Question: On January l, 2014, LeMay-Finn signed a $200,000, five-year, 6% note. The loan required LeMay-Finn to make payments on December 31 of $40,000 principal plus

On January l, 2014, LeMay-Finn signed a $200,000, five-year, 6% note. The loan required LeMay-Finn to make payments on December 31 of $40,000 principal plus interest.
Requirements
1. Journalize the issuance of the note on January l, 2014.
2. Journalize the first note payment on December 31, 2014.

Step by Step Solution

★★★★★

3.50 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

tr msoheightsourceauto col msowidthsourceauto br msodataplacementsamecell style0 msonumberformatGeneral textaligngeneral verticalalignbottom whitespacenowrap msorotate0 msobackgroundsourceauto msopatt... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

907-B-A-L (6358).xlsx

300 KBs Excel File

Students Have Also Explored These Related Accounting Questions!

On January 1, 2014, LeMay- Finn signed a $ 200,000, five- year, 6% note. The loan required LeMay- Finn to make payments on December 31 of $ 40,000 principal plus interest. Requirements 1. Journalize...

On January 1, 2014, LeMay-Finn, Co., signed a $200,000, five-year, 6% note. The loan required LeMay-Finn to make payments on December 31 of $40,000 principal plus interest. Requirements 1. Journalize...

On January 1, 2016, Locker-Farrell signed a $200,000, 10-year, 13% note. The loan required Locker-Farrell to make annual payments on December 31 of $20,000 principal plus interest. Requirements 1....

-1 Accounting for a long-term note payable [10-15 min] On January 1, 2014, LeMay-Finn signed a $200,000, five-year, 6% note. The loan required LeMay-Finn to make payments on Deceember 31 of $40,000...

S14-1 Accounting for a long-term note payable On January 1, 2014, LeMay-Finn signed a $200,000, five-year, 6% note. The loan required LeMay-Finn to make payments on December 31 of $40,000 principal...

Homework: Ch 14 Homework A-Graded 1, SF 14- 1 (similar to) Part 1 of 2 64.61%, 60.73 of 94 points O Points: 0 of 10 Save On January 1, 2024. Leng - Fem signed a $720 000, 12-year 6% note. The loan...

Kindly help me in this question On 1 January 2018, Mary-Finn Couture signed a $200,000, five-year, 6% note. The loan required Mary-Finn to make payments on 31 December of $40,000 principal plus...

On January 1, 2014, Fox Corporation signed an $80,000, four-year, 4% note. The loan required Fox to make payments annually on December 31 of $20,000 principal plus interest. 1. Journalize the...

Accounting Research Center, Booth School of Business, University of Chicago Why Do Audits Fail? Evidence from Lincoln Savings and Loan Author(s): Merle Erickson, Brian W. Mayhew, William L. Felix,...

On January 1, 2016, Leming - Fang signed a $1,200,000 12- year, 5% note. the loan required Leming-Fang to make annual payments on December 31 of $100,000 principal plus interest This Question: 1 pt...

Moon Chemicals and Minerals (Pvt) Limited is a small-scale industry. The company purchased and constructed building in the year 1993. It started production in the year 1996. Its main product is...

Statistical calculations and preparation of tables and graphs can be done using O Excel O QBASIC O word 2 points

Summit Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances...

Draw a vertical line through a normal distribution for each of the following z-score locations. Determine whether the body is on the right or left side of the line and find the proportion in the...

What are reversing entries? Are they required by GAAP?

What is the closing process?

What type of credit derivative contract would you recommend for each of these situations: a. A bank plans to issue a group of bonds backed by a pool of credit card loans but fears that the default...

Scanlin, Inc., is considering a project that will result in initial aftertax cash savings of $1.79 million at the end of the first year, and these savings will grow at a rate of 3 percent per year...

Assignment 3 Questions: Week 10 & Week 11 (10 Marks) Q.1. In a report dated December 15, 2004, the Office of Economic Analysis of the U.S. Securities and Exchange Commission (SEC) compared trade...