adjusting entry should be made
Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note. 1. On what…
A: The note payable is the liability for the business which is to be paid on due date with interest.
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Q: Goldie Corporation takes out a $10,000 cash loan from its bank by signing a 15%, 9-month promissory…
A: A promissory note is a financial instrument that includes a written promise to pay a certain sum of…
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: On May 22, Jarrett Company borrows $7,500 from Fairmont Financing, signing a 90-day, 8%, $7,500…
A: Notes payable is recognized as a negotiable instrument signed by the promisor who agreed to pay a…
Q: . At December 31, Black should record interest revenue of
A: Given information is: Value of note = $18600 Interest rate = 8% Issue date = October 1
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…
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A: Sheridan Company has borrowed on July 1. Interest for 6 months is due as on 31st December. Interest…
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A: Notes Payable an instrument issued by the borrower to the lender. This act as a promissory note…
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A: Introduction: The amount of interest generated by a corporation over a given time period is referred…
Q: On November 19, Nicholson Company receives a $24,000, 60-day, 6% note from a customer as payment on…
A: Note receivable is recognized as a negotiable instrument. It represents the claim amount due on the…
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: 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…
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A: Step 1:The required journal entries for the given transactions are presented hereunder: DateAccount…
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A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…
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
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A: Maturity value of the note = Face value of bonds + Interest
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A:
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Q: Sylvestor Systems borrows $183,000 cash on May 15 by signing a 90-day, 6%, $183,000 note. 1. On what…
A: Notes payable are issued to raise the long-term or short-term funds. If the notes payable are to be…
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A: Note receivable: Note receivable refers to a written promise received by the creditor from the…
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A: given that, Uniform Supply accepted a note of $7,200 rate of interest = 7% term of note = 90days…
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…
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A:
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: XYZ Company lends KLM Company $60,000 on April 1, accepting a three month, 9% interest note. XYZ…
A: Adjusting entries include all the incomes and expenses which have been earned or incurred and…
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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: Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.…
A: Note payable is a kind of loan taken from bank repayable after certain period of time.
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Q: Sheridan Company lends Marigold Company $48000 on January 1 and, accepts a 4-month, 3% promissory…
A: Adjusting entries are those journal entries which are passed at the end of accounting period. The…
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: Spring Designs & Decorators issued a 180-day, 6% note for $76,800, dated April 13 to Jaffe…
A: A. Following are the calculation of due date of the note:
Q: nterest Expense 5,778 Cash 104,287 Notes Payable 110,065 b.
A: Issuance of Notes-: It is also known as the Promissory note where The borrower or the issues will…
Q: Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on…
A: Notes receivable is a negotiable instrument that indicates the claims to be paid at a specific date…
Q: Harper Company lends Hewell Company $10,800 on March 1, accepting a four-month, 6% interest note.…
A: Annual interest=Note value×6%=$10,800×6%=$648
Harper Company lends Hewell Company $40,800 on March 1, accepting a four-month, 5% interest note. Harper Company prepares financial statements on March 31. What
Cash | 170 | ||
Interest Revenue | 170 |
Interest Receivable | 680 | ||
Interest Revenue | 680 |
Interest Receivable | 170 | ||
Interest Revenue | 170 |
Note Receivable | 40,800 | ||
Cash | 40,800 |
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- Sylvestor Systems borrows $69,000 cash on May 15 by signing a 60-day, 8%, $69,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.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 hpelahOn 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.
- West County Bank agrees to lend Wildhorse Co. $472000 on January 1. Wildhorse Co. signs a $472000, 6%, 6-month note. What entry will Wildhorse Co. make to pay off the note and interest at maturity assuming that interest has been accrued to June 30? Notes Payable 486160 Cash 486160 Interest Payable 7080 Notes Payable 472000 Interest Expense 7080 Cash 486160 Notes Payable 472000 Interest Payable 14160 Cash 486160 Interest Expense 14160 Notes Payable 472000 Cash 486160S On November 1, Bahama National Bank lends $3.9 million and accepts a six-month, 9% note receivable. Interest is due at maturity. Record the acceptance of the note and the appropriate adjustment for interest revenue at December 31, the end of the reporting period. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 2 Record the acceptance of the note. Note: Enter debits before credits. Date November 01 Record entry General Journal Clear entry Debit Crec View generGray Inc. lends White Ltd. $60,000 on April 1, accepting a 6-month, 4.5% interest note. Interest is due the first of each month, commencing May 1. Gray Inc. has an April 30 year-end. What adjusting entry should be made before the financial statements can be prepared? Cash 225 Interest Revenue. 225 Note Receivable. Cash. 60,000 60,000 Interest Receivable. Interest Revenue. 1,350 1350 Interest Receivable.. Interest Revenue. 225 225
- 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…Sylvestor Systems borrows $51,000 cash on May 15 by signing a 120-day, 7%, $51,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 2B Interest at Maturity On what date does this note mature? Required 1 Required 2A On what date does this note mature? Required 2B General JournalRoyal Bank agrees to lend Backyard Corporation $200,000 on January 1. Backyard signs a $200,000, 4%, 9-month note. Interest is due at maturity on September 30. Backyard's year end is March 31 when they post adjusting entries. What journal entry will Backyard make when paying off the note and interest at maturity? Debit notes payable $200,000, interest expense $4,000 and interest payable $2,000; Credit cash $206,000 Debit notes payable $206,000; Credit cash $206,000 Debit notes payable $200,000 and interest expense $6,000; Credit cash $206,000 Debit notes payable $200,000, interest expense $2,000 and interest payable $4,000; Credit cash $206,000
- On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that have annual payments of $12,303. The first note payment consists of $3,900 of interest and $8,403 of principal repayment. Question Content Area a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Feedback Area Feedback Question Content Area b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blankValley Designs issued a 90-day, 10% note for $48,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note.$___ Question Content Area c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. notes receivable - Select - 0 accounts receivable - valley designs 0 - Select - Question Content Area c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. cash - Select - 0 notes receivable 0 - Select - interest revenue 0 - Select -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 help apapreciated
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