2. On October 25, 2020 Quick Corp. prints a cheque for November's rent payment. Quick Corp. mails the cheque on October 27 to the landlord. The landlord receives the cheque October 31 and cashes the cheque on November 2. When should Quick Corp. record the rent expense associated with this transaction? A) October 25, B) October 27 C) November 30 D) November 2
Q: The journal entry to record the payment of the monthly rent would include:
A: As per accounting rule, all expenses account will be debited and all asset account like Cash will be…
Q: Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 7 note from…
A: Journal Entry is the primary step to record the transaction in the books of accounts. Accounts…
Q: The following unadjusted accounts are taken from the records of Brown Corp. at December 31, 2019:…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: Instructions General Journal Shaded cells have feedback. PAGE 1 Landcaster Inc. sells its products…
A: Unearned Warranty revenue is recognized on the straight line basis over the warranty period.
Q: what is the entry to record the receipt of the funds from the loan? what is the entry to accrue…
A:
Q: . Journalize all entries for Symphony Bank related to the note for 2018 and 2019.
A:
Q: On January 1, 2021, LLB Industries borrowed $400,000 from Trust Bank by issuing a two-year, 8% note,…
A: Notes Payable: - Notes payable refers to a loan from a bank or any other financial institution…
Q: 1. Record the receipt of a note on February 28, 2018 for a $70,000 loan to an employee. 2. Record…
A: Journal entry: It is a systematic record of a financial transaction of an organization recorded in…
Q: 1. Calculate Smith's preadjustment balance in accounts receivable on December 31, 2019. $ 372,150 x…
A: Aging method: This is a method in which the receivables are sorted according to their collectable…
Q: At the end of 2019, Framber Company received $8000 as a prepayment for renting a building to a…
A: A preceding period adjustment will be used to accommodate for an inaccuracy. Any modifications to…
Q: Kelly Jones and Tami Crawford borrowed $12.000 on a 7-month, 6% note from Gem State Bank to open…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: On October 1, 2021, Oberley Corporation loans one of its employees $24,000 and accepts a 12-month,…
A: Using accrual basis accounting, the revenue is earned and recorded in the period it is actually…
Q: Vaughn Company borrowed $31,200 on November 1, 2025, by signing a $31,200, 9%, 3-month note. Prepare…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: XYZ Corporation wants to issue ten-year $1,000 bonds 6% stated rate paying interest annually. Market…
A: Bonds represents the obligation of the company arose by borrowing financial help from the public by…
Q: all principal and interest payments have been made. Problem 6-7 (AICPA Adapted) beginning January 1,…
A: Company issued note at 12% for 12 month so interest rate for 1 month = 12%/12 = 1%
Q: Prepare journal entry for Windsor, Inc. to record the receipt of the proceeds of the note. Prepare…
A: Solution:- Given, Windsor, Inc. borrows $67,200 from Wildhorse Co. Signing a 4%, one-year note…
Q: Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of…
A: A note receivable is a promissory note form in which one person promises to pay the money to another…
Q: On August 31, 2018, BetsyTotten borrowed $1,000 from Iowa State Bank. Totten signed a note payable,…
A: Journal: Recording of a business transactions in a chronological order.
Q: On January 1, 2021, the Montgomery Company agreed to purchase a building by making six payments. The…
A: Cost of building: Annual payment PV Factor at 9% Present Value Year 1 $44,000 0.91743…
Q: Following are transactions for Vitalo Company. November 1 Accepted a $7,000, 180-day, 7% note from…
A: The accrued interest is the amount of interest due but not received in cash. The maturity amount is…
Q: b. On September 1, 2019 the Robbem Co. received a $30,000 note receivable from a customer in…
A: December 31, 2019 = Face value of note x rate of interest x No. of months / 12 = $30,000 x 12% x…
Q: During 2021, LeBron Corporation accepts the following notes receivable. 1. On April 1, LeBron…
A: Meaning of Notes Receivable: It is an asset of company that includes a promissory note from another…
Q: Pocotalk Electronics issued a $1,000,000, 5%, 10-ycar mortgage note on December 31, 2018. The…
A: 1. Date Cash Paid Interest Expense Principal Installment Balance of payable 31 Dec 18…
Q: On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $121,800 on December…
A: The promissory note is a kind of security issued by a business entity in order to raise fund. The…
Q: Do a journal entry to account for insurance expense incurred in the month of December. Date the…
A: Journal Entry is a record of a transaction in accounting system
Q: e is a single taxpayer- nce on her pre-2021 ere to access the wit
A: Part A Particulars Amount Wages 2,200.00 Less: Allowance -358.00 Adjusted Wages…
Q: On November 1, 2019, Edwin Inc. borrowed cash and signed a $60,000, 1-year note payable.…
A: Every business transaction should indeed be documented in at least two locations, according to the…
Q: On August 2, Jun Co. receives a $6,900, 90-day, 11.0% note from customer Ryan Albany as payment on…
A:
Q: Bridgeport Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour…
A: Actual Hourly Vacation Days Used Sick Days Used Wage rate by Each Employee by Each…
Q: Sheridan Corporation borrowed $62,400 on November 1, 2020, by signing a $63,600, 3-month,…
A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: 18.0n June 1, 2021, Whipple Corporation received $2,520 in advance for a two-year rental of some…
A: Given, Rent paid in advance = $2,520 June 1, 2021 to Dec. 31, 2021 = 7 months
Q: elly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open…
A: given that, loan amount = $10500 period of loan = 7months rate of interest on loan = 8%
Q: Cardinal Company, a dealer in lawn equipment, accepted a 6 month note receivable from a customer on…
A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…
Q: Howe is party to a patent infringement lawsuit of $200,000. Howe's attorney is certain it is remote…
A: If the company losses any lawsuit it creates liability for the company and the company must record…
Q: Record the following transactions for Sheridan Company in the general journal. (Credit account…
A: Notes Receivable - Notes is an instrument requires the issuer to pay the amount agrees to pay on a…
Q: SweetFish Corp. issued bonds with a par value of $920,000 and a five-year life on May 1, 2020. The…
A: Formulas Used:- Cash Interest Paid = @5.75% of 920,000 Period Interest Expenses = @6% of Carrying…
Q: the property taxes were levied in the amount of $905,000. All of the taxes are expected to be…
A: Journalizing is the process of recording financial transactions in a journal, where each entry…
Q: On December 31, 2019, Oriole Inc. borrowed $3,060,000 at 13% payable annually to finance the…
A: Capitalization of interest The amount of interest cost that theoretically could have been avoided if…
Q: t titles are automatically indented when amount is entered. Do not indent manually. Round…
A: The amount ofrevenue recieved towards warranty contracts is for 2 years. The warranty revenue to be…
Q: December 11, 2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign…
A: Journal is the book of original entry in which all the financial transactions of the business are…
Q: i Required Information [The following Information applies to the questions displayed below.]…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: On November 1, 2023, Tommy Tunes accepted a $15,200, 6-month, 4% note from customer Tammy Notune.…
A: Notes receivable refers to a written, unconditional promise made by an individual or business to pay…
Q: Zenephia Corp. accepted a nine-month note receivable from a customer on October 1, 2022. If Zenephia…
A: As per Revenue Recognition principle, revenue is recognized when the goods are sold or services are…
Q: On November 30, 2020, James Co. lent money to Scott Co. and issued a 5-month, $120,000, 8% mote…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: Prepare all of the journal entries for the lessor for 2020 and 2021 to record the lease agreement,…
A: It has been given in the question that the annual lease payment is at the beginning of the year it…
Q: 99) On November 1, Casey's Snowboards signed a $12,000, 90-day, 5% note payable to cover a past due…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
![2. On October 25, 2020 Quick Corp. prints a cheque for November's rent payment. Quick Corp.
mails the cheque on October 27 to the landlord. The landlord receives the cheque October 31 and
cashes the cheque on November 2. When should Quick Corp. record the rent expense associated
with this transaction?
A) October 25,
B) October 27
C) November 30
D) November 2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3f07198c-f250-4783-beb1-a7cd49ba2863%2F3737b50a-32a2-414b-97c4-1beeb040c17a%2F5mnpby_processed.jpeg&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Larkspur Leasing Company signs a lease agreement on January 1, 2025, to lease electronic equipment to Crane Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement. 1. Crane has the option to purchase the equipment for $27,000 upon termination of the lease. It is not reasonably certain that Crane will exercise this option. 2. The equipment has a cost of $330, 000 and fair value of $368,000 to Larkspur Leasing. The useful economic life is 2 years, with a residual value of $27,000. 3. Larkspur Leasing desires to earn a return of 6% on its investment. 4. Collectibility of the payments by Larkspur Leasing is probable. Prepare the journal entries on the books of Larkspur Leasing to record the payments received under the lease and to recognize income for the years 2025 and 2026. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is…Crane Leasing Company signs an agreement on January 1, 2025, to lease equipment to Cullumber Company. The following information relates to this agreement. 1. 2. 3. 4. 5. The term of the non-cancelable lease is 6 years with no renewal option. The equipment has an estimated economic life of 6 years. The cost of the asset to the lessor is $230,000. The fair value of the asset at January 1, 2025, is $230,000. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $24,339, none of which is gu guaranteed. The agreement requires equal annual rental payments, beginning on January 1, 2025. Collectibility of the lease payments by Crane is probable.hi how do we record this in MYOB. Please help me Transactions from early January 2021 2 Obtained a loan of $14,000 from Uncle Oliver (a family relative of Beatrice Reed) at a simple interest rate of 10% per year, Cheque No. 145, ID #CR000001. The principal and interest on the loan are payable in six months time. 3 Received Cheque No. 227 from Pikea for the full amount outstanding on their account, ID #CR000002. 4 Issued Cheque No. 4098 for $10,065 to Mega Tech in payment of Purchase #303 (Supplier Inv#230). 4 Purchased 9 units MePod multimedia players from Pony at $979 each (includes 10% GST), Purchase #306, Supplier Inv#328. Issued Cheque No. 4099 for $3,900 to this supplier for this particular invoice at the time of the purchase. 4 Issued Cheque No. 4100 for $1,320 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. 6 Sold the following items on credit to Jerry Technology, Invoice #3284: 3 units BG90 plasma televisions for…
- Record the following transactions for Concord Co. in the general journal. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2020 May 1 Received a $33,000, 12 months, 10% note in exchange for Mark Chamber’s outstanding accounts receivable. Dec. 31 Accrued interest on the Chamber note. Dec. 31 Closed the interest revenue account. 2021 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) Date Account Titles and Explanation Debit Credit May 1, 2020Dec. 31, 2020May 1, 2021 May 1, 2020Dec. 31, 2020May 1, 2021 (To record accrued interest on note.) May 1, 2020Dec. 31, 2020May 1, 2021 (To close the…Vaughn Family Importers sold goods to Tung Decorators for $36,600 on November 1, 2020, accepting Tung's $36,600, 6-month, 6% note. Prepare Vaughn's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. 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.) Date Account Titles and Explanation Debit CreditFollowing are transactions for Vitalo Company. November 1 Accepted a $10,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. General Journal Interest Amounts Complete the table to calculate the interest amounts at December 31st and April 30th Total Through Maturity November 1 Through December 31 January 1 Through April 30 Principal Rate (%) Time Total interest Amounts General Journal > ere to search 68°F 40 4. ort se delete18. Melanie Corp. borrowed $101,000 cash on September 1, 2019, and signed a one-year 6%, interest-bearing note payable. The interest and principal are both due on August 31, 2020. Assume that the appropriate adjusting entry was made on December 31, 2019 and that no adjusting entries have been made during 2020. Which of the following would be the required journal entry to pay the note on August 31, 2020? Multiple Choice Interest payable2,020 Notes payable101,000 Cash 103,020 Notes payable101,000 Interest expense6,060 Cash 107,060 Interest expense6,060 Cash 6,060 Interest expense4,040 Interest payable2,020 Notes payable101,000 Cash 107,060Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 5% note from Kelly White in granting a tine extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note.. April 30 white honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your Journal entries. Note: Do not round intermediate calculations. Use 360 days a year.Skysong Inc. issued $880,000 of 10.25%, 19-year bonds on January 1, 2020, at 102. Interest is payable semi-annually on July 1 and January 1. Skysong Inc. uses the effective interest method of amortization for any bond premium or discount. Assume an effective yield of 10.00%. (With a market rate of 10.00%, the issue price would be slightly higher. For simplicity, ignore this.) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation 1/1/20 Debit CreditComplete Form 941 for the 2nd quarter of 2020 for Smith's Distributing Co. (employer identification #11-3333333). Assume that Smith's Distributing (located at 819 Main Street, Fremont, CA 94538) chooses to complete and mail Form 941 on the due date. Based on the lookback period, Smith's Distributing is a monthly depositor. Assume that all necessary deposits were made on a timely basis and that the employer made deposits equal to the total amount owed for the quarter. All five employees worked during each of the three months, and the company does not choose to allow a third party to discuss the form with the IRS. Note that the form is signed by the company's president, Juan Wilhelm (telephone #510-555-8293). Second quarter earnings, and associated taxes withheld from employee earnings, are as follows. Notes: • For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. April Taxes May Taxes June…Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said, "I've always wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I know this would be the perfect place." On November 1, 2025, Great Adventures purchased the land by issuing a $580,000, 6%, 8-year installment note to the seller. Payments of $7,622 are required at the end of each month over the life of the 8-year loan. Each monthly payment of $7,622 includes both interest expense and principal payments (i.e., reduction of the loan amount). Late that night, Tony exclaimed, "We now have land for our new camp; this has to be the best news ever!" Suzie said, "There's something else I need to tell you. I'm expecting!" Required: 1. Complete the first three rows of an…In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rentis taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018amounted to $300,000 at December 31, 2018. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 40% and 2018 income tax payable of $950,000, prepare the journal entry to recordincome taxes for 2018.SEE MORE QUESTIONS
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)