entries for discounting notes payable ramsey company issues an $800,000, 45-day note to Buckner company for mechandise inventory. Buck ner discounts the note at 7%
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ex 11-3 entries for discounting notes payable
ramsey company issues an $800,000, 45-day note to Buckner company for mechandise inventory. Buck ner discounts the note at 7%
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- Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $63,000 cash on May 15 by signing a 120-day, 6%, $63,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 2B Interest at Required 2B General Required 1 Required 2A Maturity Journal On what date does this note mature? On what date does this note mature? < Required 1 Required 2AExercise 13-2The following are selected 2017 transactions of Shamrock Corporation. Sept. 1 Purchased inventory from Encino Company on account for $55,600. Shamrock records purchases gross and uses a periodic inventory system.Oct. 1 Issued a $55,600, 12-month, 8% note to Encino in payment of account.Oct. 1 Borrowed $55,600 from the Shore Bank by signing a 12-month, zero-interest-bearing $59,960 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) DateAccount Titles and ExplanationDebitCredit October 1 SHOW LIST OF ACCOUNTSLINK TO TEXT Prepare adjusting entries at December 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are…Exercise 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $181,000 cash on May 15 by signing a 180-day, 6%, $181,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. es Required 28 Required 28 General Interest at Maturity Required 1 Required 2A Journal Use those calculated values to prepare your entry to record payment of the note at maturity. (Uee 360 days a year Round final answers to the nearest whole dallar.) View transaction llst View journal entry worksheet Debit Credit General Journal No Event A Interest expense Interest payable < Required 2B Interest at Maturity < Prey 2 of 2 Next
- chapter ten q1Exercise 7-13 (Algo) Percent of accounts receivable method LO P3 Mazie Supply Company uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $112,500, and it estimates that 5% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,913 credit balance before the adjustment. (b) a $563 debit balance before the adjustment. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 Bad debts expense 7,538 Allowance for doubtful accountsHOMEWORK 8 - CHAPTER 8 Question 9 of 15 -1 Current Attempt in rrogress Assume the following information for Tamarisk Corp. Accounts receivable (beginning balance) $161,000 Allowance for doubtful accounts (beginning balance) ,11,300 Net credit sales ,942,000 Collections 912,000 Write-offs of accounts receivable 5,200 Collections of accounts previously written off 2,200 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. (a) Prepare the entries to record sales and collections during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit
- 5Problem 8-2 (with solution/explanation) answer the number 4 onlymework Assignment Exercise 7-12A (Algo) Notes receivable-accrued interest LO 7-5 On May 1, Year 1, Benz's Sandwich Shop loaned $14,000 to Mark Henry for one year at 9 percent interest. Required: a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry? Note: For all requirements, round your answers to the nearest dollar amount. a. Interest income ن و نان فان b. Receivables c. Cash used in investing activities Interest income e. Cash f. g. Interest earned 53° HO Saved
- 14Instructions Chart of Accounts General Journal Instructions On December 1, Newton Enterprises sells $300,000 of accounts receivable to a factor without recourse, receives 80% of the value of the factored accounts, and is charged a 8% commission on the gross amount of the factored accounts receivable. Newton normally factors its accounts receivable. Required: Prepare Newton's journal entry.Exerclse 9-3 Accounting for note payable LO P1 Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day, 5%, $70,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 2B Interest at Maturity Required 2B General Journal Required 1 Required 2A First, complete the table below to calculate the interest expense at maturity. (Use 360 days a year. Round final answers to the nearest whole dollar.) Interest at Maturity Principal Rate (%) Time Total interest