Ask Experts Questions for FREE Help !
Ask
    willie41's Avatar
    willie41 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 26, 2012, 05:24 PM
    On January 1, 2011, Citrus Retail Co. issued a $500,000, 5 year, 8% installment note
    On January 1, 2011, Citrus Retail Co. issued a $500,000, 5 year, 8% installment note payable with payments of $100,000 principal plus interest due on January 1 of each year for the next 5 years.
    Hide
    1. Prepare the adjusting journal entry at December 31, 2011 to accrue interest for the year.










    2. Show the account and amount and where it will appear on a multi-step income statement prepared on December 31, 2011.
    Account Where Amount
    $
    3. Show the account(s) and amount(s) and where they will appear on a classified balance sheet prepared on December 31, 2011.
    Current Liabilities:
    $
    $
    Long-Term Liabilities:
    $
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #2

    Jun 27, 2012, 07:24 AM
    Quote Originally Posted by willie41 View Post
    On January 1, 2011, Citrus Retail Co. issued a $500,000, 5 year, 8% installment note payable with payments of $100,000 principal plus interest due on January 1 of each year for the next 5 years.
    Hide
    1. Prepare the adjusting journal entry at December 31, 2011 to accrue interest for the year.



    2. Show the account and amount and where it will appear on a multi-step income statement prepared on December 31, 2011.
    Account Where Amount
    $
    3. Show the account(s) and amount(s) and where they will appear on a classified balance sheet prepared on December 31, 2011.
    Current Liabilities:
    $
    $
    Long-Term Liabilities:
    $
    Willie not much to do here you should knock it over in say five minutes
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Mulberry Street Inc. began business on January 1, 2011 by issuing all of its 3,000 au [ 5 Answers ]

Mulberry Street Inc. began business on January 1, 2011 by issuing all of its 3,000 authorized shares of its $3 par value common stock for $9 per share. On June 30, they declared a cash dividend of $1.90 per share to stockholders of record on July 31. They paid the cash dividend on August 30. On...

$500,000 in notes payable about to be issued, with a 9 month maturity, and an expe [ 0 Answers ]

The inclusion of hybrid electric vehicles (HEVs) into our vehicle fleet appears to be profitable, but we have to come up with the $250 million from somewhere. We should probably also take the opportunity to reevaluate our capital structure. However, the first thing we need to do is create a...

On January 1, 2011,zee Co issued ten-year bonds with a face value of $1,000,000 an [ 2 Answers ]

On January 1, 2011, Zee Co issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%. How much is the issue price of the bond?

Issued 3,000, 8%, 5-year, $1,000 bonds dated January 1, 2011, at face value [ 1 Answers ]

I need to record the journal entry for interest paid on July 1 and record interest paid on dec 31. I am stuck

On July 1, 2010, Brower Industries Inc. Issued $32,000,000 of 10-year, 12% bonds at a [ 1 Answers ]

On July 1, 2010, Brower Industries Inc. Issued $32,000,000 of 10-year, 12% bonds at an effective interest rate of 13%, receiving cash of $30,237, 139. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Instructions: ...

View more questions Search