Question

A company makes a payment of $5,000 on a long term note payable . The journal...

A company makes a payment of $5,000 on a long term note payable . The journal the transaction would be recorded in is the

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A company acquired land by signing a long-term note payable. What is the journal entry? Does...
A company acquired land by signing a long-term note payable. What is the journal entry? Does the transaction increase, decrease, or have no effect on the following ratios: (a) asset turnover ratio. (b) net profit margin ratio. (c) return on assets. (d) current ratio.
True or False .... When a long-term note payable that requires annual installment payments is initially...
True or False .... When a long-term note payable that requires annual installment payments is initially recorded, it is first recorded as a long-term note payable.  Then, at the same date, a second entry is made to reclassify the current portion
The purchase of a long-term asset using a long-term note payable is an example of a...
The purchase of a long-term asset using a long-term note payable is an example of a noncash investing and financing activity, which should be disclosed in a note or separate schedule. True or False
On May 1, 2016, Butler Services issued a long-term note payable for $35,000. The note will...
On May 1, 2016, Butler Services issued a long-term note payable for $35,000. The note will be paid over five-years with annual principal payments of $7,000, plus interest, on May 1 of each year beginning on May 1, 2017. Prepare the journal entry for the issuance of the note.
On July 1, 2013 Avery services issued a 4% long-term note payable for $10,000. It is...
On July 1, 2013 Avery services issued a 4% long-term note payable for $10,000. It is payable over a five-year term in $2000 principal installments on July 1 of each year. Which of the following and trees need to be made at July 1, 2013 to re-classify the current portion of the note? a.) Long term notes payable $2000, cash $2000 b.) current portion of long term notes payable $2000, long-term notes payable $2000 c.) Long term notes payable $2000,...
**On July 1, 2013, Avery Services issued a 4% long-term note payable for $10,000. It is...
**On July 1, 2013, Avery Services issued a 4% long-term note payable for $10,000. It is payable over a 5-year term in $2,000 principal installments on July 1 of each year. Each yearly installment will include both principal repayment of $2,000 and interest payment for the preceding one-year period. What happens on December 31, 2013 before statements are prepared? What is the Answer?:    1)Avery must accrue $200 of interest expense    2)Avery must accrue for the coming $2,000 principal...
Record the following note payable transactions of the Kettle Company in the company’s general journal. Explanations...
Record the following note payable transactions of the Kettle Company in the company’s general journal. Explanations are not required. 2019 May 1              Purchased equipment costing $28,000 by issuing a one-year, 4% note payable. Dec 31             Accrued interest on the note payable. 2020 May 1              Paid the note payable at maturity
Special Journals Indicate in which journal each transaction would be recorded in: Purchase on inventory for...
Special Journals Indicate in which journal each transaction would be recorded in: Purchase on inventory for cash Sale of inventory on credit Payment of Sales salaries Purchase of inventory on credit Sale of merchandise for cash Purchase of land by issuing note payable Collection of short-term note receivable and related interest Return of defective inventory to supplier for credit to account Preparation of adjusting entries Purchase of equipment for cash
Venus Ltd.secured a $750,000, five year, 8% note payable on January 1. The loan will be...
Venus Ltd.secured a $750,000, five year, 8% note payable on January 1. The loan will be repaid using blended monthly payments with a fixed monthly principal payment of $12,500. Which of the following represents how the loan will be reflected on the balance sheet at the end of the first year? A) Long term liabilities -- note payable: $750,000 B) Current portion of long term debt: $ 150,000, Long term liabilities -- note payable: $450,000 C) Current portion of long...
Pr. 14-129—Entries for bonds payable. Prepare journal entries to record the following transactions relating to long-term...
Pr. 14-129—Entries for bonds payable. Prepare journal entries to record the following transactions relating to long-term bonds of Kirby, Inc. (Show computations.) (a)   On June 1, 2017, Kirby, Inc. issued $8,000,000, 6% bonds for $7,841,000, which includes accrued interest. Interest is payable semiannually on February 1 and August 1 with the bonds maturing on February 1, 2027. The bonds are callable at 102. (b)   On August 1, 2017, Kirby paid interest on the bonds and recorded amortization. Kirby uses straight-line...