Activity Calculator Print item Mastery Problem: Liabilities: Current, Installment Notes, and contingencies Copperfield and Company Chart of Accounts Payroll Short-Term Note Payable Short-Term Note Payable Shaded cells have to Copperfield and Company issued a 90 day, 5.00% note for $180,000 to a creditor on account. The previous clerk entered the following journal entries to record the note on July 10, and the payment of the note at maturity PAGE 25 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Jul 10 180.000.00 180.000.00 1 Accounts Payable Notes Payable Notes Payable Accounts Payable Interest Expense 189,000.00 180,000.00 1 9,000.00 eck My Work ent Score: 29.73% All work saved. Email Instructor 10 Lab Activity Calculator Print item Mastery Problem: Liabilities: Current, Installment Notes, and contingencies Copperfield and Company Chart of Accounts Payroll Short-Term Note Payable Short-Term Note Payable Shaded cells have feedback X You notice that the journal entry for recording the note on July 10 is corred, but the entry for the payment of the note at maturity (including interest) did not have a date and was not correct Journalize the payment of the note at maturity as it should have been journalized. Don't forget to include the date. Assume a 360-day year. How does grading work? PAGE 25 JOURNAL Score: 22/37 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF: DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jul. 10 Notes Payable Interest Expense Jul 10 Jul 10 Cash Points: 4.16/7 ock My Work ent Score: 29.73% All work saved Email Instructor Save and E ch. 10 Lab Activity Calculator Printer Mastery Problem: Liabilities: Current, Installment Notes, and contingencies Copperfield and Company Chart of Accounts Payroll Short-Term Note Payable Short-Term Note Payable You notice that the journal entry for recording the note on July 10 is corred, but the entry for the payment of the note of maturity (including interest) did not have a date and was not correct Journalize the payment of the note af maturity as it should have been jumalredDon't forget to include the date. Assume a 360-day your How does swing work? JOURNAL Score: 22/37 ACCOUNTING EQUATION DESCRIPTION POSL. REF. ASSETS LIABILITIES EQUITY DATE Jul. 10 Notes Payable Jul 10 Interest Expense 2 JUL 10 Cash Points 4.16/7 Check My Work Email Instructor Sul All work saved. Save and Ex ment Score: 29.73% Copperfield and Company Chart of Accounts Payroll Short-Term Note Payable Short-Term Note Payable You notice that the journal entry for recording the note on July 10 is correct, but the entry for the payment of the note at maturity including interest) did not have a date and was not correct Journalize the payment of the nate al maturity as it should have been journalized Don't forget to include the date. Assume a 360-day year How does creding work? PAGE 25 JOURNAL ACCOUNTING EQUATION Score: 22/37 POST. REF CREDIT ASSETS LABILITIES EQUITY DATE DESCRIPTION 1 Jul 10 Notes Payable Interest Expense 2 Jul 10 3 Jul. 10 Cash Points: 4 16/7 Check My Work All work saved. Email Instructor Save signment Score: 29.73% ntsessionLocatorinprogress=false a Ch. 10 Lab Activity Calculator Print item Mastery Problem: Liabilities: Current, Installment Notes, and contingencies Copperfield and Company Chart of Accounts Payroll Short-Term Note Payable Instalment Note Shaded cels have feedback The following journal entry was made by your predecessor to record the annual payment on a 5%, 10-year installment note JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION CREDIT ASSETS POST. REF 710 LIABILITIES EQUITY Oct. 1 178,500.00 Interest Expense Notes Payable 215 524.262.00 110 707.562.00 Using the information provided compute the following amounts Check My Work signment Score: 29.73% All work saved. Emacor Save and Exit Mastery Problem: Liabilities: Current, Installment Notes, and contingencies Copperfield and Company Chart of Accounts Payroll Short-Term Note Payable L Installment Note Using the information provided, compute the following amounts Shaded calls have feedback 1. What was the carrying amount (book value) of the installment note before the payment on October 1? $ Points 2. What portion of next year's payment will be interest? (Round the amount to the nearest dolar) $ Points 071 Feedback Check My Work 1. Think about how interest is calculated Check My Work onment Score: 29.73% All work saved. Ema Save and it 58