Cheyenne Corp. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrueinterest except at December 31.Loaned $13,800 cash to Manny Lopez on a 12 month, 10% note.Nov. 1Sold goods to Ralph Kremer, Inc., receiving a $27,000, 90-day, 8% note.Dec. 11Received a $21,000, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable.1631 Accrued interest revenue on all notes receivable. Record the collection of the Lopez note at its maturity in 202 1. (Credit account titles are automatically indented when amount is entered. Do not indentmanually.)

Note receivable: Note receivable refers to a written promise received by the creditor from the…

Answered: Cheyenne Corp. has the following…

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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An adjusting entry is required for: Select one© a. Deposit în transit.O b. Outstanding checksO c. Bank errorsO d. Collection of a note by the bank
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Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $54,000 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 6%; Whispering's incremental borrowing rate is 8%. Whispering is unaware of the rate being used by the lessor. At the end of the lease, Whispering has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Whispering uses the straight-line method of depreciation on similar owned equipment. Click here to view factor tables.
Credit card companies can change the rules of the account if they give the borrower 45 days notice of the change. True False
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Fill out the check register that follows with this information for August 2022: Note: Enter your answer in the order of given data. Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign in the Balance column only. August 7 August 15 August 19 August 20 August 24 August 29 NUMBER Check Number 959 Check Number 960 Deposit Check Number 961 Check Number 962 Deposit AT&T Staples Balance West Electric Bank of Americal RECORD ALL CHARGES OR CREDITS THAT AFFECT YOUR ACCOUNT DESCRIPTION DATE 2022 PAYMENT/ DEBIT (-) FEE (IF ANY) (-) OF TRANSACTION DEPOSIT/ CREDIT (+) BALANCE $ 4,500.75
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