Pearl Corporation purchased a computer on December 31, 2019, for $107,100, paying $30,600 down and agreeing...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Pearl Corporation purchased a computer on December 31, 2019, for $107,100, paying $30,600 down and agreeing to pay the balance in five equal installments of $15,300 payable each December 31 beginning in 2020. An assumed interest rate of 9% is implicit in the purchase price. (a) Your answer is partially correct. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date December 31, 2019 Account Titles and Explanation Equipment Discount on Notes Payable Notes Payable Cash Debit 90112 16988 Credit Pearl Corporation purchased a computer on December 31, 2019, for $107,100, paying $30,600 down and agreeing to pay the balance in five equal installments of $15,300 payable each December 31 beginning in 2020. An assumed interest rate of 9% is implicit in the purchase price. (a) Your answer is partially correct. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date December 31, 2019 Account Titles and Explanation Equipment Discount on Notes Payable Notes Payable Cash Debit 90112 16988 Credit
Expert Answer:
Answer rating: 100% (QA)
Date Account Title and Explaination Debit Credit 31Dec19 Equip... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
How much did your CEO get paid this year? What did any CEO get paid? You may not know the exact amounts, but you probably think the answer is, Too much money. According to research from 40 countries...
-
The probability distribution for the number of accidents during a week at a junction is given as follows: Number of accidents (X) 0 1 2 3 Probability P(X=x) 2k 5k 6k 9k What is the probability that...
-
The average individual monthly spending in the United States for paging and messaging services is $10.15. If the standard deviation is $2.45 and the amounts are normally distributed, what is the...
-
Solve the compound linear inequality graphically. Write the solution set in set-builder or interval notation, and approximate endpoints to the nearest tenth whenever appropriate. 1.59.10.5x6.8
-
For simplicity, subtype discriminators were left off many figures in this chapter. Add subtype discriminator notation in each figure listed below. If necessary, create a new attribute for the...
-
Problem 5. You need to simulate a draw for a random variable X with the cumu- lative distribution function Fx defined by Fx(x) = = { x < 0 0 x using the inverse-transform method. You have generated a...
-
Your business uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Uncollectible Accounts had a credit balance of \($1,100.\) During the...
-
Big Blue Rental Corp. provides rental agent services to apartment building owners. Big Blue Rental Corp.'s preliminary income statement for August 2010, and its August 31, 2010, preliminary balance...
-
(1) Consider the telescoping series below: 3 n(n + 3)* n=1 To see that it is indeed telescoping, use partial fraction decomposition on an. Compute the value to which this series converges by...
-
Chumpy Lighting Limited manufactures a wide variety of light bulbs which it sells to lighting shops and builders merchants through wholesale distributors. It also sells direct to the big UK...
-
Connect the poem "Do Not Go Gentle Into That Good Night" by Dylan Thomas to the existentialist ideas. What is happening in the poem that relates to this philosophical approach?
-
Harvard Prep Shops, a national clothing chain, had sales of $300 million last year. The business has a steady net profit margin of 20 percent and a dividend payout ratio of 25 percent. The balance...
-
Vector A is 6.0 units long at a 56 angle with respect to the positive x-axis. Vector B is 12.6 units long at an angle of 218. Determine the difference between the vectors, CA - B in terms of...
-
Windows has something called Volume Shadow copies. Research and read about Shadow copies on the Internet. Question: Does Linux have anything similar to Shadow copies? What resources, outside of...
-
What is the relationship between angle of incidence and intensity of the reflected light for the case when light passes from air into water? Is there ever an angle of incidence such that there is no...
-
Fern has her own garden waste clearance business, JunkBunk. During exceptionally busy periods, she often gets her friend, Rose, to assist her with the heavy lifting. Fern is contacted by Mary, the...
-
3.1 Determine the size of the following matrices. 1 -2 3.1.1 A= 2 1 2 0 1 2 4 1 3.1.2 B = -2 1 0 2 2 0 - -1 1 3.1.3 C = [1-225]
-
Where are the olfactory sensory neurons, and why is that site poorly suited for their job?
-
Some of your advertisements seem to get no reaction, as though they are being ignored by the public. You have arranged for a study to measure the publics awareness of your brand before and after...
-
a. What is a statistic? b. What is the parameter?
-
Consider the percentage change in the value of the dollar with respect to Asia-Pacific currencies over approximately three quarters from the start of 2015 through mid-October (Table 3.8.13). a....
-
Give examples of non-current (or fixed) assets. In what circumstances would some of the items you have listed be current assets?
-
What is the difference between a non-current asset and a current asset?
-
You are given the following simplified statement of financial position of the Sandin Castle Company: a Calculate the current ratio. b Calculate the liquidity ratio. c After preparing the statement of...
Study smarter with the SolutionInn App