Maurice Tutor

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Category > Management Posted 20 Feb 2018 My Price 5.00

Shiller Company

Ex 12-10  Entries for installment note transactions                                                    ObJ. 4 On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven- year, 7% installment note to Soros Bank. The note requires annual payments of $15,772, with the first payment occurring on the last day  of  the  fiscal  year.  The  first  payment consists  of  interest  of  $5,950  and  principal  repayment  of  $9,822.

a.     Journalize the entries to record the following:

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

2.     Paid the first annual payment on the note.

b.     Explain how the notes payable would be reported on the balance sheet at the end of the first year.

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Feb 2018 10:02 PM My Price 5.00

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