Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6) On March 3rd. Tina's Laundromat collected sales of $22,800 and sales taxes of $1,800. What is the journal entry that Tina's Laundromat needs to

image text in transcribed
6) On March 3rd. Tina's Laundromat collected sales of $22,800 and sales taxes of $1,800. What is the journal entry that Tina's Laundromat needs to record for this activity? 7) a. Louise Corp. issued $500,000,10 year, 10% bonds at 104 . Prepare the entry to record the sale of these bonds: b. Assume that after 7 years the remaining unamortized premium is $6,000. What would be the carrying value of Louise Corp.'s bond at that date? 8) Bob's Burgers purchased a building on January 1st by signing a long-term $900,000 mortgage with monthly payments of $10,000. The mortgage carries an interest rate of 4%. a. Write the journal entry to record the purchase of the building by signing the long-term mortgage. b. Write the journal entry to record the first monthly payment (Jan, 31 si ) by Bob's Burgers. c. What is the balance in the Mortgage Payable account, after this first monthly payment is recorded? d. Write the journal entry to record the second monthly payment (Feb. 28th ) by Bob's Burgers. e. What is the balance in the Mortgage Payable account, after this second monthly payment is recorded

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Integrated Audit Practice Case

Authors: David S. Kerr, Randal J. Elder, Alvin A. Arens

5th Edition

0912503351, 9780912503356

More Books

Students also viewed these Accounting questions

Question

How would you measure the impact of values-based leadership?

Answered: 1 week ago

Question

16.7 Describe the three steps in the collective bargaining process.

Answered: 1 week ago