Issuing Notes Payable On September 30, Bello International borrows $320,000 from Chase Bank with a 9-month, 8% note. Required:     Hide     What journal entry is made at Bello's year-end, December 31?             Dec. 31                 (Record accrued interest expense)

Q: Accounting for a note receivable On June 6, Lakeland Bank & Trust lent $80,000 to Stephan Stow…

A: Interest on note receivable = Note receivable x rate of interest x days/365  = $80,000*9%*30/365 =…

Q: A business issued a 60-day, 10% note for $80,000 to a creditor on account. Journalize the entries to…

A:

Q: Entries for notes receivable Valley Designs issued a 90-day, 10% note for $24,000, dated April 19,…

A: The journal entries are the first step in accounting to record transactions. The T0accounts are…

Q: Entries for notes payable A business issued a 60-day, 10% note for $94,000 to a creditor on…

A: Lets understand the basics.When notes payable has been paid through notes payable then interest…

Q: Accounting for a note receivable On June 6, Lakeland Bank & Trust lent $80,000 to Stephan…

A: When money is lent against notes, the notes receivable (asset) is debited and cash is credited.

Q: Please check my work Keesha Company borrows $250.000 cash on December 1 of the current year by…

A: Notes Payable is a piece of documentary evidence issued by the borrower to the payee. This document…

Q: Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 12 from a customer on…

A: Journal entries are the primary reporting of the business transactions in the books of accounts,…

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 6% note for $30,000,…

A: The note receivable is an asset for the business which is issued by the debtors of the business.…

Q: Autumn Designs & Decorators issued a 120-day, 9% note for $48,000, dated April 13 to Zebra Furniture…

A: Interest on Note = Face value of note x rate of interest x No. of days/360 days =48000*9%*120/360 =…

Q: A business issued a 60-day, 10% note for $80,000 to a creditor on account. Journalize the entries to…

A: In the above question we have asked to pass journal entries at the time of issuance of notes payable…

Q: Note receivable Prefix Supply Company received a 120-day, 7% note for $84,000, dated April 12 from a…

A: The journal entries are prepared to record the transactions on regular basis. The note receivable…

Q: Martinez Co. borrowed $79,200 on March 1 of the current year by signing a 60-day, 9%,…

A: The interest expense  is calculated as  follows  $79200 × 9% × 60/360   = $1188

Q: Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe…

A: Maturity value of note = Note amount + Interest

Q: Clayton Company borrowed $6,000 from the State Bank on April 1, Year 1. one-year note carried a 6%…

A: The objective of the question is to determine the correct journal entry to recognize the accrued…

Q: Autumn Designs & Decorators issued a 120-day, 8% note for $78,000, dated April 13 to Zebra Furniture…

A: The note receivable is an asset for the business which is issued by the debtors of the business.

Q: Entries for notes payable A business issued a 120-day, 5% note for $100,000 to a creditor on…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Spring Designs & Decorators issued a 120-day, 6% note for $42,000, dated April 13 to Jaffe Furniture…

A: Interest on note = Face value of note x rate of interest x no. of days / 360 = $42000 x 6% x 120/360…

Q: On the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Entries for Notes Payable A business issued a 60-day, 15% note for $86,000 to a creditor on…

A: Interest on Note = Note Amount x Interest (%) x Days of Note / 360

Q: A business issued a 60-day, 15% note for $92,000 to a creditor on account. Journalize the entries to…

A: (a) the issuance of the noteAccount Titles and ExplanationDebitCreditAccounts payable$92,000 Notes…

Q: Entries for Notes Receivable Valley Designs issued a 90-day, 6% note for $48,000, dated April 17,…

A: Average due date: Due date is the date when the amount of bill is payable and the average due date…

Q: Save & Exit On April 12, Hong Company agrees to accept a 60-day, 6%, $6,900 note from Indigo Company…

A: Interest rate = 6% Notes payable value = $ 6900 Period = 60-day

Q: Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $78,000, dated April 22,…

A: Notes receivable are a balance sheet item, that records the value of promissory notes and its refers…

Q: Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. T July 15 note is…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Valley Designs issued a 90-day, 8% note for $24,000, dated April 19, to Bork Furniture Company on…

A: The person who promised to pay the specified amount by signing a note is treated as notes payable as…

Q: Entries for notes payable A business issued a 60-day, 15% note for $85,000 to a creditor on account.…

A: A promissory note is a legal document that contains the written promise made by the issuer. The…

Q: Journal Entries (Note Issued for Bank Loan) July 15  Borrowed $5,000 cash from the bank, giving a…

A: A note payable is a written promissory note. It is made by the borrower to borrow an amount of money…

Q: West County Bank agrees to lend Wildhorse Co. $472000 on January 1. Wildhorse Co. signs a $472000,…

A: Total interest on notes = Amount borrowed x rate of interest x no. of month/12 = $472000*6%*6/12 =…

Q: A business issued a 45-day, 6% note for $235,000 to a creditor on account. Journalize the entries to…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that…

A: The objective of the question is to record the issuance of the installment notes and the first…