Keesha Co. borrows $230,000 cash on November 1 of the current year by signing a 180-day, 7%, $230,000 note.1. On what date does this note mature?2. & 3. What is the amount of Interest expense in the current year and the following year from this note?4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note atmaturlty.Complete this question by entering your answers in the tabs below.pokintReg 1Reg 2 and 3Reg 4IntencesPrepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note atmaturity. (Use 360 days a year. Do not round intermediate calculations.)View transaction listJournal entry worksheet>3Record the issuance of the note on November 1.Note: Enter debits before credits.DebitCreditTransactionGeneral Journal(a)Prev1 of 2Next>MacBook Air Reg 1Reg 2 and 3Req 4Prepare journal entries to record (a) issuance of the note, (b) accrual of Interest on December 31, and (c) payment of the note atmaturity. (Use 360 days a year. Do not round intermediate calculations.)View transaction listJournal entry worksheet1Record the issuance of the note on November 1.Note: Enter debite before credits.General Journal:DebitCreditTransaction(a)Clear entryVlow ganeral JournalRecord entryPrey1 of 2 Next >

Name: Keesha Co. borrows $230,000 cash on November 1 of the current year by
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Description: Keesha Co. borrows $230,000 cash on November 1 of the current year by signing a 180-day, 7%, $230,000 note.1. On what date does this note mature?2. & 3. What is the amount of Interest expense in the current year and the following year from this note

These are the accounting transactions that are having a monetary impact on the financial statement…

Business

Accounting

1. On what date does this note mature? 2. & 3. What is the amount of Interest expense in the current year and the followin 4. Prepare journal entries to record (a) isuance of the note, (b) accrual of interest maturity. Complete this question by entering your answers in the tabs below.

1. On what date does this note mature? 2. & 3. What is the amount of Interest expense in the current year and the followin 4. Prepare journal entries to record (a) isuance of the note, (b) accrual of interest maturity. Complete this question by entering your answers in the tabs below.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

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Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.
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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
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