Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oo January 1, 2020, the bank lent the Siarlight Ltd. 5700,000 at an interest rate of 4%. The bank loan requires aanual payments of $192,843

image text in transcribed
image text in transcribed
Oo January 1, 2020, the bank lent the Siarlight Ltd. 5700,000 at an interest rate of 4%. The bank loan requires aanual payments of $192,843 over a period of four years. The company's year end is December 31 . Required: i) Prepare the notes instalment schedule for the four years. Round up your answers to the nearest whole number. 2 marks ii) Record the journal entry for the first instaiment payment on December 31,2020,1 mark Question 2 (2 marks) Cling-on Corp has a December 31 year-end. It received its property tax notice for $24,000 for the calendar year on March 31. The invoice is payable same date. (Calendar year is January 1 December 31). Assume the company adjusts its accounts annually. Required: Prepare the journal entries to record the property tax on: No explanations are needed

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

Intermediate Accounting

Authors: Steven M. Bragg

1st Edition

1642210803, 9781642210804

More Books

Students also viewed these Accounting questions

Question

How do adjusting entries affect the balance sheet?

Answered: 1 week ago