Analysis reveals the following additional data 1 The $3.400 balance in Supplies Expense represents supplies purchased in January At June 30 $1600 of supplies are on hand 2. The note payable was issued on February Lit is a 9 6-month note 3. The balance in Insurance Expense is the premium on a one-year policy dated March 1, 2020 Service revenues are credited to revenue when recelved. At une 30. servicerevenue of $1200 is uneamed 4. 5. Revenue for services performed but unreconded at June 30 totals $2.300 6. Depreciation is $2.000 peryear

Analysis reveals the following additional data 1 The $3.400 balance in Supplies Expense represents supplies purchased in January At June 30 $1600 of supplies are on hand 2. The note payable was issued on February Lit is a 9 6-month note 3. The balance in Insurance Expense is the premium on a one-year policy dated March 1, 2020 Service revenues are credited to revenue when recelved. At une 30. servicerevenue of $1200 is uneamed 4. 5. Revenue for services performed but unreconded at June 30 totals $2.300 6. Depreciation is $2.000 peryear

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.) ss attached thanks 4y1 4
Entries for notes receivable, including year-end entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 December 7. Received from Unitarian Clothing and Bags Co., on account, a $48,000, 60-day, 7% note dated December 7. December 31. Recorded an adjusting entry for accrued interest on the note of December 7. December 31. Recorded the closing entry for interest revenue. 20Y8 February 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. If required, round the interest to the nearest cent. 20Y7, Dec. 7 Dec. 31 Dec. 31 20Y8, Feb. 5
Notes Receivable (short term) Accounts: Notes Receivable Interest Receivable Interest Income (or Interest Revenue) Terms: Maturity Value Face Value Issue Date Promissory Note Has a Face Amount, a Term, and an Interest Rate (expressed as an annual percentage) Need to calculate the due date of the note. Example: Assume that a 120-day note is signed on March 11. What is the maturity date of the note? Term of the note Days that pass in March: Chapter 8-Receivables Number of days in March 31 Date of the note 11 Number of days left Days that pass in April Number of days left Days that pass in May Number of days left Days that pass in June Number of days left 9931; therefore, the due date is July 9 Interest is not charged on the date the note is signed. Therefore, you should begin counting on the day after the date on the note to determine the due date. 120 Does it really matter whether you collect the note on July 9 or July 10? Accepting payment on a note one day late without charging…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
complete please
Do a journal entry based on this transections, round interest amounts to the nearest dollar,
ABC lends Evergreen Inc. $40,000 on June 1, accepting a four-month, 6% interest note. ABC prepares financial statement on June 30. Which of the following represents correct adjusting entry pertaining this promissory note? O Debit Note Receivable $40,000 O Credit Interest Revenue $600 debit Interest Receivable $200 O Debit Cash $600
plz help thank u
Notes Receivable Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes: Date of Note Face Amount Interest Rate Term 1. March 6 $75,000 4 % 60 days 2. April 7 40,000 6 45 days 3. August 12 36,000 5 120 days 4. October 22 27,000 8 30 days 5. November 19 48,000 3 90 days 6. December 15 72,000 5 45 days Instructions Assume 360 days in a year. 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Note (a) Due Date (b) Interest Dueat Maturity 1. $fill in the blank 2 2. fill in the blank 4 3. fill in the blank 6 4. fill in the blank 8 5. fill in the blank 10 6. fill in the blank 12 2. Illustrate the effects on the accounts and financial statements of the receipt of the amount due on Note 3 at its maturity. If no account or activity is…