On March 1, 2024, Barker Services issued a 5% long-term note…

On March 1, 2024, Barker Services issued a 5% long-term notes payable for $28,000. It is payable over a 4-year term in $7,000 annual principal payments on March 1 of each year, plus interest, beginning March 1, 2025. How will the notes payable be shown on the balance sheet dated December 31, 2024?

On January 1, 2025, Commercial Equipment Sales issued $28,00…

On January 1, 2025, Commercial Equipment Sales issued $28,000 in bonds for $25,600. These are six-year bonds with a stated interest rate of 10%, and pay semiannual interest on June 30 and December 31. Commercial Equipment Sales uses the straight-line method to amortize the Bond Discount. What amount is debited to Interest Expense on June 30, 2025? 

On April 1, 2025, PAAST, Inc. received $8,000 in advance of…

On April 1, 2025, PAAST, Inc. received $8,000 in advance of performing the services from a customer for three months of service — April, May and June. No entry was recorded in April. What would be the journal entry to adjust the accounts at the end of May? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.)

On July 1, 2025, Montana Company has bonds with balances as…

On July 1, 2025, Montana Company has bonds with balances as shown below.  Bonds Payable    (CR)  70,000      Discount on Bonds Payable        (DR)  3,600       If the company retires the bonds for $71,150, what will be the effect on the income statement? 

Masterpiece Sales Corporation offers warranties on all their…

Masterpiece Sales Corporation offers warranties on all their electronic goods. Warranty expense is estimated at 3% of sales revenue. In 2025, the company had $602,000 in sales. In the same year, Masterpiece Sales replaced defective goods with goods that had a cost of $16,500. Which of the following is the entry needed to record the replacement of the defective goods?