1. This is the first accounting period for Lo LoLawrence Landscaping. The Temporary Equityaccounts have the following balances on July 31st:Revenue $100,000Withdrawals $20,000Salary Expense $50,000Utility Expense $10,000.Required: Record the four closing journalentries in the closing journal.

Hello student! Closing Entries are made to transfer the balance of temporary accounts to permanent…

Answered: 1. This is the first accounting period…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 3AP

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A company purchased a certificate of deposit (a short-term investment that pays interest to the purchaser when it matures) on March 1 that will pay $120 of interest 3 months from that date when it matures. On March 31, which of the following adjusting journal entries would be made? Account Debit Credit A. Interest receivable 120 Interest revenue 120 B. Interest receivable 40 Interest revenue 40 C. Interest receivable 120 Unearned revenue 120 D. No entry is recorded on March 31. Group of answer choices A. B. C. D.
Prepare journal entries for the following transactions of Danica Company. Dec. 13 Accepted a $9,500, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note.
Required information Use the following information for the Exercises 18-19 below. (Algo) [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $24,000, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-19 (Algo) Notes receivable transactions LO P4 January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $18,000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $15,000, 30-day, 6 % note in granting H. Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on…
On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a $20,200 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $212 Ob. $202 Oc. $199 Od. $209
On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a $17,800 account receivable. The note is due in six months. At December 31, Black should record interest revenue of a.$455 b.$442 c.$445 d.$452
Following are transactions of Danica Company 13 Accepted a $9,500, 45-day, 81 note in granting Miranda Lee a extension on her past-due account receivable. Prepared an adjusting entry to record accrued interest the Lee note. Complete the table to calculate the Interest amounts at Dexember 31^ \st and use the calculated value to prepare your journal entries. (Do not round your intermediate calculations. Use 360 days a year.)
Instructions Mar. Purchased merchandise on account from Kirkwood Co., $372,000, terms n/30. 1 31 Issued a 30-day, 4% note for $372,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. Borrowed $150,000 from Triple Creek Bank, issuing a 45-day, 8% note. 1 Jul. 1. Purchased tools by issuing a $276,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6.5% note for $150,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. Purchased equipment from Greenwood Co. for $540,000, paying $108,000 cash and issuing a series of ten 4% notes for $43,200 each, coming due at 30-day intervals. 22 Settled a product liability lawsuit with a customer for $309,500, payable…
On October 1, Black Company receives a 8% interest-bearing note from Reese Company to settle a $18,600 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $369 Оb. $372 Ос. $382 Od. $379
Prepare journal entries to record transactions for Vitalo Company. Nov. 1 Accepted a $6,000, 180-day, 8% note from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the White note. Apr. 30 White honored her note when presented for payment.
Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7
On August 1, Wilshire Company borrowed $150,000 from People's National Bank on a 1-year, 8% note. Required: Hide What adjusting entry should Wilshire make at December 31? Dec. 31 1 result is available, use up and down arrow keys to navigate. (Record accrual of interest expense)
5) Chapter 11 Inc. entered into the following transactions relating to notes payable: Sept. 1 Purchased inventory costing $48,000 by signing an 8-month, 6% note payable. Nov. 1 Purchased inventory costing $30,000 by signing a 1-year, 7% note payable. a. Prepare journal entries to record the above transactions. b. Assuming Chapter 11 Inc. has a December 31 year end, prepare any adjusting entries needed for the accrual ofinterest. For ease of computation assume that Chapter 11 Inc. calculates interest expense based on the number of months outstanding, rather than the number of days.

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