E10.1 (LO 1), AP C.S. Lewis Company had the following transactions involving notes payable. July 1, 2022 Nov. 1, 2022 Dec. 31, 2022 Feb. 1, 2023 Apr. 1, 2023 Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares annual adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Instructions Prepare journal entries for each of the transactions.

E10.1 (LO 1), AP C.S. Lewis Company had the following transactions involving notes payable. July 1, 2022 Nov. 1, 2022 Dec. 31, 2022 Feb. 1, 2023 Apr. 1, 2023 Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares annual adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Instructions Prepare journal entries for each of the transactions.

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

The company issued a note receivable on September 30th, 2020 for OMR 10,000 with an interest rate of 5%. The maturity date of the note is 11th December, 2020. The note was honored on the maturity date. Calculate the interest amount received by the company on the maturity date assuming 360 days in a year. OMR 101.388 OMR 97.22 OMR 98.61 OMR 100 Calculate the amount of cash and cash equivalents if bank balance is OMR 50, Post-dated cheques are OMR 35, Cash in hand is OMR 75, Advance granted to employees is OMR 85, stationery on hand is OMR 36: ull lis is! TOSHIBA
1. On December 31, 2018, Conchita Martinez Company signed a P1,000,000 noninterest bearing note to Sauk City Bank. The market interest rate at that time is 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Considering these data, the bank released cash to the company amounting to P927,908; i.e., the total of the present value of the principal and interest. Unfortunately, because of lower sales, the company's financial situation worsened. On December 31, 2020, when the carrying amount of the loan is determined to be P951,968, Sauk City Bank determined that it was probable that the company would pay back only P600,000 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the P1,000,000 loan. The present value of 1 at 12% for 3 years is 0.71178 and the present value of an ordinary annuity of 1 at 12% for 3 years is 2.40183. 1.In the note amortization schedule before impairment, how…
vxccvgdrrrrr
1. On December 31, 2020, what is the carrying value of the note received from Company B? 2. What should be the TOTAL carrying value of the notes on December 31, 2020?
Please provide correct solution
Question. Jamaica Corporation carried out the following transactions involving note payable. During the fiscal year ended December 31, 2020. Aug 6 Borrowed $ 15,200 from Tony Stark, issuing to him a 45 da, 14% note payable. Sept. 16 Purchased office equipment from Ikea Company. The invoice amount was $18,800 and Ikea Company agreed to accept as full payment a 3-month, 15% note for the invoice amount. Sept. 20 Paid Tony Stark note plus accrued interest. Nov.1 Borrowed $ 2,35,000 from Nation Commercial Bank at an interest rate of 12% per annum; signed a 90-days note payable for $ 2,42,256, which included a $7,056 interest charge in the face amount. Dec.1 Purchased merchandise in the amount of $13,000 from Stephens & Co. Gave in settlement a 60-day note nearing interest at 15% (Perpetual inventory system is deployed). Dec. 16 The $18,800 note payable to Ikea Company matured today. Paid the interest accrued and issued new 30-days, 12% note to replace the maturing…
Issued, On January 01, 2010, a four-year note to ABC Bank. Face value of note is $40,000. It is a 5% note discounted at 8%. 2A). A journal entry for the issuance of the note on January 01, 2010. 2B). A journal entry for interest accrued on December 31, 2010. 2C). A journal entry for interest accrued on December 31, 2011. 2D). A journal entry for interest accrued on December 31, 2012. 2E). A journal entry for interest accrued on December 31, 2013. 2F). A journal entry for payment of the interest on December 31, 2013. 2G). A journal entry for payment of the note to XYZ Bank on December 31, 2013. Don't give answer in image format
1. What amount of receivable would be shown by Cabana Company relating to the factoring transaction on January 31, 2021? Please include solutions. Thank you.
At December 31, 2013, Veto Co. had the following balances in the accounts it maintains at NHI Bank: • Checking account #101 175,000 • Checking account # 201 (10,000) Money market account 25,000 90-day certificate of deposit, due 2/28/14 50,000 • 180-day certificate of deposit, due 3/15/14 80,000 Veto Co. classifies debt securities acquired three months or less before maturity date as cash equivalents. In its December 31, 2013 statement of financial position, what amount should Veto Co. report as cash and cash equivalents?
Ireland Corporation obtained a $62,000 note receivable from a customer on June 30, 2021. The note, along with interest at 5%, is due on June 30. 2022. On September 30, 2021, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 8%. What amount of cash did. Ireland receive from Cloverdale Bank? Multiple Choice $58,094. $57,040. $62.775. < Prev 15 of 15 Next
Please dont use any AI. It's strictly prohibited.
On October 1, 2017, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National Bank as collateral for a $750,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 9%. Prepare the October 1 journal entries for both Chung and Seneca.