Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1Keesha Co. borrows $300,000 cash on December 1 of the current year by signing a 150-day, 11% $300,000 note.1. On what date does this note mature?2. & 3. What is the amount of interest expense in the current year and the following year from this note?4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note atmaturitycesComplete this question by entering your answers in the tabs below,Req 2 and 3What is the amount of interest expense in the current year and the following year from this note? (Use 360 days a yearRound final answers to the nearest whole dollar)Reg 1PrincipalRate (%)TimeTotal interestReq 1View transaction list<Keesha Co. borrows $300,000 cash on December 1 of the current year by signing a 150-day, 11%, $300,000 note.1. On what date does this note mature?2. & 3. What is the amount of interest expense in the current year and the following year from this note?4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note atmaturityComplete this question by entering your answers in the tabs below.TotalthroughmaturityReq 2 and 31Journal entry worksheetPrepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note atmaturity. (Use 360 days a year. Do not round intermediate calculations.)Req 12Note: Enter debits before credits.Transaction(a)<Record the issuance of the note on December 1.View transaction list1Req 4Req 2 and 3Req 1Intere+ExpenisCurrent Year3<Transaction(b)Req 4Complete this question by entering your answers in the tabs below.Journal entry worksheet2Keesha Co, borrows $300,000 cash on December 1 of the current year by signing a 150-day, 11%, $300,000 note.1. On what date does this note mature?2. & 3. What is the amount of interest expense in the current year and the following year from this note?4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note atmaturity,Record the interest accrued on the note as of December 31, current year.General JournalJournal entry worksheetNote: Enter debits before creditsDebitReq 4ProvComplete this question by entering your answers in the tabs below.SevedGeneral JournalCredit1 of 2DebitPrevKeesha Co, borrows $300,000 cash on December 1 of the current year by signing a 150-day, 11%, $300,000 note1. On what date does this note mature?2. & 3. What is the amount of interest expense in the current year and the following year from this note?4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note atmaturityDobilPrev6Record payment of the note at maturity, assuming no reversing entries weremade on January 1.Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note atmaturity. (Use 360 days a year. Do not round intermediate calculations.)1 of 2Credit>CreditNext >EE1 of 2>Next >CheckNext >

The note payable is the liability for the business and has credit balance. The interest which is due…

Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $300,000 cash on December 1 of the current year by signing a 150-day, 11% $300,000 note 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 31 Req 4 What is the amount of interest expense in the current year and the following year from this note? (Use 360 days a year Round final answers to the nearest whole dollar)

Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $300,000 cash on December 1 of the current year by signing a 150-day, 11% $300,000 note 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 31 Req 4 What is the amount of interest expense in the current year and the following year from this note? (Use 360 days a year Round final answers to the nearest whole dollar)

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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The maturity value of a $183,600, 11%, 40-day note receivable dated July 3 is a.$185,844 b.$183,600 c.$192,576 d.$203,796
A B E 2 Determine the maturity date and compute interest for each note. 3 Days to be used per year 360 days 4 Note Contract Date Principal Interest Rate Period of Note (Term) 6. 1 1-Mar $10,000 6% 60 days 7 2 15-May 15,000 8% 90 days 8 3 20-Oct 8,000 4% 45 days 9. 10 Required: 11 12 (Use cells A5 to F8 from the given information to complete this question.) 13 14 Note Contract Date Maturity Date Interest Expense 15 16 17 3 18
Required information Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $255,400. The interest rate charged by the bank was 5.00%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part a Required:a-1. Calculate the loan proceeds made available to Powell.
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 2A
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
Problem 1 Kecord the transactions in the general Journal of Martin Tool Company. Martin closes its books on December 31 2021 Martin Tool Company received a $14,000, 12-month 12% note receivable in exchange for an outstanding account from John Glenn. May 1 Dec. 31 Accrued interest revenue on the note fort the 8 months (May 1- Dec. 31, 2021) 2022 May 1 Received principal plus interest on the John Glenn note. (No interest revenue has been recorded for the 4 months (January 1- Mayl, 2022) Мay 1. 2021. 6, Jets Company re et the 20 of the erchand ed $47,000. Dec. 31. 2021. May 1. 2022 Company recei ceived the alce
1 Book Hint Print rences Keesha Company borrows $240,000 cash on December 1 of the current year by signing a 120-day, 10 %, $240,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Note: Use 360 days a year. Do not round intermediate calculations. View transaction list 1 No 1 2 Transaction (a) (b) Req 4 View journal entry worksheet Cash Notes payable Interest expense General Journal Debit 240,000 4,000 Credit Check my work 240,000 Jenil
Journalizing Installment Notes On the first day of the fiscal year, a company issues $35,000, 5%, eight-year installment notes that have annual payments of $5,415, The first note payment consists of $1,750 of interest and $3,665 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. If an anmount box does not require an entry, leave it blank. b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.
Check my work Exercise 9-4 (Algo) Accounting for note payable LO P1 Sylvestor Systems borrows $104,000 cash on May 15 by slgning a 30-day, 5%, $104,000 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 On what date does this note mature? On what date does this note mature? K Required Required 2A Fook Air
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Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $55,000, four-year, 11% installment note from Campbell Bank. The note requires annual payments of $17,728, beginning on December 31, Year 1. Question Content Area a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Note: Enter all amounts to the nearest whole dollar. Round Year 4 Interest Expense (up or down) to ensure the carrying amount is zero at the end of the note term. Amortization of Installment Notes Year EndingDecember 31 January 1Carrying Amount Note Payment(Cash Paid) Interest Expense(7% of January 1Note CarryingAmount) Decrease inNotes Payable December 31Carrying Amount Year 1 $fill in the blank b149b9fd0071019_1 $fill in the blank b149b9fd0071019_2 $fill in the blank b149b9fd0071019_3 $fill in the blank b149b9fd0071019_4 $fill in the blank b149b9fd0071019_5 Year 2 fill in the blank b149b9fd0071019_6…