Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries (assume that no reversing entries are recorded). (Do not round intermediate calculations. Use 360 days a year.)

Q: Sunland Company borrows $47,600 on July 1 from the bank by signing a $47,600, 13%, one-year note…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: On the last day of October, Wright Company borrows $120,000 on a bank note for 60 days at 11 percent…

A: This question is asking about the Journal entries for 31 October of issue of notes, 30 November of…

Q: Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 7 note from…

A: Journal Entry is the primary step to record the transaction in the books of accounts. Accounts…

Q: The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16…

A: Notes Receivable are the written documents issued by the borrower to the payee. This is a promissory…

Q: Keesha Company borrows $260,000 cash on November 1 of the current year by signing a 120-day, 11%,…

A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…

Q: Sylvestor Systems borrows $103,000 cash on May 15 by signing a 150-day, 4%, $103,000 note. 1. On…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On…

A: Journal: Recording of a business transactions in a chronological order.

Q: ired 2B rest at turity ure? Required 2B General Journal

A: Answer : Note mature date = 12 October 15 May + 150 days = 12 Oct.  16 Days remaining from May + 30…

Q: 31 Prepared an adjusting entry to record the accrued interest on the Lee note. (Algo) Notes…

A: Notes receivable is an instrument issued by the payer to the receiver against the unpaid amount. It…

Q: Sheridan Company borrows $37,800 on July 1 from the bank by signing a $37,800, 8%, one-year note…

A: Sheridan Company has borrowed on July 1. Interest for 6 months is due as on 31st December. Interest…

Q: Sylvestor Systems borrows $98,000 cash on May 15 by signing a 30-day, 7%, $98,000 note. 1. On what…

A: Notes Payable an instrument issued by the borrower to the lender. This act as a promissory note…

Q: Please check my work Keesha Company borrows $250.000 cash on December 1 of the current year by…

A: Notes Payable is a piece of documentary evidence issued by the borrower to the payee. This document…

Q: Keesha Company borrows $105,000 cash on November 1 of the current year by signing a 180-day, 7%,…

A: The journal entries are prepared to record the transactions on a regular basis. The adjustment…

Q: Prepare journal entries to record these transactions (round the answer to two decimal places):…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Keesha Company borrows $270,000 cash on November 1 of the current year by signing a 180-day, 11%,…

A: The note payable is reported as the liabilities in the balance sheet. The accrued interest is the…

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: Note is a form of debt issued or taken by the company. Interest has to be paid or received on the…

Q: Keesha Company borrows $260,000 cash on November 1 of the current year by signing a 120-day, 11%,…

A: Lets understand the basics. Entity issues note in order to obtain finance from the outside. In notes…

Q: Following are transactions for Vitalo Company. November 1 Accepted a $7,000, 180-day, 7% note from…

A: The accrued interest is the amount of interest due but not received in cash. The maturity amount is…

Q: Following are transactions for Ridge Company. March 21 Accepted a $14,600, 180-day, 9% note from…

A: To calculate the interest amounts at September 17 for Ridge Company's transaction with Tamara…

Q: Quick Tire and Lube received a 120-day, 9% note for $60,000, dated June 12, from a customer on…

A: Maturity value of the note=Face value of note+Interest revenue

Q: Sylvestor Systems borrows $183,000 cash on May 15 by signing a 90-day, 6%, $183,000 note. 1. On what…

A: Notes payable are issued to raise the long-term or short-term funds. If the notes payable are to be…

Q: Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account.…

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

Q: On January 1, the first day of the fiscal year, Shiller Company borrowed $120,000 by giving a…

A: Notes payable represent a promissory note issued by the borrower to repay the principal amount…

Q: Following are transactions for Veilstone Jewelers. November 1 Accepted a $15,000, 180-day, 5% note…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: )Determine the due date of the note. b)Determine the maturity value of the note. Assume 360 days in…

A: Given information is: Lundquist Company received a 60-day, 9% note for $21,500, dated July 23, from…

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 90-day, 8%, $50,000 note. 1. On what…

A: The note payable is treated as liability in the business. The note that matures in less than one…

Q: Spring Designs & Decorators issued a 180-day, 9% note for $88,400, dated April 13 to Jaffe Furniture…

A: A. due date of the note = Date of issue of note + Life of note in days

Q: business issued a 45-day, 4% note for $240,000 to a creditor on account. Journalize the entries to…

A: A journal entry is prepared by the company to record the non-economic & economic transactions of…

Q: Journalize the following transactions (use a 360-day year in interest calculations):   Mar. 1…

A: Notes Receivable - Note is an instrument exchanged by the payer to the receiver. It is a promissory…

Q: sued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for…

A: Solution: Issuance of note to a creditor on accounts means note is issued to a creditor for their…

Q: The following selected transactions are from Ohlm Company. Year 1 December 16 Accepted a $10,800,…

A: Notes Receivables is an asset that is reported in the current assets of the company according to the…

Q: Sylvestor Systems borrows $174,000 cash on May 15 by signing a 90-day, 6%, $174,000 note. 1. On what…

A: Lets understand the basics.Notes payable an instrument issued by the borrower to the lender. This…

Q: Keesha Company borrows $115,000 cash on November 1 of the current year by signing a 180-day, 11%,…

A: Introduction: A promissory note, also known as a note, is a written promise to pay a sum of money at…

Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…

A: Notes Payable: Known as long-term obligations, notes payable represent the money a firm owes to its…

Q: Assume 360 days in a year. Do not round your intermediate calculations and round your final answer…

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

Q: Jenkins Inc. had the following transactions. U Sep 1 Loaned $20,000 to an employee, who signed a…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: Following are transactions for Vitalo Company. 1 Accepted a $3,000, 180-day, 5% note from Kelly…

A: The accrued interest the amount of interest due for receipt but not received yet.

Q: On May 12, Joy Company accepted a $1,000, 60-day, 6% note from Abe, granting a time extension on a…

A: Ordinary interest is computed using a 360-day year or a 30-day month; exact interest is computed…

Q: . Potts issued a 90-day, 7% note for $200,000, dated February 3 to Valley Co. on account.…

A: The person who promised to pay the specified amount by signing a note is treated as notes payable as…

Q: Following are transactions for Ridge Company. March 21 Accepted a $11,900, 180-day, 7 % note from…

A: NOTES RECEIVABLEA note receivable is a kind of promise in writing that the holder is entitled to…

Q: i Required Information [The following Information applies to the questions displayed below.]…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Copperfield and Company issued a 90-day, 6.00% note for $200,000 to a creditor on account. The…

A: Notes Payable - Notes are instruments that are issued by the payer to the collector. It is a…

Q: Sylvestor Systems borrows $69,000 cash on May 15 by signing a 60-day, 8%, $69,000 note. 1. On what…

A: Formula: Interest expense = Notes amount x Time period x Interest rate

Q: 12. Journalize for Taci Company the lending of the money on June 1. 13. Journalize the collection of…

A: The journal entries are prepared to keep the record of day to day transactions of the business.The…

Q: On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the…

A: given that, The amount borrowed from Bank = $20000 Rate of interest = 9% period of note issued to…

Q: The following transactions are from Ohlm Company. (Use 360 days a year.)   Year 1 Dec.   16…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…