Cardinals Corporation purchased a computer on December 31, 2019, for $105,000, paying $30,000 down and agreeing to
Question:
Cardinals Corporation purchased a computer on December 31, 2019, for $105,000, paying $30,000 down and agreeing to pay the balance in five equal installments of $15,000 payable each December 31 beginning in 2020. An assumed interest rate of 10% is implicit in the purchase price.
Instructions
(Round to two decimal places.)
a. Prepare the journal entry(ies) at the date of purchase.
b. Prepare the journal entry(ies) at December 31, 2020, to record the payment and interest (effective-interest method employed).
c. Prepare the journal entry(ies) at December 31, 2021, to record the payment and interest (effective-interest method employed).
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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a Equipment 8686185 Discount on Notes Payable 1813815 Cash 3000000 Notes Payable 1050...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
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