During 2018, LeBron Corporation accepts the following notes receivable. a. On April 1, LeBron provides services to a customer on account. The customer signs a four-month, 9% note for $5,000. b. On June 1, LeBron lends cash to one of the company's vendors by accepting a six-month, 10% note for $9,000. c. On November 1, LeBron accepts payment for prior services by having a customer with a past-due account receivable sign a three- month, 8% note for $4,000. Required: Record the acceptance of each of the notes receivable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 On April 1, LeBron provides services to a customer on account. The customer signs a four-month, 9% note for $5,000. Note: Enter debits before credits. Date April 01 Record entry General Journal Clear entry Debit Credit View general journal >

During 2018, LeBron Corporation accepts the following notes receivable. a. On April 1, LeBron provides services to a customer on account. The customer signs a four-month, 9% note for $5,000. b. On June 1, LeBron lends cash to one of the company's vendors by accepting a six-month, 10% note for $9,000. c. On November 1, LeBron accepts payment for prior services by having a customer with a past-due account receivable sign a three- month, 8% note for $4,000. Required: Record the acceptance of each of the notes receivable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 On April 1, LeBron provides services to a customer on account. The customer signs a four-month, 9% note for $5,000. Note: Enter debits before credits. Date April 01 Record entry General Journal Clear entry Debit 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

Paper Company receives a $6,000, 3-month, 6% promissory note from Dame Company in settlement of an open accounts receivable. What entry will Paper Company make upon receiving the note?
C.S.Sunland Company had the following transactions involving notes payable. July 1, 2025 Nov. 1, 2025 Dec. 31, 2025 Feb. 1, 2026 Apr. 1, 2026 Borrows $55,950 from First National Bank by signing a 9-month, 8% note. Borrows $59,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (List all debit entries before credit entries. Credit acc
hello, I need help please
On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $11,000. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1.
City Graphics has the following notes payable transactions. July 5 Issued a $3,500 note to Roma Ceramic Inc. The 10%, 60-day note is in full payment of an account payable. July 9 Borrowed $5,000 from the bank signing a 6%, 90-day note. July 11 Paid $500 cash and issued a $2,000, 8% 30-day note to Design Center in payment of an account payable. Aug. 5 Borrowed $3,600 for 30 days from the bank on a non-interest-bearing note. The discount rate is 10%. Sept. 3 Paid the principal and interest due on the $3,500 note to Roma Ceramic Inc. Oct. 3 Paid the interest due on the $5,000 note to the bank and renewed the principal for 30 days at 7%. Required: Record these transactions in a general journal. If an amount box does not require an entry, leave it blank. Assume 360 days in a year.
If a company accepts credit cards, they must record the expense on their books. Please prepare the journal entries for the following scenario: Company A sells $480,000 on credit card sales. The credit card charges a 4.5% fee for the use of the card. The card company also deposits the cash into the company’s bank account the same night as the credit cards are accepted.
Gadubhai
Raindrop Inc owes a past due bill to Jax Corp. On August 8, Jax agrees to accept a $5000, 8%, 120-day note as payment from Raindrop. On October 11, Jax discounts the note at Park Bank at 9%. Find the: (a) original interest and Maturity Value that Raindrop will pay, (b) discount period for Park Bank (c) Park Bank’s discount, and (d) Jax’s proceeds
Copperfield and Company issued a 90-day, 6.00% note for $200,000 to a creditor on account. The previous clerk entered the following journal entries to record the note on July 10, and the payment of the note at maturity. 1 2 3 4 5 DATE 1 JUL 10 Accounts Payable Notes Payable 2 3 Notes Payable Accounts Payable Interest Expense DATE DESCRIPTION JOURNAL Jul 10 Accounts Payable POST. REF. DESCRIPTION Journalize the payment of the note at maturity as it should have been journalized. Don't forget to include the date. Assume a 360-day year. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. DEBIT 200,000.00 JOURNAL 212,000.00 POST. REF. CREDIT You notice that the journal entry for recording the note on July 10 is correct, but the entry for the payment of the note at maturity (including interest) did not have a date and was not correct. 200,000.00 200,000.00 12,000.00 DEBIT 20,000,000.00 Score: 4/37 CREDIT ASSETS 200,000.00…
Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018, Bank's Hardware issues a note with a principal amount of $490,000, 11% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Bank’s Hardware Store for the following transactions. If an amount box does not require an entry, leave it blank. A. Note issuance. B. Subsequent interest entry on December 31, 2018. C. Honored note entry at maturity on December 31, 2019.
on november 1, 2018, Downtown Jewelers accepted a 3-month, 15% note for $6,000 in sttlement of an averdue account receivable. the account period ends on december 31. prepare the journal entry to record the accrued interest at the year end.
Springer Products wishes to borrow $90,000 from a local bank using its accounts receivable to secure the loan. The bank's policy is to accept as collateral any accounts that are normally paid within 30 days of the end of the credit period, as long as the average age of the account is not greater than the customer's average payment period. Springer's accounts receivable, their average ages, and the average payment period for each customer are shown in the following table: Customer Accounts Receivable Average age of account Average payment period of customer A $11,000 42 days 50 days B $25,000 70 days 65 days C $10,000 48 days 45 days D $28,000 55 days 50 days E $14,000 50 days 60 days F $19,000 21 days 35 days G $30,000 10 days 30 days H $16,000 25 days 40 days…