CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT C.S. Lewis Company had the following transactions involving notes payable. July 1, 2020 Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Feb. 1, 2021 Apr. 1, 2021 Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT C.S. Lewis Company had the following transactions involving notes payable. July 1, 2020 Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Feb. 1, 2021 Apr. 1, 2021 Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

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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Current Attempt in Progress Carla Vista Distributors has the following transactions related to notes receivable during the last month of the year. Dec. 1 Loaned $11,520 cash to J. Cash on a 1-year, 5% note. 16 Sold goods to W. Jennings, receiving a $9,600, 60-day, 6% note. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Carla Vista Distributors. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
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Lewis Company had the following transactions involving notes payable. July 01, 2022 ... Borrows $50,000 from First Bank signing a 9-month, 8% note. Nov 01, 2022 ... Borrows $60,000 from Lyon Bank signing a 3-month, 6% note. Dec 31, 2022 ... Prepares annual adjusting entries. Feb 01, 2023... Pays principal and interest to Lyon Bank. Apr 01, 2023... Pays principal and interest to First National Bank. July 01 2022 Nov 01 2022 Dec 31 2022 Feb 01 2023 Apr 01 2023 On day note is created - is there interest exp? Or just the principal? DR 8% int $ DR 6% int $ CR Total $ 2 diff entries! A single CR to for each entry. Each entry pays note principal (can't be more), PLUS interest (and any publ from adj). Interest calc: Principal x Interest % = a full years int exp. BUT, notes often less than a full year. "Term" (length) of the note tells how many of the 12 months (or 365 days) apply. Eliminate any Int Pobl if ADJ were needed cuz some INT EXP is 2022, and some is 2023.
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Subject: accounting
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Proceeds journal entry
Entries for Discounted Note Payable A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. Assume a 360-day year. a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. Cash ✔ 0✔ Interest Expense✔ Notes Payable ✔ Feedback 0 0 0 600,000 X Check My Work a. Why is the company issuing the note? What type of note is being issi (interest-bearing or discounted)? Hot much will the company owe on the maturity date? b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Notes Payable ✓✔ 0 ✓ Cash
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 486160
eBook Show Me How Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $39,600. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming the note is discounted at 6%. Check My Work Email Instructor Save and Exit Previous Submit Assignme
< Entries for discounted note payable A business issued a 60-day note for $39,000 to a bank. The note was discounted at 6%. Assume a 360 days in a year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. 000 000 b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. E A A
Subject: accounting