Accruing interest revenue and recording collection of a note On December 1, Kyle Corporation accepted a 60-day, 9%, $12,000 note receivable from J. Michael in exchange for his account receivable. Requirements Journalize the transaction on December 1. Journalize the adjusting entry needed on December 31 to accrue interest revenue. Round to the nearest dollar. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar.

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: Martinez Co. borrowed $71,059 on March 1 of the current year by signing a 60-day, 5%, interest-…

A: Interest = $71,059 x 5% x 60/360 = $592

Q: Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water…

A: 1.

Q: Entries for notes payable A business issued a 60-day, 10% note for $94,000 to a creditor on…

A: Lets understand the basics.When notes payable has been paid through notes payable then interest…

Q: rest) on the old (3 nd interest on the 5% note in payme st) plus $1,000 p

A:

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: Determine the interest and due dates on notes                                   Cora Company had the…

A: Interest Due :— It is the amount of interest due on loan. It is calculated by multiplying amount of…

Q: Prepare journal entries for the following transactions for the current year Note: Use 360 days a…

A: Notes receivable refers to the notes accepted by the entity instead of the accounts receivable or…

Q: Accounting for Notes Receivable—Honoured and Dishonoured On November 30, 2018, Tucker Products…

A: 1. Date accounts & explanation debit credit 2018 nov 30 Notes receivable 75000     Sales…

Q: Transactions: Apr. 30 Issued a $162,000, 30-day, 6% note dated April 30 to Misner Co. on account.…

A: It is a process Of recording transactions in a journal

Q: On June 5, Watson Company received a $5,400, 30-day, 10% note from Baker in payment of its account…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: Journal Entries (Note Received, Renewed, and Collected) Jan. Received a 30-day, 6% note in payment…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 6% note for $30,000,…

A: The note receivable is an asset for the business which is issued by the debtors of the business.…

Q: On December 1, Daw Company accepts a $32,000, 45-day, 9% note from a customer. (1) Prepare the…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Night Corp. receives a $4,000, 3-month, 8% note from Day Corp. in settlement of a past due account…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Martinez Co. borrowed $69,569 on March 1 of the current year by signing a 60-day, 7%,…

A: From March 1 to April 30 = 60 days Interest is paid on the funds used by the business to generate…

Q: Note receivable Prefix Supply Company received a 120-day, 7% note for $84,000, dated April 12 from a…

A: The journal entries are prepared to record the transactions on regular basis. The note receivable…

Q: On August 1, Handley Ltd. accepted a $25,200 note from Borges Ltd. in settlement of an account…

A: August 1: Accounts Receivable    $25,200      To Notes Receivable       $25,200 (Recording…

Q: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day…

A:

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: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…

A: Maturity value of the note = Face value of bonds + Interest

Q: Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe…

A: Maturity value of note = Note amount + Interest

Q: Journalize the transactions. Assume 360 days for interest calculations and record two entries for…

A: In accounting, journalizing transactions involves recording financial events in a systematic way to…

Q: Autumn Designs & Decorators issued a 120-day, 8% note for $78,000, dated April 13 to Zebra Furniture…

A: The note receivable is an asset for the business which is issued by the debtors of the business.

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: Maker Maple Wyman. Nahn. Date of Note 11/21 12/13 12/24 Principal $20,000 14,000 21,000 Interest…

A: Accrued interest on notes receivable is the amount of interest that has been earned by not yet paid.…

Q: Compute the interest accrued on each of the following notes receivable held by Northland, Inc. on…

A: In this question first, we will calculate the days till 31 December and then interest for…

Q: Spring Designs & Decorators issued a 120-day, 6% note for $42,000, dated April 13 to Jaffe Furniture…

A: Interest on note = Face value of note x rate of interest x no. of days / 360 = $42000 x 6% x 120/360…

Q: Note Receivable Cube Ice Company received a 120-day, 7% note for $60,000, dated April 9 from a…

A: DUE DATE : = APRIL 9 + 120 DAYS  = AUGUST 7

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: Below are the transactions related to notes receivable activity for Barton Corporation.…

A: Generally days for interest calculation in accounting taken 360 days in a year.  Note receivable…

Q: Prepare journal entries to record the following events: Jul. 1 Klemens Company accepted a 5%,…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: The following selected transactions are from Ohlm Company. Year 1 December 16 Accepted a $10,800,…

A: Notes Receivables is an asset that is reported in the current assets of the company according to the…

Q: A business issued a 60-day, 15% note for $92,000 to a creditor on account. Journalize the entries to…

A: (a) the issuance of the noteAccount Titles and ExplanationDebitCreditAccounts payable$92,000 Notes…

Q: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…

A: Note: We’ll answer the first two questions since the exact one wasn’t specified. Please submit a new…

Q: Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On…

A: A note receivable is an asset account tied to an underlying promissory note, it is an agreement in…

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: Assume 360 days in a year. Do not round your intermediate calculations and round your final answer…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $78,000, dated April 22,…

A: Notes receivable are a balance sheet item, that records the value of promissory notes and its refers…