KBethany Realty loaned money and received the following notes during 2024.(Click the icon to view the notes received.)Read the requirements.Requirement 1. Determine the maturity date and maturity value of each note. (For each applicable note, compute interest using a 365-day year. Round to the nearest dollar.)NoteNote (1)Note (2)Note (3)Jun. 19DatePrincipal AmountInterest RateTermDue dateMonth/DayYearApr. 1Sep. 30$18,0008%1 year24,00012%6 months20,0009%180 daysData tablePrincipalNoteDateAmountInterest RateTermNote (1)Note (2)Note (3)Jun. 19Apr. 1Sep. 30$18,0008%1 year24,00012%6 months20,0009%180 daysPrintDone-☑Question Viewer

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. Date Account Titles and Explanation Debit Credit June 1 enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount enter a credit amountenter a credit amount enter an account title to record the receipt of the funds from the loan on June 1enter an account title to record the receipt of the funds from the loan on June 1 enter a debit amountenter a debit amount
On September 1, 2015, Newtown borrowed $250,000 from First National Bank, and signed a 9% note payable due in one year. Interest on the note is due at maturity. Required: Please show calculations Part a. Prepare the journal entry to record the borrowing transaction. Part b. Prepare the required adjusting entry on December 31, 2015. Part c. Prepare the journal entry to record the payment of the interest on September 1, 2016. Part d. Prepare the journal entry to record the payment of the note on September 1, 2016.
Selkirk Company obtained a $16,000 note receivable from a customer on January 1, 2024. The note, along with interest at 12%, is due on July 1, 2024. On February 28, 2024, Selkirk discounted the note at Unionville Bank. The bank’s discount rate is 15%. Required: Prepare the journal entries required on February 28, 2024, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale.
Sylvestor Systems borrows $174,000 cash on May 15 by signing a 90-day, 6%, $174,000 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 1 Required 2A View transaction list Use those calculated values to prepare your entry to record payment of the note at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. Required 2B Required 2B Interest at Maturity Journal entry worksheet A General Journal Record the payment of the note at maturity. Note: Enter debits before credits. Date Maturity General Journal Debit Credit
The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31. 2024 January 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $27.5 million at the bank’s prime rate. February 1 Arranged a three-month bank loan of $5.2 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 7% was payable at maturity. May 1 Paid the 7% note at maturity. December 1 Supported by the credit line, issued $17.3 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 6% discount rate. December 31 Recorded any necessary adjusting entry(s). 2025 September 1 Paid the commercial paper at maturity. Required: Prepare the appropriate journal entries through the maturity of each liability. Note: Do not round intermediate calculations. If no entry is…
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A table of notes receivable for 2024 follows: E (Click the icon to view the table of notes receivable for 2024.) For each of the notes receivable, compute the amount of interest revenue earned during 2024. Round to the nearest dollar. (Ignore leaps years, and use a 365-day year for the notes with interest periods in days. Use a 12-month year for notes with interest periods in months.) Interest revenue earned during 2024 Data Table Note 1 Note 2 Note 3 Principal Interest Rate Interest Period During 2024 Note 4 Note 1 $ 50.000 11% 3 months Note 2 4,000 14% 180 days Note 3 24,000 6% 90 days Note 4 150,000 5% 9 months Print Done
The company has a mortgage note payable for $1,500,000 that comes due in year 3. this note is paid by the signing of a new 14% note for the amount due. how do I prepare the journal entry to record this refinancing of the old note?
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prepare a three-year (monthly) amortization schedule to classify the notes payable into its current and long-term amounts. See October 1, 2020 transaction for details of loan. October 1 - Bought office equipment for $15,000 and signed a three-year promissory note with a local bank. The annual interest rate is 5%, with monthly payments of $449.56 beginning on November 1.
Cullumber Company borrowed $313,000 on January 1, 2022, by issuing a $313,000, 10% mortgage note payable. The terms call for annual installment payments of $54,000 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit ILOR Cred

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