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.)