Accounting

Harris company borrowed 65,000 by giving 10 year , 6% installment note to Cuba Bank The note requires annual payments of $8832 first payment occuring on the last day of the fiscal year. the first payment consists of interest of $3,900 and principal repayment of $4932,

Issued the installment note for cash on the first day of the fiscal year

Paid the first annual payment on the note. For a compount transcation,

  1. 👍 0
  2. 👎 0
  3. 👁 99
asked by Nancy
  1. I am having problems with the journal entries

    1. 👍 0
    2. 👎 0
    posted by denise

Respond to this Question

First Name

Your Response

Similar Questions

  1. accounting

    A company was recently formed with $ 50,000 cash contributed to the company by stock-holders. The company then borrowed $ 20,000 from a bank and bought $ 10,000 of supplies on account. The company also purchased $ 50,000 of

    asked by dan on May 7, 2013
  2. Accounting 1

    Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31: 8/2: Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note. 8/20: Issued a $40,000 note to Harris Motors

    asked by Megan on March 20, 2013
  3. accounting

    Iron's paper Company, whose fiscal year ends December 31, completed the following transactions involving notes payable: Nov. 25 Purchased a new loading cart by issuing a 60day, 10% not for $43,200 Dec. 16 Borrowed $50,000 from the

    asked by devi on November 12, 2009
  4. Accounting

    1. The price of a bond is equal to the sum of the interest payments and the face amount of the bonds. 1. True 2. False 2. When a corporation issues bonds, it executes a contract with the bondholders, known as a bond debenture. 1.

    asked by Tasha on July 25, 2010
  5. math

    A corporation borrowed $124,000 cash by signing a 5-year, 10% installment note requiring equal annual payments each December 31 of $32,711. What journal entry would the issuer record for the first payment?

    asked by angela on February 7, 2012
  6. accounting

    These questions are so confusing. So I was wondering what are each of the formulas to solve each question or what steps I need to take to complete them? I've been trying and I can't find the correct answer. ____ 11. The Dayton

    asked by Mickey on February 22, 2010
  7. accounting-installment sales journal entry

    Question: On 12/31/07, Company A sold equipment for $1,800,000. The equipment had a carrying amount of $1,200,000. At the time of the sale the buyer paid $300,000 cash and signed a $1,500,000 note bearing interest of $1,500,000

    asked by Toni on October 24, 2008
  8. Accounting

    On April 1, 2013, Ringo Company borrowed $20,000 from its bank by using a 9%, 12 month note, with the interest to be paid on the maturity date. I do not understand this question, can you help me out, please.

    asked by Larry on February 27, 2016
  9. accounting cash flow

    Hi, i have a problem with my statement of cash flow, I did all the work but I just can not seem to find the "cash at beginning of year" part. Does anyone know how to calculate this? Here is the question: Ohio Enterprises was

    asked by Lazeez on January 28, 2011
  10. Ms. Sue

    2.Current liabilities: entries and disclosure. A review of selected financial activities of Visconti's during 20XX disclosed the following: 12/1: Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable.

    asked by quita on August 26, 2013

More Similar Questions