Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help with double checking the accounts and help solving for all numbers On July 1,2025, Wildhorse Equipment Company sold a fishing boat to James

please help with double checking the accounts and help solving for all numbers
image text in transcribed
image text in transcribed
On July 1,2025, Wildhorse Equipment Company sold a fishing boat to James Brothers Yatching. Inc. In lieu of a cash payment James Brothers Yachting gave Wildhorse a 3-year, $135,000,8% note (a realistic rate of interest for a note of this type). The note required interest to be paid annually on July 1. Wildhorse's financial statements are prepared on a calendar-year basis. Assuming James Brothers Yatching fulfills all the terms of the note, prepare the necessary journal entries for Wildhorse Equipment Company for the entire term of the note. Assumes reversing entries were not made on January 1,2026, January 1, 2027, and January 1, 2028. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select" "No Entry" for the account tities and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Interest Revenue \begin{tabular}{|r|} \hline 540 \\ \hline 540 \\ \hline \end{tabular} 7/1/2027 cosh 10000 Interest Receivable 10000 Interest Revenue \begin{tabular}{|} 54 \\ 540 \\ \hline \end{tabular} 12/31/2027 Interest Receivable Interest Revenue 7/1/2028 Cash 10800 Interest Receivable I Interest Recr vather Interest Revenue (To record the collection of interest) 7/1/2028 Cash 135000 Notes Receivable 13500 (To record the collection of the note)

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_2

Step: 3

blur-text-image_3

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

Cost Accounting A Managerial Emphasis

Authors: Charles T Horngren

5th Edition

0131796712, 978-0131796713

More Books

Students also viewed these Accounting questions

Question

=+What is our leadership style like?

Answered: 1 week ago

Question

=+What are our core competencies or competitive advantages?

Answered: 1 week ago