ncesOn 1 October 20X6, Halpern Co borrowed $180,000 from Canada Bank The note has a two-year term, and requires that interest of 9%be paid each 30 September, with the principal payable 30 September 20X8Required:Provide all entries for the note from 20X6 to 20X8 (If no entry is required for a transaction/event. select "No journal entry required"in the first account field.)View transaction list1 Record the borrowings from Canada Bank.2 Record the accrual of intest for the period ending 31stDecember 20x6.a Record the interest payment on 30 September 20x7.4Record the accrual of interest for the period ending 31stDecember 20X75 Record the interest payment on 30 September 20X8.Record the repayment of borrowings to Canada Bank6Note:journal entry has been enteredRecord entryClear entryEX--2CreditView gener al journal

Interest on notes payable is calculated by multiplying the amount borrowed with the interest rate…

ces On 1 October 20X6, Halpern Co. borrowed $180,000 from Canada Bank. The note has a two-year term, and requires that interest of 9% be paid each 30 September, with the principal payable 30 September 20X8. Required: Provide all entries for the note from 20X6 to 20X8 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Pecord the borrowings from Canada Bank. 2 Record the accrual of intest for the period ending 31st December 20x6. a Record the interest payment on 30 September 20x7. 4 Record the accrual of interest for the period ending 31st December 20x7. Record the interest payment on 30 September 20x8. 6 Record the repayment of borrowings to Canada Bank 5 Note journal entry has been entered Record entry Clear entry x 1111 Credit View general journal >

ces On 1 October 20X6, Halpern Co. borrowed $180,000 from Canada Bank. The note has a two-year term, and requires that interest of 9% be paid each 30 September, with the principal payable 30 September 20X8. Required: Provide all entries for the note from 20X6 to 20X8 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Pecord the borrowings from Canada Bank. 2 Record the accrual of intest for the period ending 31st December 20x6. a Record the interest payment on 30 September 20x7. 4 Record the accrual of interest for the period ending 31st December 20x7. Record the interest payment on 30 September 20x8. 6 Record the repayment of borrowings to Canada Bank 5 Note journal entry has been entered Record entry Clear entry x 1111 Credit View general journal >

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

Issuing Notes Payable On September 30, Bello International borrows $320,000 from Chase Bank with a 9-month, 8% note. Required: Hide What journal entry is made at Bello's year-end, December 31? Dec. 31 (Record accrued interest expense)
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
On April 12 Hong co. agrees to accept a 60 day, 6% 6,900 note from indigo co to extend the due date on an overdue account. What is the journal entry the indigo co would make when it record payment of note on maturity date (use 360 days a year)
S On November 1, Bahama National Bank lends $3.9 million and accepts a six-month, 9% note receivable. Interest is due at maturity. Record the acceptance of the note and the appropriate adjustment for interest revenue at December 31, the end of the reporting period. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 2 Record the acceptance of the note. Note: Enter debits before credits. Date November 01 Record entry General Journal Clear entry Debit Crec View gener
A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day year for interest calculations. Required: Journalize the entries to record (a) the issuance of the note on April 30 and (b) the payment of the note at maturity, including interest. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income…
A business issued a 60-day, 4% note for $21,600 to a creditor on account. The company uses a 360-day year for interest computations. Journalize the entries for (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. a. b. ?
Lundquist Company received a 60-day, 4% note for $46,000, dated July 23, from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
Ghugho
On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that have annual payments of $12,303. The first note payment consists of $3,900 of interest and $8,403 of principal repayment. Question Content Area a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Feedback Area Feedback Question Content Area b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank