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i need help finishing this please Exercise 10-5A (Static) Journal entries for a line of credit LO 102 Singer Company has a line of credit
i need help finishing this please
Exercise 10-5A (Static) Journal entries for a line of credit LO 102 Singer Company has a line of credit with United Bank. Singer can borrow up to $400,000 at any time over the course of the Year 1 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the first three months of Year 1 . Singer agreed to pay interest at an onnual rate equal to 2 percent above the bank's prime rate. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. For example, Singer pays 6.5 percent (4.5 percent +2 percent) annual interest on $140,000 for the month of February. Required Provide all journal entries pertaining to Singer's line of credit for the first three months of Year 1. (If no entry is required for a transection/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount) Journal entry worksheet 23456 Record the cash borrowed. final answers to the nearest dollar amount.) Journal entry worksheet Exercise 10-7A (Static) Two accounting cycles for bonds issued at face value LO 103 On January 1, Year 1, Bell Corporation issued $180,000 of 10-year, 6 percent bonds at their face amount. Interest is payable on December 31 of each year with the first payment due December 31 , Year 1 . Required Prepare all the general journal entries related to these bonds for Year 1 and Year 2 . (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 3 Journal entry worksheet 3 Record the issue of bonds payable. Note: Enter debits before credits Step by Step Solution
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