Jesse Company adjusts its accounts monthly and closes its accounts on December 31. On October 31, year 1, Jesse Company signed a note payable and borrowed $110,000 from a bank for a period of six months at an annual interest rate of 6 percent. Assume the company prepared a balance sheet at March 31, year 2. State the amount of the liability to the bank on this date.

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Q: October 1, Dutta Incorporated borrowed $94 million and issued a nine-month promissory note. Interest…

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A: As per dual concept of accounting, every transaction has dual impact on the books of accounts.The…

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Q: Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the…

A: Given in the question:Borrowed Amount = $60,000,000Issued Period = 09 MonthsRate of Interest =…

Q: Madison Company issued an interest-bearing note payable with a face value of $24,000 and a stated…

A: Note payable refers to the amount for which the individual or the company has written to pay the…

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A: From March 1 to April 30 = 60 days Interest is paid on the funds used by the business to generate…

Q: On January 1, Year 1, Beatie Company borrowed $360,000 cash from Central Bank by issuing a…

A: Amortization schedule is the one which is prepared by the entity for the purpose of determining the…

Q: Madison Company issued an interest-bearing note payable with a face value of $9,600 and a stated…

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Q: 1) On October 1, 20x1, Metro Bank loaned $8,000,000 and received a 5-month promissory note with 10%…

A: Note is kind of instrument which are commonly used by the lender and borrower at the time of giving…

Q: Havier Corporation borrows $1 million from a bank on September 1, Year 1, by signing a 6 percent,…

A: The journal entry for the above is Note payable A/C dr.     $10,00,000 Interest expense A/c dr.…

Q: Grayson Bank agrees to lend the Trust Company $98,759 on January 1. Trust Company signs a $98,759,…

A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…

Q: On July 8, Jones Inc. issued an $85,000, 8%, 120-day note payable to Miller Company. Assume that the…

A: From July 8 to July 31 = 23 days Interest expense has been accrued for 23 days for the note payable.…

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A: Formula:Interest expense = Principal amount x Interest rate x Time period

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A: Journal entries refer to the first step of accounting where economic events of the enterprise are…

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A: Lets understand the basics. When entity borrows fund by issuing notes payable then management needs…

Q: On January 1, the first day of the fiscal year, Shiller Company borrowed $120,000 by giving a…

A: Notes payable represent a promissory note issued by the borrower to repay the principal amount…

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Q: On January 1, Amil Corp. lent $37,000 to Windsor Ltd., accepting Windsor's $49,247, three-year,…

A: Zero interest-bearing note refers to a note that does not pay interest like a normal note. The…

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A: >Note Payables are the liabilities.>It can be issued in case of:--when goods are purchased on…

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A: 1) Cash paid for interest: $70000 x 6% x 4/12 = $1400 (2) Interest expense: $70000 x 6% x 4/12 =…

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A: Journal entries are made to record the transactions as the first process in the books of accounts…

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A: Information Given:Loan Amount: $36,000Interest Rate: 7% per yearLoan Date: April 1, Year 1Loan Term:…

Q: Dan Dayle started a business by issuing an $98,000 face value note to First State Bank on January 1,…

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Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

A: Notes payable are defined as the written promissory note or an agreement under which the borrower…

Q: The following selected transactions are from Ohlm Company. Year 1 December 16 Accepted a $10,800,…

A: Notes Receivables is an asset that is reported in the current assets of the company according to the…

Q: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…

A: Note: We’ll answer the first two questions since the exact one wasn’t specified. Please submit a new…

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A: Part (1)   Date Particulars  Amount (Dr) Amount (Cr) 01-Apr Bank A/c Dr  880100     Finance…

Q: Tangent Company borrowed $100,000 from the bank signing an 8%, 6-month note on September 1.…

A: Interest expense refers to the amount that the lender charges from the company or individual at a…

Q: Abardeen Corporation borrowed $122,000 from the bank on October 1, Year 1. The note had an 6 percent…

A: Interest: - An interest is referred to as the cost of borrowing which is paid by the borrower of…

Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…

A: Notes Payable: Known as long-term obligations, notes payable represent the money a firm owes to its…

Q: On July 8, Jones Inc. issued an $84,700, 11%, 120-day note payable to Miller Company. Assume that…

A: Annual Interest=Issue amount×Interest rate=$84,700×11%=$9,317

Q: Abardeen Corporation borrowed $118,000 from the bank on October 1, Year 1. The note had an 6 percent…

A: The company can borrow funds and pay interest. The interest on funds borrowed is a financial…

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A: Accounts Receivable refers to payment which company would receive from customers who had purchased…

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A: Notes Receivables Issued: It is possible to get a note receivable by writing a promise to receive a…

Q: On May 31, Baker Co. issued an $35,679, 8%, 120-day note payable to Samunck Co. Assume Baker's…

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Q: . Potts issued a 90-day, 7% note for $200,000, dated February 3 to Valley Co. on account.…

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

Q: Required: the adjusting entry on December 31, 2020, will show a credit to interest payable for...

A: Adjusting entry: Adjusting journal entry is made at the end of the fiscal period to reflect the…

Q: LARA Company secured a bank loan of $ 90,000, on 1/4/2020. In return, it signed a 10 month, 6%, note…

A: The adjustment entries are made to adjust the revenues and expenses of the current year.

Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

A: Notes payable is a negotiable instrument used for differing payments. In this one-party agree to pay…