Consider the following note payable transactions of Crouse Video Productions. (Click the icon to view the...
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Consider the following note payable transactions of Crouse Video Productions. (Click the icon to view the transactions.) Requirements 1. Journalize the transactions for the company. 2. Considering the given transactions only, what are Crouse Video Productions' total liabilities on December 31, 2025? Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Apr. 1, 2024: Purchased equipment costing $56,000 by issuing a seven-year, 13% note payable. The note requires annual principal payments of $8,000 plus interest each April 1. Date 2024 Apr. 1 Accounts and Explanation Debit Credit Dec 31, 2024: Accrued interest on the note payable. Date 2024 Dec. 31 Accounts and Explanation Debit Credit Apr. 1, 2025: Paid the first installment on the note. Apr. 1, 2025: Paid the first installment on the note. Date 2025 Apr. 1 Accounts and Explanation Debit Credit Dec 31, 2025 Accrued interest on the note payable. Date 2025 Dec. 31 Accounts and Explanation Debit Credit Requirement 2. Considering the given transactions only, what are Crouse Video Productions total liabilities on December 31, 2025? The total liabilities of Crouse Video Productions on December 31, 2025 are Consider the following note payable transactions of Crouse Video Productions. (Click the icon to view the transactions.) Requirements 1. Journalize the transactions for the company. 2. Considering the given transactions only, what are Crouse Video Productions' total liabilities on December 31, 2025? Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Apr. 1, 2024: Purchased equipment costing $56,000 by issuing a seven-year, 13% note payable. The note requires annual principal payments of $8,000 plus interest each April 1. Date 2024 Apr. 1 Accounts and Explanation Debit Credit Dec 31, 2024: Accrued interest on the note payable. Date 2024 Dec. 31 Accounts and Explanation Debit Credit Apr. 1, 2025: Paid the first installment on the note. Apr. 1, 2025: Paid the first installment on the note. Date 2025 Apr. 1 Accounts and Explanation Debit Credit Dec 31, 2025 Accrued interest on the note payable. Date 2025 Dec. 31 Accounts and Explanation Debit Credit Requirement 2. Considering the given transactions only, what are Crouse Video Productions total liabilities on December 31, 2025? The total liabilities of Crouse Video Productions on December 31, 2025 are
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