a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note.
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![a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account
titles):
1. the issuance of the note.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F923333f0-bab1-41c9-a529-564fe7b93a51%2Ff9dc0ac5-f225-45a7-8c87-238b1d4f9f72%2Foq0rorn.jpeg&w=3840&q=75)
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- Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) 7/1 Bal. 7/5 7/31 7/1 Bal 7/31 Bal. Notes Receivable 22,000 4140 400 Accounts Receivable 400 Interest Receivable 728 80 648(b) assuming Ringo does not make reversing entries, prepare the journal entry to record the payment of the note on April 1. On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the interest to be paid on the maturity date. Prepare journal entries to record the issuance of the note and the related year-end adjusting entry on December 31.The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year: Required: 1. Journalize the entries to record the transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. 2. Indicate the amount of the interest expense in (a) 20Y1 and (b) 20Y2. 3. Determine the carrying amount of the bonds as of December 31, 20Y2.
- On January 1, Year 1, Wedekind Company issued a $170,000, five-year, 8% installment note to Shannon Bank. The note requires annual payments of $42,578, beginning on December 31, Year 1. Journalize the entries to record the following transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which consisted of interest of $13,600 and principal of $28,978. Dec. 31 Paid the annual payment on the note, including $6,074 of interest. The remainder of the payment reduced the principal balance on the note.If a credit sale is made to a New customer, and the amount due is received before the year ends, explain the bookkeeping work that is required for that sales amount to eventually be included in the final accounts. Give an example of the bookkeeping entries to be made.Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank.
- what will be the journel entry to record the issue of note of $30,000 to a creditor wo has agreed to pay the amount on the specified terms as per the note agreementA 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…! Required information [The following information applies to the questions displayed below.] Claire Corporation is planning to issue bonds with a face value of $160,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 12 percent.(FV of $1. PV of $1, FVA of $1, and PVA of $1) Note: Use appropriate factor(s) from the tables provided. Show Transcribed Text < Journal entry worksheet Note: Enter debits before credits. Record the issuance of the bonds on January 1. Date January 01 Record entry J General Journal Clear entry c Debit Credit View general journal
- James Company uses the allowance method for uncollectible accounts. James Company accepted a $8,500, 6%, 90-day note dated May 16, from Davis Company in exchange for its past-due account receivable. Make the necessary general journal entries for James Company on May 16 and the August 14 maturity date, assuming that the: a. Note is honored. b. Note is dishonored.On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. • Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. . The expected useful life of the asset is nine years, and its fair value is $90,000. . Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of…Please tell me what the how this would be recorded in a journal entry: accounts/and amount. Record the interest of $400 on a note receivable that was earned at year-end, although collection of the interest is not due until the following year.
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