.BLANKSHEET Instructions Chart of Accounts Journal 2. PE. 14.03A.BLANKSHEET 3. PE. 14.05A.BLANKSHEET Chart of Accounts X 4. PE. 14.08A.BLANKSHEET CHART OF ACCOUNTS 5. EX. 14.05 General Ledger 6. EX. 14.12 ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 121 Accounts Receivable 611 Gain on Redemption of Bonds 122 Allowance for Doubtful Accounts 126 Interest Receivable EXPENSES 127 Notes Receiva 510 Cost of Merchandise Sold 131 Merchandise Inventory 515 Credit Card Expense 141 Office Supplies 516 Cash Short and Over 191 Land 522 Office Salari 194 Office Equ 531 Advertising Expense 195 Accumulated Depreciation-Office Equipment 532 Delivery Expense 533 Repairs Expense LIABILITIES 535 Rent Expense 210 Accounts Payable 536 Insurance Previous Next Progress: 4/6 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignment X CengageNOWv2 | Onl x Course Hero x Course Hero x Course Hero x Course Hero x Course Hero X + A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 14 Homework eBook Show Me How Print Item O ? 1. PE. 14.02A.BLANKSHEET Chart of Accounts X 533 Repairs Expense 2. PE. 14.03A.BLANKSHEET LIABILITIES 535 Rent Expense 3. PE. 14.05A.BLANKSHEET 210 Accounts Payable 536 Insurance Expense 221 Salaries Payable 537 Office Supplies Expense 4. PE. 14.08A.BLANKSHEET 231 Sales Tax Payable 541 Bad Debt Expense 5. EX. 14.05 232 Interest Payable 562 Depreciation Expense-Office Equipment 241 Notes Payable 590 Miscellaneous Expense 6. EX. 14.12 251 Bonds Payable 710 Interest Expense 252 Discount on Bonds Payable 711 Loss on Redemption of Bonds 253 Premium on Bonds Payable EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 315 Treasury Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends Previous Next Progress: 4/6 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignment X CengageNOWv2 | Onl x Course Hero x Course Hero x Course Hero x Course Hero x Course Hero X + A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 14 Homework eBook Show Me How Print Item Journalizing Installment Notes ? 1. PE. 14.02A.BLANKSHEET Instructions Chart of Accounts Journal 2. PE. 14.03A.BLANKSHEET 3. PE. 14.05A.BLANKSHEET Journal X 4. PE. 14.08A.BLANKSHEET Journalize the entry to record the issuance of the installment notes on January 1. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use 5. EX. 14.05 lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 6. EX. 14.12 PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 N Journalize the first annual note payment on January 1. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST . REF . DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Progress: 4/6 items Previous Next Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignr X CengageNOWv2 | X Homework Help - X Course Hero * *Course Hero * *Course Hero * *Course Hero Course Hero X + A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 14 Homework eBook Show Me How Print Item Entries for Installment Note Transactions ? 1. PE. 14.02A.BLANKSHEET On January 1, Year 1, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires annual payments of $43,620, 2. PE. 14.03A.BLANKSHEET beginning on December 31, Year 1. 3. PE. 14.05A.BLANKSHEET a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. (Note: Due to rounding, the 12/31/Year 4 Interest expense is provided.) 4. PE. 14.08A.BLANKSHEET Amortization of Installment Notes 5. EX. 14.05 Interest Expense (7% of January 1 6. EX. 14.12 Year Ending January 1 Note Payment Note Carrying Decrease in December 31 December 31 Carrying Amount (Cash Paid) Amount) Notes Payable Carrying Amount Year 1 $ $ $ Year 2 Year 3 Year 4 2,853 $ $ $ b. Journalize the entries for the issuance of the note and the four annual note payments. If an amount box does not require an entry, leave it blank. Year 1 Jan. 1 Year 1 Dec. 31 Year ? Der 31 Previous Progress: 6/6 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignr X CengageNOWv2 | X Homework Help - X Course Hero * *Course Hero * *Course Hero * *Course Hero Course Hero X + A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 14 Homework eBook Show Me How Print Item Year 4 2 , 853 ? 1. PE. 14.02A.BLANKSHEET $ $ $ 2. PE. 14.03A.BLANKSHEET b. Journalize the entries for the issuance of the note and the four annual note payments. If an amount box does not require an entry, leave it blank. 3. PE. 14.05A.BLANKSHEET Year 1 Jan. 1 4. PE. 14.08A.BLANKSHEET 5. EX. 14.05 Year 1 Dec. 31 6. EX. 14.12 Year 2 Dec. 31 Year 3 Dec. 31 Year 4 Dec. 31 c. How will the annual note payment be reported in the Year 1 income statement? of $ would be reported on the income statement. Progress: 6/6 items Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignr X CengageNOWv2 | X Homework Help - X Course Hero * *Course Hero * *Course Hero * *Course Hero Course Hero X + A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 14 Homework eBook Show Me How Print Item Year 4 2 , 853 ? 1. PE. 14.02A.BLANKSHEET $ $ $ 2. PE. 14.03A.BLANKSHEET b. Journalize the entries for the issuance of the note and the four annual note payments. If an amount box does not require an entry, leave it blank. 3. PE. 14.05A.BLANKSHEET Year 1 Jan. 1 4. PE. 14.08A.BLANKSHEET Cash 5. EX. 14.05 Year 1 Dec. 31 Interest Expense Interest Payable 6. EX. 14.12 Notes Payable Notes Receivable Year 2 Dec. 31 Year 3 Dec. 31 Year 4 Dec. 31 c. How will the annual note payment be reported in the Year 1 income statement? of $ would be reported on the income statement. Progress: 6/6 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for GradingBb Lessons / Assignr X CengageNOWv2 | X Homework Help - X Course Hero * *Course Hero * *Course Hero * *Course Hero Course Hero X + A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused Update : Chapter 14 Homework eBook Show Me How Print Item Year 4 2 , 853 ? 1. PE. 14.02A.BLANKSHEET $ $ $ 2. PE. 14.03A.BLANKSHEET b. Journalize the entries for the issuance of the note and the four annual note payments. If an amount box does not require an entry, leave it blank. 3. PE. 14.05A.BLANKSHEET Year 1 Jan. 1 4. PE. 14.08A.BLANKSHEET 5. EX. 14.05 Year 1 Dec. 31 6. EX. 14.12 Year 2 Dec. 31 Year 3 Dec. 31 Year 4 Dec. 31 Interest expense Notes payable al note payment be reported in the Year 1 income statement? of $ would be reported on the income statement. Progress: 6/6 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading

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