h. Vacation pay expense for December, $10,500.DescriptionDebitCrediti. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% ofsales, which totaled $1,900,000 in December.DescriptionDebitCreditj. Interest was accrued on the note receivable received on October 17. Assume 360 days per year.sem:DescriptionDebitCredit

A journal entry is prepared in order to record the business monetary transactions in the books of…

h. Vacation pay expense for December, $10,500. Description Debit Credit i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, vhich totaled $1,900,000 in December. Description Debit Credit j. Interest vas accrued on the note receivable received on October 17. Assume 360 days per year. Description Debit Credit

h. Vacation pay expense for December, $10,500. Description Debit Credit i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, vhich totaled $1,900,000 in December. Description Debit Credit j. Interest vas accrued on the note receivable received on October 17. Assume 360 days per year. Description Debit Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
Lachgar Industries warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $210,000 for June. In July, a customer received warranty repairs requiring $140 of parts and $95 of labor. a. Journalize the adjusting entry required at June 30, the end of the first month of the current fiscal year, to record the accrued product warranty. b. Journalize the entry to record the warranty work provided in July.
j. Interest was accrued on the note receivable received on October 17 ($100,000, 90-day, 9% note). Assume 360 days per year. Date Description Debit Credit Dec. 31 Interest Receivable v 1,850 X Interest Revenue v 2,250 X
On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a $17,800 account receivable. The note is due in six months. At December 31, Black should record interest revenue of a.$455 b.$442 c.$445 d.$452
A 60-day, 6% note for $26,400, dated May 1, is received from a customer on account. The maturity value of the note, assuming a 360- day year, is A.$264 Ob. $26,664 Oc. $26,400 Od. $27,984
On October 1, Black Company receives a 8% interest-bearing note from Reese Company to settle a $15,800 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $323 Ob. $326 Oc. $316 Od. $313
Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 2.5% of sales. Assume that sales were $600,000 for January. In February, a customer received warranty repairs requiring $200 of parts and $110 of labor.a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty.b. Journalize the entry to record the warranty work provided in February.
On October 1, Black Company receives a 6% interest-bearing note from Reese Company to settle a $17,000 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $252 Оь. 5255 Oc. $262 Od. $265
Question Content Area Note receivable Prefix Supply Company received a 120-day, 10% note for $24,000, dated April 12 from a customer on account. Assume 360-days in a year. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note.fill in the blank 1 of 1$ Question Content Area c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank - Select - - Select - - Select - - Select - - Select - - Select -
Prefix Supply Company received 120-day, 8% note for $450,000, dated April 9, from a customer on account. Required: a. Determine the due date of the note b. Determine the maturity value of the note c. Journalize the entry to record the receipt of the payment of the note at maturity
Accrued product warranty Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $323,000 for January. On February 7, a customer received warranty repairs requiring $230 of parts and $90 of labor. a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the warranty work provided in February. If an amount box does not require an entry, leave it blank. =88
Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 6% of sales. Assume that sales were $540,000 for January. On February 7, a customer received warranty repairs requiring $160 of parts and $75 of labor. Required: a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. Refer to the Chart of Accounts for exact wording of account titles. b. Journalize the entry to record the warranty work provided in February. Refer to the Chart of Accounts for exact wording of account titles.