14Accepted a 60-day, 9% note for $62,400 from Dry Creek Co. on accountApr. 3Received the interest due from Trina Gelhaus and a new 120-day, 10% note as a renewal of the loan ofJanuary 3. (Record both the debit and the credit to the notes receivable account Use a compoundjournal entry with debits belore credits)May 11Received from Bradford & Co. the amount due on the note of March 12.13.Dry Creek Co. dishonored its note dated March 14.July 12Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at12% computed on the maturity value of the noteAug 1.Received from Trina Gelhaus the amount due on her note of April 3.Oct 5Sold merchandise on account to Halloran Co, $14,900 The cost of the merchandise sold was $8.94015Received from Halloran Co. the amount of the invoice of October 5Required:Journalize the entries to record the transactions Refer to the Chart of Accounts for exact wording of account tiles Assume a 360-day year wcalculating interest

DATE PARTICULARS DEBIT CREDIT May. 14 Notes Receivable 62,400 Accounts Receivable-Dry Creek…

Answered: 14 Accepted a 60-day, 9% note for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Entries for notes payable A business issued a 60-day, 15% note for $85,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360 days in a year. If an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar.
Round answers to nearest dollar
Current Attempt in Progress Carla Vista Distributors has the following transactions related to notes receivable during the last month of the year. Dec. 1 Loaned $11,520 cash to J. Cash on a 1-year, 5% note. 16 Sold goods to W. Jennings, receiving a $9,600, 60-day, 6% note. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Carla Vista Distributors. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
Use the journals provided in the assignment file to journalize the notes receivable transactions below. Nov. 2 - Received cash for the maturity value of a notes receivable for $400.00 plus $15.00 interest. Receipt 49 Nov. 10 - Accepted a 60-day, 9% note from Paula Jones for an extension of time on her account, $2,000.00. Note NR13 Nov. 20 - Accepted a 90-day, 8% note from George Robbins for an extension of time on his account, $3,000.00. Note NR14 Nov. 27 - Received cash for the maturity value of a notes receivable for $1,000.00 plus $30.00 interest. Receipt 51
Wisconsin Bank lends Local Furniture Company $80,000 on November 1. Local Furniture Company signs a $80,000, 6%, 4 month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is: A. debit Interest Expense and credit Cash for $800 B. debit Interest Payable and credit Interest Expense for $800 C. debit Interest Expense and credit Interest Payable for $800 D. debit Interest Payable and credit Cash for $800 thanks for helpa hpelah
On May 22, Jarrett Company borrows 9, 200, signing a 90-day, 7% $9, 200 noteWhat is the journal entry made by Jarrett Company to record the payment of the note on the maturity date? Choice Notes Payable $9,200, credit interest Expense $161 credit Cash $9,039 Notes Payable 9.200 credit Cash $9.200 Debit Notes Payable $9,361, credit Cash $9.361
10
4. Jill Hamlin borrowed $40,000 from the bank on August 16, issuing the bank a 12% note. The entry to record accrued interest on the note on August 31 (15 days later) would include: a . debit Interest Expense for $197.26 b. debit Interest Payable for $197.26 c. credit Interest Expense for $407.67 d. credit Interest Payable for $407.67 d. debit Cash for $18,000
Bramble Corp. lends Sheffield Corp. $50400 on April 1, accepting a four-month, 9% interest note. Bramble Corp. prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared? O Interest Receivable 378 Interest Revenue 378 Interest Revenue 80 Cash Note Receivable Cash Interest Receivable Interest Revenue Type here to search 378 50400 1134 S 378 50400 1134 17
Record the following transactions in general journal form: Issued a $6,000 note to Shelter, Inc for 72 days at 10% on account. 2. Discounted a $6,000, 36-day, 6% note payable at the bank. 3.Paid the note due its due date in (b)
Gentry Wholesalers accepts from Concord Stores a $8,850, 4-month, 8% note dated May 31 in settlement of Concord’soverdue account. The maturity date of the note is September 30. What entry does Gentry make at the maturity date,assuming Concord pays the note and interest in full at that time?Date Account Titles and Explanation Debit CreditSept.30 Notes ReceivableInterest ReceivableNotes Payable
Compute the interest accrued on each of the following notes receivable held by Kirkland, Inc., on December 31: (Round to the nearest dollar.) Maker Date ofNote Principal InterestRate Term Abel November 21 $42,000 12% 120 days Baker December 13 32,000 9% 90 days Charlie December 19 25,000 6% 60 days

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