{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T04:48:08-04:00", "answer_date": "2024-06-28 04:48:08", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4243031", "url": "\/study-help\/questions\/on-january-1-grouper-corp-lent-48000-to-skysong-inc-4243031", "question_creation_date_js": "2024-06-28T04:48:08-04:00", "question_creation_date": "Jun 28, 2024 04:48 AM", "meta_title": "[Solved] On January 1, Grouper Corp. lent $48,000 | SolutionInn", "meta_description": "Answer of - On January 1, Grouper Corp. lent $48,000 to Skysong, Inc., accepting Skysong's $63,888, three-year, zero-interest-bear | SolutionInn", "meta_keywords": "january,1,grouper,corp,lent,$48,000,skysong,inc.,accepting,s,$63,888,three-year", "question_title_h1": "On January 1, Grouper Corp. lent $48,000 to Skysong, Inc., accepting Skysong's $63,888, three-year, zero-interest-bearing note. The implied interest is 10%. On January 1, Grouper", "question_title": "On January 1, Grouper Corp. lent $48,000 to Skysong, Inc., accepting Skysong's", "question_title_for_js_snippet": "On January 1, Grouper Corp lent $48,000 to Skysong, Inc , accepting Skysong's $63,888, three year, zero interest bearing note The implied interest is 10 On January 1, Grouper Corp lent $48,000 to Skysong, Inc , accepting Skysong's $63,888, three year, zero interest bearing note The implied interest is 10 (a) Prepare Grouper's journal entries for the initial transaction, recognition of interest each year assuming use of the effective interest method, and the collection of $63,888 at maturity (Credit account titles are automatically indented when amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) Account Titles and Explanation Debit Credit enter an account title to record initial transaction enter a debit amount enter a credit amount enter an account title to record initial transaction enter a debit amount enter a credit amount (To record initial transaction)enter an account title to record interest income in the first year enter a debit amount enter a credit amount enter an account title to record interest income in the first year enter a debit amount enter a credit amount (To record interest income in the first year)enter an account title to record interest income in the second year enter a debit amount enter a credit amount enter an account title to record interest income in the second year enter a debit amount enter a credit amount (To record interest income in the second year)enter an account title to record interest income in the third year enter a debit amount enter a credit amount enter an account title to record interest income in the third year enter a debit amount enter a credit amount (To record interest income in the third year)enter an account title to record collection at maturity enter a debit amount enter a credit amount enter an account title to record collection at maturity enter a debit amount enter a credit amount (To record collection at maturity)", "question_description": "

On January 1, Grouper Corp. lent $48,000 to Skysong, Inc., accepting Skysong's $63,888, three-year, zero-interest-bearing note. The implied interest is 10%.<\/span><\/p>

On January 1, Grouper Corp. lent $48,000 to Skysong, Inc., accepting Skysong's $63,888, three-year, zero-interest-bearing note. The implied interest is 10%.<\/p>

<\/p>

(a)<\/strong><\/p>

<\/p>

Prepare Grouper's journal entries for the initial transaction, recognition of interest each year assuming use of the effective interest method, and the collection of $63,888 at maturity.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select \"No Entry\" for the account titles and enter 0 for the amounts.)<\/em><\/strong><\/p>

<\/p>

Account Titles and Explanation<\/strong><\/p>

Debit<\/strong><\/p>

Credit<\/strong><\/p>

enter an account title to record initial transaction<\/p>

<\/p>

<\/p>

enter a debit amount<\/p>

<\/p>

<\/p>

enter a credit amount<\/p>

<\/p>

<\/p>

enter an account title to record initial transaction<\/p>

<\/p>

<\/p>

enter a debit amount<\/p>

<\/p>

<\/p>

enter a credit amount<\/p>

<\/p>

<\/p>

(To record initial transaction)enter an account title to record interest income in the first year<\/p>

<\/p>

<\/p>

enter a debit amount<\/p>

<\/p>

<\/p>

enter a credit amount<\/p>

<\/p>

<\/p>

enter an account title to record interest income in the first year<\/p>

<\/p>

<\/p>

enter a debit amount<\/p>

<\/p>

<\/p>

enter a credit amount<\/p>

<\/p>

<\/p>

(To record interest income in the first year)enter an account title to record interest income in the second year<\/p>

<\/p>

<\/p>

enter a debit amount<\/p>

<\/p>

<\/p>

enter a credit amount<\/p>

<\/p>

<\/p>

enter an account title to record interest income in the second year<\/p>

<\/p>

<\/p>

enter a debit amount<\/p>

<\/p>

<\/p>

enter a credit amount<\/p>

<\/p>

<\/p>

(To record interest income in the second year)enter an account title to record interest income in the third year<\/p>

<\/p>

<\/p>

enter a debit amount<\/p>

<\/p>

<\/p>

enter a credit amount<\/p>

<\/p>

<\/p>

enter an account title to record interest income in the third year<\/p>

<\/p>

<\/p>

enter a debit amount<\/p>

<\/p>

<\/p>

enter a credit amount<\/p>

<\/p>

<\/p>

(To record interest income in the third year)enter an account title to record collection at maturity<\/p>

<\/p>

<\/p>

enter a debit amount<\/p>

<\/p>

<\/p>

enter a credit amount<\/p>

<\/p>

<\/p>

enter an account title to record collection at maturity<\/p>

<\/p>

<\/p>

enter a debit amount<\/p>

<\/p>

<\/p>

enter a credit amount<\/p>

<\/p>

<\/p>

(To record collection at maturity)<\/p>

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