B. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries.C. Record the entry for interest accrued on promissory note received from McCormick Industries.D. Record the entry for interest received , from McCormick Industries , on the note's maturity date.E. Record the entry for payment received from McCormick Industries the principal on the note's maturity date. 48KSamberg Incorporated had the following transactions.a. October 1 - Sold $22,000 of merchandise on account, 2/9, n/30 to McCormick Industries.b. November 1- Received a $22,000, 90-day, 9% note from McCormick Industries to settle its $22,000 unpaid balance.c. December 31- Accrued interest on the note. (Round your answer to the nearest whole dollar amount.)d. January 31 Received the interest on the note's maturity date.e. January 31 - Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.)Required:Prepare the required journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the firstaccount field.)@2View transaction listJournal entry worksheetWS<A*Record the entry for sale of merchandiseNote: Enter debits before credits.DateOctober 01B#3QC D EEDC$4General JournalRFdo 50account to McCormick Industries.%V< PrevTGDebit63 of 7MacBook ProCreditYB&7HNext>U*8NJ1(9KMHelp*V28SaveI'PCOM

Introduction: A journal entry is a recording of a commercial transaction in the accounting system of…

B. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. C. Record the entry for interest accrued on promissory note received from McCormick Industries. D. Record the entry for interest received , from McCormick Industries , on the note's maturity date. E. Record the entry for payment received from McCormick Industries the principal on the note's maturity date.

B. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. C. Record the entry for interest accrued on promissory note received from McCormick Industries. D. Record the entry for interest received , from McCormick Industries , on the note's maturity date. E. Record the entry for payment received from McCormick Industries the principal on the note's maturity date.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

See similar textbooks

Related questions

Q: Which of the following statements concerning receivables is correct? Notes receivable are often…

A: Receivable means, money not received yet. Note receivable is a written note promise to pay a certain…

Q: How to prepare the journal entry for the reclassification of long-term notes payable to current…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: The (maker/payee) of the note is the one that signed the note and promised to pay at maturity. The…

A: Note refers to the written document issued by the lender for granting a loan to the borrower stating…

Q: A promissory note is"inchoate" until it has been delivered to the____ a. payer or bearer b.payee…

A: Lets start with basic understanding. As per bill of exchange Act 1982, Promissory note is a…

Q: When interest is accrued on a Note Receivable, the journal entry to record the accrued interest…

A: A promissory note, also known as a note receivable, is a spoken commitment from the borrower to pay…

Q: Which of the following statements is true? Group of answer choices Companies typically report gross…

A: The objective of the question is to identify the correct statement about how companies typically…

Q: How to calculate the due date, interest and maturity value on both a Traditional Note and Discounted…

A: Due date for a Traditional Note and discounted note is calculated as below:

Q: If a credit marked as "Upon receipt by the beneficiary of notice from the issuing bank that a draft…

A: The question is based on the banking term and arrangement of credit under different conditions.…

Q: Amounts owed by customers on account. [ Choose ] The analysis of customer balances by the [ Choose ]…

A: As per the guidelines, only three parts are allowed to be solved. Please resubmit the remaining…

Q: 104 Exercise 2-6 Your analysis of Accounts Receivable carried at P2,406,750 on Dec. 31, 2019 shows…

Q: nts) Which of the following is NOT a difference we discussed between accounts and notes receivable?…

A: Accounts receivable represents the money owed by customers,. Accounts receivable is significantly…

Q: Singletary Associates has accounts receivable due from normal credit customers and also has an…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: When the maker pays the full amount due on note receivable on the maturity date it is called as. a.…

A: Note receivable is a form of current asset of the business. It denotes amount to be received from…

Q: Bramble Corp. provides at no extra charge a two-year warranty with one of its products, which was…

A: Some of the company selling product also offers a warranty with it. The warranty expenses refers to…

Q: An entry to write-off an uncollectible account does not change the net realizable value of accounts…

A: An entry to write-off an uncollectible account does not change the net realizable value of accounts…

Q: A. Amount of interest charge for each note B. Amount boweower would receive C. Amount payer would…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: ____________ to a Notes Payable or a Mortgages Payable account generally represent payments in full…

A: Notes payable: It is a liability account wherein the borrower writes a promissory note to the lender…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

48
K
Samberg Incorporated had the following transactions.
a. October 1 - Sold $22,000 of merchandise on account, 2/9, n/30 to McCormick Industries.
b. November 1- Received a $22,000, 90-day, 9% note from McCormick Industries to settle its $22,000 unpaid balance.
c. December 31- Accrued interest on the note. (Round your answer to the nearest whole dollar amount.)
d. January 31 Received the interest on the note's maturity date.
e. January 31 - Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.)
Required:
Prepare the required journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first
account field.)
@
2
View transaction list
Journal entry worksheet
W
S
<
A
*
Record the entry for sale of merchandise
Note: Enter debits before credits.
Date
October 01
B
#
3
Q
C D E
E
D
C
$
4
General Journal
R
F
do 50
account to McCormick Industries.
%
V
< Prev
T
G
Debit
6
3 of 7
MacBook Pro
Credit
Y
B
&
7
H
Next>
U
*
8
N
J
1
(
9
K
M
Help
*
V
28
Save
I'
P
COM

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
.
Samberg Incorporated had the following transactions. October 1 – Sold $20,500 of merchandise on account, 2/11, n/30 to McCormick Industries. November 1 - Received a $20, 500, 90 - day, 11% note from McCormick Industries to settle its $20, 500 unpaid balance. December 31 - Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) January 31 - Received the interest on the note's maturity date. January 31 – Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.) Required: Prepare the required journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Samberg Incorporated had the following transactions. a. October 1 - Sold $20,000 of merchandise on account, 2/9, n/30 to McCormick Industries. b. November 1- Received a $20,000, 90-day, 9% note from McCormick Industries to settle its $20,000 unpaid balance. c. December 31 - Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) d. January 31 - Received the interest on the note's maturity date. e. January 31 - Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.) Required: Prepare the required journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < A в с Record the entry for sale of merchandise on account to McCormick Industries. Note: Enter debits before credits. Date DE General Journal Debit Credit
Samberg Incorporated had the following transactions. October 1 – Sold $17,500 of merchandise on account, 2/9, n/30 to McCormick Industries. November 1 – Received a $17,500, 90-day, 9% note from McCormick Industries to settle its $17,500 unpaid balance. December 31 – Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) January 31 – Received the interest on the note’s maturity date. January 31 – Received the principal on the note’s maturity date. (Round your answer to the nearest whole dollar amount.) Required:Prepare the required journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
1. Prepare general journal entries for the following transactions for the current year: April 25 Sold $3,500 of merchandise to Phillip Corporation receiving a 9%, 60-day, $3,500 note receivable (the merchandise cost $2,000) June 24 The note of Phillip Corporation was dishonored. Date Description Post Ref Debit Credit
Please complete the journal entries
The following items were selected from among the transactions completed by Shin Co. during the current year: Jan. 10 Purchased merchandise on account from Beckham Co., $420,000, terms n/30. Feb. 9 Issued a 30-day, 6% note for $420,000 to Beckham Co., on account. Mar. 11 Paid Beckham Co. the amount owed on the note of February 9. May 1 Borrowed $240,000 from Verity Bank, issuing a 45-day, 5% note. June 1 Purchased tools by issuing a $312,000, 60-day note to Rassmuessen Co., which discounted the note at the rate of 5%. 15 Paid Verity Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 7% note for $240,000. (Journalize both the debit and credit to the notes payable account.) July 30 Paid Verity Bank the amount due on the note of June 15. 30 Paid Rassmuessen Co. the amount due on the note of June 1. Dec. 1 Purchased office equipment from Lambert Co. for $700,500 paying $160,500 and issuing a series of ten 5% notes for $54,000…
Prepare the journal entries for the following transactions: May 1 Sold $150,000 of goods to Georgia Co. on account. May 30 Collected $30,000 from Georgia Co. June 1 Accepted a $120,000, one-year, 10% note from Georgia Co. for the amount remaining on the account. July 30 After 60 days, discounted the note from Georgia Co. at First National Bank at a 12% interest rate. Required: Prepare the journal entries for the transactions listed. Assume a 360 day year.
6. Prepare general journal entries for the following transactions of Salvador Company. April 30 Received a $5,000, 6%, 30-day note receivable from Juan Co. as settlement for its $5,000 account receivable. May 30 The note received from Juan on April 30 was collected in full.
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $215,000, terms n/30. 31 Issued a 30-day, 6% note for $215,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $400,000 from Triple Creek Bank, issuing a 45-day, 8% note. Jul. 1 Purchased tools by issuing a $60,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 9% note for $400,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $320,000, paying $120,000 cash and issuing a series of ten 6% notes for…