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can someone explain how to do these? Notes Payable CHAPTER 10 Record the journal entries on the books of Stanley's Garage, Inc. for the following
can someone explain how to do these? Notes Payable CHAPTER 10 Record the journal entries on the books of Stanley's Garage, Inc. for the following transactions: October 1, 2019: Borrowed $60,000 from Wells Fargo Bank and signed a 10 month, 8% note. December 31, 2019: Made the necessary year-end adjusting journal entry for the note. August 1, 2020: Repaid the note plus all interest due to Wells Fargo Credit Date October 1, 2019 Accounts Cash ble payable 1 Debit 600,000 ! December 31, 2019 400 Iotrest Expense Intres) payable 1910 August 1, 2020 Intrest Payable | Note Payable Cash 4000 160.000 64000 BONDS Scenario 1 Rockhounds, Inc. issued $500,000 of five-year, 6% bonds on January 1, 2017. Interest is paid semi- annually. The market rate of interest on the date of issuance was 8%. Will these bonds sell at face value, at a discount or at a premium? Calculate the issuance price of the bonds in the space below. BONDS Scenario 2 (Independent of the above details) Rockhounds, Inc. issued $500,000 of five-year, 6% bonds AT FACE VALUE on March 31, 2016. Interest is paid annually on March 31 of each year. The bonds mature on March 31, 2022 Prepare the journal entries for the following transactions: 1. The issuance of the bonds on March 31, 2016 2. The accrual of interest on December 31, 2016. 3. The payment of interest on March 31, 2017 4. The REDEMPTION of the bonds on March 31, 2021. Accounts Debit Credit Date March 31, 2016 Dec 31, 2016 March 31, 2017 BONDS Scenario 3 of the bonds with a face value of $500,000 are issued at 102, record the issuance of the bonds at March 31, 2017 Accounts Debit Credit Date March 31, 2017 if the bonds with a face value of $500,000 are issued at 98, record the issuance of the bonds at March 31, 2017 Accounts March 31, 2017 Date Debit Credit
can someone explain how to do these?
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