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    I have an accounting assignment and I am so lost on how to do some of the questions. If someone could help me out with the questions I would be so thankful. For all of the questions, assume I am doing them at year end for december 31, 2009. 1) Loan #1 of 250 000 was originally obtained sept 1 2008. the company pays interest once a year on feb 1 at a rate of 5% per annum. The company has to make a $32000 principle repayment each september and the next payment of principle will not be until sept 28,2010. 2) On dec 28 2009 you shipped 15000 units of product, FOB destination,to a customer. The selling price per package was 2.75 and the cost 1.95. The goods were recieved by the customer on jan 3 2010. You recorded the sale and cost of goods sold entries on dec 28,2009. 3) the company purchased a one year insurance policy effective aug 1 2009 for 15600. when the premium was paid the full amount was charged to insurance expense.

    Sandy - thank you so much!! This is a 10 page assignment and it is killing me, I am so confused. In case you check back on this question or if someone else checks I have a few more questions that I need help with. 4)Loan #2 $70 000 was obtained november 2009 to help with purchase of equipment. The interest rate on the loan is 7% and is automatically deducted from your bank account on the last day of each month. Principle payments are $16 000 per year paid on oct 31 starting in 2010. You review the dec 2009 bank statement and the ledger and note that the december interest payment has been recorded appropriately. (does this mean that no adjusting entry has to be made or am I completely missing something) 5) the company recieved $5000 on dec 20 2009 for a party to be held on jan 15 2010. The company recorded the amount as follows: dr. cash 5000 cr. sales 5000

    1) Loan #1 of 250 000 was originally obtained sept 1 2008. the company pays interest once a year on feb 1 at a rate of 5% per annum. The company has to make a $32000 principle repayment each september and the next payment of principle will not be until sept 28, 2010. The co. would have paid interest on Feb 1, 2009 when the principal was 250 000. In Sept 2009 (I'm assuming end Sept), repayment of $32,000 was made, so the principal dropped to $218,000. You need to accrue interest from Feb 1 to Sept 30 based on 250 000, and from Oct 1 to Dec 31 based on $218,000, i.e. ( 250,000 x 5% x 8/12) + ($218,000 x 5% x 3/12) = $8,333.33 + $2,725 = $11,058.33 Dr Interest expense $11,058.33 Cr Interest payable $11,058.33 If you assume that repayment was made on Sept 1 instead of Sept 30, adjust accordingly. 2) On dec 28 2009 you shipped 15000 units of product, FOB destination,to a customer. The selling price per package was 2.75 and the cost 1.95. The goods were recieved by the customer on jan 3 2010. You recorded the sale and cost of goods sold entries on dec 28, 2009. The sale was made FOB destination, so title to the goods transferred only on Jan 3, so at Dec 31, the goods were still yours. You need to put them back into inventory. You need to reverse the entries you made: Dr Sales $41,250 (15000 units x 2.75) Cr Florida $41,250 Dr Merchandise inventory $29,250 (15000 units x 1.95) Cr COGS $29,250 3) the company purchased a one year insurance policy effective aug 1 2009 for 15600. when the premium was paid the full amount was charged to Only 5 months worth of insurance should have been charged to insurance expense, not the full 12 mths, so you need to reverse 7 mths out of insurance expense Dr Prepaid insurance $9,100 Cr Insurance expense $9,100

If I am a new student applying for a loan, do I have a to worry about the July 1 interest rate increase?

  • Paolo Jakubowski
    Paolo Jakubowski
    Nobody 's it is pointless afraid of about. unfortunately, it right 6.8% stafford interest rates applies to just you and graduate students i go school year since that 1 july 1st. follow up right away won't case files also the 's rate of applicable to all the stafford loans "first been provided later then this month 1st" and look the right cannot in fact disburse a return a mortgage for only a few day prior to the various categories start. oh , if your tone course are begin before july 2005 1, you can not be as reduced rate school children got the long run year.