Blue Spruce Corp. lends Dobson industries $ 60000 on August 1, 2017, accepting a 9-month, 6% interest note. If Blue Spruce Corp. accrued interest at its December 31, 2017 year-end, what entry must it make to record the collection of the note and interest at its maturity date? Cash 62700     Notes Receivable   60000   Interest Revenue   2700 Notes Receivable 60000   Interest Receivable 1500   Interest Revenue 1200     Cash   62700 Cash 62700     Notes Receivable   60000   Interest Receivable   1500   Interest Revenue   1200 Cash 62700     Notes Receivable   62700

Q: 1. Costco Wholesale Corporation borrows $640,000 on September 1, 2021. Costco signs a nine- month,…

A: Formula: Interest amount = Notes payable amount x Time period x Interest rate.

Q: On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3…

A: Effective annual interest rate = Interest / ( Proceeds x Time ) Given that: Discounted = 12% Basis…

Q: Sylvestor Systems borrows $161,000 cash on May 15, 2017, by signing a 30-day, 5% note.   1. On what…

A: Promissory note is an instrument issued by the borrower to lender for the money payable after the…

Q: Zorzi Corporation borrowed $60,000 on November 1, 2017 by signing a $61,350, 3-month, zero-interest…

A: Discount on Notes Payable = Face Value of Note - Amount borrowed = $61,350 - $60,000 = $1,350

Q: Audiophonics Limited manufactures and sells high-quality and durable ear buds for use with personal…

A: Variable costing is a costing concept under which units costs are changed according to the change in…

Q: Alfred Company lends $40,000 with 9% interest to a customer on August 1, 2015, in exchange for a…

A: Interest revenue is credited for $1,500.

Q: Vauxall Holdings showed the following information regarding its notes receivable: Note Date of Note…

A: The objective of the question is to calculate the maturity date, days of accrued interest and the…

Q: 4)A promissory note for $800.00 dated January 15, 2017, requires an interest payment of $100.00 at…

A: Introduction:- This question involves the calculation of the due date of a promissory note, which is…

Q: Company borrows $73,000 cash on May 15 by signing a 150-day, 6%, $73,000 note. 1. On what date does…

A: Notes payable refers to a written promise or formal agreement by which one party (the borrower)…

Q: Patrick Trash Haulers borrowed 42,000 on June 1, 2020. The loan had an interest rate of 5%. The…

A: Notes payable are promissory notes and negotiable instruments. In this one party agrees to pay a…

Q: On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $30,500, 8% 90 day…

A: Interest accrued on December 31, 2020 = Face value of note x interest rate x no. of days/360 =…

Q: On 1/1/17, Carl Weathers Corp. purchases an asset and promises to make four annual payments of…

A: The discount to notes payable is the discount which has been occurred at the time when a fixed…

Q: at the end of each month with the first installment due on Ja ired: d the issuance of the note…

A: Answer : Date Journal Debit Credit January 1,2024 Cash a/c Dr. $32,000     To notes payable…

Q: On july 1, 2017 LA company sold equipment to NA company for 1,000,000. LA accepted a 10% note…

A: Discounting a note receivable refers to the selling of the notes receivable in the future for a…

Q: On November 1, 2021, Ayayai Corp, which uses a calendar year as its fiscal year, signs a $28200, 8%,…

A: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting…

Q: On November 1, 2018, A-1 Products borrowed $64,000 on a 5%, 5-year note with annual installment…

A: Loan Installment is that amount which is paid by the borrower to lender. It includes the interest…

Q: Rice Inc. issued a 120-day note in the amount of $150,000 on October 31, 2013 with an annual rate of…

A: NOTES PAYABLENotes payable are reported under the liabilities section of the balance sheet. Notes…

Q: During 2024, Lane Co. borrowed cash from Greenberg Company by issuing notes payable as follows: 1.…

A: The company can borrow funds by issuing notes. The amount borrowed by issuing notes is shown as…

Q: 1. CJ, Inc. issued a promissory note to AJ, Inc. in the amount of $400,000 on January 1, 2014, the…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: E10.1 (LO 1), AP C.S. Lewis Company had the following transactions involving notes payable. July 1,…

A: Note payable: Note payable also called promissory note. It is a legal instrument in which one party…

Q: What price did the finance company pay for the promissory note?  What rate of interest did the…

A: Formula: For price, the finance company pay for the promissory note S= P(1+rt)P= S(1-dt) Rate of…

Q: A promissory note for $800 00 dated January 15, 2017, requires an interest payment of $140.00 at…

A: A promissory note refers to a legal document that includes the promise by the borrower to repay a…

Q: Franny Realty loaned money and received the following notes during 2024. (Click the icon to view the…

A: The idea of the time value of money (TVM) holds that a quantity of money is worth more now than it…

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $1,200 note receivable that offers 6%…

A: Interest revenue for the period from September 1, 2021 to December 31, 2021 will be recognized in…

Q: Cars Inc. issued 120 day note in the amount of $360,000 on November 1, 2016 with an annual rate of…

A: Solution: Amount of interest accrued as of Dec 31, 2016 = Amount of note * Interest rate * Period…

Q: ne 8, Alton Co. issued an $79,432, 10%, 120-day note payable to Seller Co. Assuming a 360-day year…

A: Solution: Maturity value of the note is amount that is arrived by adding total amount of interest…

Q: Showtime​, Inc. borrows $160,000 by issuing an 8%​, 5​-year note on January ​1, 2020. Showcase must…

A: Journal entries used to record accounting transactions in chronological order under double entry…

Q: on october 1, 2019, Island Jewelry company accepted a 4 -month, 10% note fot $2,400 in settlement of…

A: Note Receivable: A note receivable is a written agreement or promise to receive a specific amount of…

Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…