Business, 19.12.2019 05:31 campbellcameca

On january 1, 2021, tropical paradise borrows $35,000 by agreeing to a 6%, five-year note with the bank. the funds will be used to purchase a new bmw convertible for use in promoting resort properties to potential customers. loan payments of $676.65 are due at the end of each month with the first installment due on january 31, 2021.

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Answer from: barkonatree

Explanation:

The journal entries are shown below:

(A) Cash A/c Dr $35,000

To Note Payable $35,000

(Being issuance of the note payable is recorded)\

(B) Interest Expense A/c Dr $175

Note Payable A/c Dr $501.65

To Cash A/c $676.65

(Being payment of first monthly installment is recorded)

The interest expense is computed below:

= Principal × rate of interest × number of months ÷ (total number of months in a year)

= $35,000 × 6% × (1 months ÷ 12 months)

= $175

The 1 months is calculated from January 1 to January 31

Note Payable A/c Dr $504.16

To Cash A/c $676.65

(Being payment of second monthly installment is recorded)

The interest expense is computed below:

= Principal - first installment × rate of interest × number of months ÷ (total number of months in a year)

= $35,000 - $501.65 × 6% × (1 months ÷ 12 months)

= $172.49

The 1 months is calculated from January 1 to January 31

And, the remaining amount is debited to note payable

Answer from: Quest

the correct answer would be b, when, queen, calder hall and london.

explanation:

we always capitalize words when a paragraph or sentence is starting, when an important name is used, when a place is being written, or simply when a noun is used, etc. so in this sentence, sentence is starting from 'when', so it will be written in capital letters. secondly, queen is considered to be an important person, so it will also be written in capital letter. next, the name of the town is mentioned, i-e calder hall, which will also be written in capital letters. in the last, city name is being used, 'london', which will also be written in capital letters. so option b is the most appropriate one.

Answer from: Quest

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