A business borrowed $69,372
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A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: business issued a 60-day note for $99,000 to a creditor on account. The note was discounted at 7%.…
A: Solution: Issuance of note to a creditor on accounts means a note payable issued to the creditor for…
Q: On March 1, Year 1, a company loans cash to another company and accepts a note in return. The terms…
A: 1. Journal Entry for the LoanWhen the company makes the loan and accepts the note in return on March…
Q: Mike Co. borrowed $90,000 on July 1 of the current year by signing a 90-day, 6%, interest-bearing…
A: The financial transactions are initially recorded in the form of journal entry.
Q: Sylvestor Systems borrows $103,000 cash on May 15 by signing a 150-day, 4%, $103,000 note. 1. On…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On…
A: Journal: Recording of a business transactions in a chronological order.
Q: ired 2B rest at turity ure? Required 2B General Journal
A: Answer : Note mature date = 12 October 15 May + 150 days = 12 Oct. 16 Days remaining from May + 30…
Q: On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied…
A: In this question, we need to record the issue of notes payable. By issue of notes payable, the…
Q: Leach Company borrowed $95,000 cash by issuing a note payable on June 1, Year 1. The note had an 6…
A: The company can issue notes to borrow funds. The note can be issued either for the long term or the…
Q: On January 1, 2024, a business borrowed $12,000 on a five-year, 8% note payable. At December 31,…
A: INTEREST PAYABLE Interest on Note is Computed on Simple Interest Basis. Interest on Notes Payable is…
Q: Sylvestor Systems borrows $98,000 cash on May 15 by signing a 30-day, 7%, $98,000 note. 1. On what…
A: Notes Payable an instrument issued by the borrower to the lender. This act as a promissory note…
Q: Keesha Company borrows $120,000 cash on November 1 of the current year by signing a 180-day, 10%,…
A: The journal entries are prepared to record the transactions on a regular basis. The accrued interest…
Q: Company borrows $73,000 cash on May 15 by signing a 150-day, 6%, $73,000 note. 1. On what date does…
A: Notes payable refers to a written promise or formal agreement by which one party (the borrower)…
Q: Keesha Company borrows $215,000 cash on December 1 of the current year by signing a 90-day, 9%,…
A: Notes payable refers to the obligation of the company/individual to repay the sum within maturity…
Q: Martinez Co. borrowed $52,557 on March 1 of the current year by signing a 60-day, 12%,…
A: Notes payable is categorized as a negotiable instrument signed by the promisor who agreed to pay a…
Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…
A: A journal entry is a type of accounting entry that is used to record commercial transactions in a…
Q: Madison Company issued an interest-bearing note payable with a face value of $24,000 and a stated…
A: Note payable refers to the amount for which the individual or the company has written to pay the…
Q: Martinez Co. borrowed $58,220 on March 1 of the current year by signing a 60-day, 11%,…
A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…
Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…
A: Interest accrued on December 31, 2018 = Amount borrowed x rate of interest x period = $18,000 x 5% x…
Q: Martinez Co. borrowed $79,200 on March 1 of the current year by signing a 60-day, 9%,…
A: The interest expense is calculated as follows $79200 × 9% × 60/360 = $1188
Q: Martinez Co. borrowed $74,240 on March 1 of the current year by signing a 60-day, 12%,…
A: Given, Face value of the note = $74,240 Interest rate = 12% Period = 60 days
Q: ABC company borrows $80000 on July 1 from the bank by signing $80000, 10% one Year Note Payable.…
A: Solution:- Preparation journal entries as follows under:-
Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…
A: The 150 days from November 1 will expire on March 31. Thetefore, Note will expire on March 31 next…
Q: On January 1, 2024, Oriole Corp. borrows $16,800 by signing a 3-year, 6% note payable. The note is…
A: The objective of the question is to prepare the journal entries for the borrowing of money by Oriole…
Q: A business borrowed $59,037 on March 1 of the current year by signing a 30 day, 11% interest bearing…
A: The entry to record the payment should include Debit to Interest Expenses for $541.
Q: Entries for notes payable A business issued a 120-day, 5% note for $100,000 to a creditor on…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: On January 1, 2018, a business borrowed $15,000 on a five-year, 6% note payable. At December 31,…
A: On December 31, 2018, entry will be passed for booking of interest accrued for the year 2018.…
Q: Dan Dayle started a business by issuing an $92,000 face value note to First State Bank on January 1,…
A: Formula:Interest expense = Principal amount x Interest rate x Time period
Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 90-day, 8%, $50,000 note. 1. On what…
A: The note payable is treated as liability in the business. The note that matures in less than one…
Q: Dan Dayle started a business by issuing an $85,000 face value note to First State Bank on January 1,…
A: >Note Payables are the liabilities.>It can be issued in case of:--when goods are purchased on…
Q: Martinez Co. borrowed $62,310 on March 1 of the current year by signing a 60-day, 8%,…
A: The journal recorded at the time payment is : Interest expense A/c Dr 831 -…
Q: Martinez Co. borrowed $54,000 on March 1 of the current year by signing a 60-day, 7%,…
A:
Q: Dan Dayle started a business by issuing an $98,000 face value note to First State Bank on January 1,…
A: a) Interest Expense = Principal Amount x Interest Rate = $98,000 x 8% = $7,840a) Principal…
Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…
A: Notes payable are defined as the written promissory note or an agreement under which the borrower…
Q: sued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for…
A: Solution: Issuance of note to a creditor on accounts means note is issued to a creditor for their…
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: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…
A: Introduction: Journals: Each and every business transactions are to be recorded in journals. All the…
Q: Sylvestor Systems borrows $174,000 cash on May 15 by signing a 90-day, 6%, $174,000 note. 1. On what…
A: Lets understand the basics.Notes payable an instrument issued by the borrower to the lender. This…
Q: Tangent Company borrowed $100,000 from the bank signing an 8%, 6-month note on September 1.…
A: Interest expense refers to the amount that the lender charges from the company or individual at a…
Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…
A: Notes Payable: Known as long-term obligations, notes payable represent the money a firm owes to its…
Q: Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1. On…
A: The journal entries are prepared to record the transactions on regular basis. The interest payment…
Q: Wygant Corporation borrowed $320,000 on October 1 last year. The note carried a 11% interest rate…
A: Note payable: Note payable is also called a promissory note. It is a legal instrument in which one…
Q: On May 22, Jarrett Company borrows $8,800, signing a 90-day, 8%, $8,800 note. What is the journal…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On November 25 of the current year, a company borrows $8,000 cash by signing a 90-day, 5% note…
A: Solution:-a Computation of the accrued interest payable on December 31 of the current year as…
Q: Entries for notes payable A business issued a 60-day, 15% note for $85,000 to a creditor on account.…
A: A promissory note is a legal document that contains the written promise made by the issuer. The…
A business borrowed $69,372 on March 1 of the current year by signing a 30 day, 6% interest bearing note. Assuming a 360-day year, when the note is paid on March 31, the entry to record the payment should include a
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- Anne Taylor Company borrowed cash on August 1 of Year 1, by signing a $19,980 (face amount), one-year note payable, due on July 31 of Year 2. The accounting period of Anne Taylor ends December 31. Assume an effective interest rate of 11%. a. How much cash should Anne Taylor Company receive from the note on August 1 of Year 1, assuming the note is an interest-bearing note? $ 0 b. Provide the following entries and reporting amounts: 1. August 1 of Year 1, date of the loan. 2. December 31 of Year 1, adjusting entry. 3. July 31 of Year 2, payment of the note. ⚫Note: Round your answers to the nearest whole dollar. Date 1. Aug. 1, Year 1 Account Name Dr. Cr. 0 0 0 0 To record issue of note. 2. Dec. 31, Year 1 0 0 To record year-end adjusting entry. 3. July 31, Year 2 0 O O 0 0 0 0 0 0 0 00 0 0 To record payment of note. c. What liability amounts should be shown on the December 31 of Year 1 balance sheet? Balance Sheet, Dec. 31 Year 1 Current liabilities Note Payable 0 $ 0 d. Answer (a) and…Danali Corporation borrowed $400,000 on October 1. The note carried a 13 percent interest rate with the principal and interest payable on May 1 of next year. Prepare the following journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheetOn January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 30- day note with a face amount of $74,400. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 5%.
- Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to accrue the interest on June 3 Date Account Titles and Explanation Debit Credit June 30.A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. a. b.
- Martinez Co. borrowed $60,000 on March 1 of the current year by signing a 60-day, 8%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to journalize the payment should include a a. debit to Interest Payable for $800 Ob. debit to Interest Expense for $800 Oc. credit to Cash for $60,000 C. Od. credit to Cash for $64,800 BAnne Taylor comapany borrowed cash on august 1 of year 1, by signing a $46,620(face amount), one year note payable, due on july 31 of year 2. the accounting period of Anne yalor ends December 31. Assume an effective interest rate of 11%. How much cash should Anne Taylor Company receive from the note on August 1 of Year 1, assuming the note is a noninterest-bearing note?The transaction below pertains to Boyer Coe Company, whose fiscal year ends December 31. On November 1, 2019 Coe borrowed $25,000 at 6 percent for 6 months. The entry to record the November 1 borrowing transaction would include a: A. Credit to notes payable for $750 B. Credit to notes payable for $24,250 C. Debit to cash for $24,250 D. Debit to cash for $25,000
- A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day year for interest calculations. Required: Journalize the entries to record (a) the issuance of the note on April 30 and (b) the payment of the note at maturity, including interest. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income…At the start of the current year, a company issued a $1,000,000 note to a bank. The company must pay the bank $200,000 plus interest each January 1 for the next five years starting at the beginning of next year. The company will report the note payable on its current year's balance sheet as O Current liabilities, $500,000; Long-term Debt, $500,000,0 Current liabilities, $200,000; Long-term Debt, $800,000. O Current liabilities, $800,000; Long term Debt, $200,000. 4 O Current liabilities, $1,000,000. O Long-term debt, $1,000,000.A business issued a 60-day, 4% note for $21,600 to a creditor on account. The company uses a 360-day year for interest computations. Journalize the entries for (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. a. b. ?
