Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest computations.) June 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. The cost of merchandise sold was $36,000. 30 Regis Co. issued a 60-day, 5% note for $60,000 on account. Aug. 29 Regis Co. paid the amount due.

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Sunland Company borrows $47,600 on July 1 from the bank by signing a $47,600, 13%, one-year note…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note.   1. On what…

A: The note payable is the liability for the business which is to be paid on due date with interest.

Q: On the last day of October, Wright Company borrows $120,000 on a bank note for 60 days at 11 percent…

A: This question is asking about the Journal entries for 31 October of issue of notes, 30 November of…

Q: The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16…

A: Notes Receivable are the written documents issued by the borrower to the payee. This is a promissory…

Q: On September 1, Purifier Company borrowed $12,000 on a 6-month, 4%, short-term note payable. How…

A: Interest expense recorded on December 3 = Amount borrowed  x rate of interest x No. of months / 12…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $140,000 to Jergens Company…

A: Notes in accounting, also known as promissory notes, are written promises to pay a specific amount…

Q: The following are notes receivable transactions for Cullumber Co.: May 1 June 30 July 31 Aug. 31…

A: When customers accept a note in respect of their outstanding amount, than it is treated as one type…

Q: Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On…

A: Req : a       Computation of Present Value of Notes receivable:       Table Value are Based on:…

Q: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On…

A: Journal: Recording of a business transactions in a chronological order.

Q: The billing cycle for Mr. Lang’s credit card begins on September 8 and ends on October 7. He is…

A: Average daily balance is calculated to determine the finance charge on the billing period of a…

Q: A business issued a 60-day note for $87,000 to a bank. The note was discounted at 7%. Journalize the…

A: Businesses may issue short-term discount notes in consideration of goods, services, or cash.These…

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: On June 6, Nova Inc. accepts a $21,500 note from a customer in payment of an overdue account. The…

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

Q: Determine the interest and due dates on notes                                   Cora Company had the…

A: Interest Due :— It is the amount of interest due on loan. It is calculated by multiplying amount of…

Q: Complete the table to calculate the interest amounts at December 31st and April 30th and use those…

A: Note receivable It is a written promise. The Promise is to  receive money at a future date. Note…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $96,000 to Jergens Company…

A: Proceeds of the note (when note is discounted) = Face value of the Note - Discount amount where,…

Q: On October 1, Eli's Carpet Service borrows $125,000 from First National Bank on a 3-month, $125,000,…

A: Accrued Interest means the Interest which is already due but not paid with in the specific due date…

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: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day…

A:

Q: On August 1, Batson Company issued a 60-day note with a face amount of $85,200 to Jergens Company…

A:

Q: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…

A: Maturity value of the note = Face value of bonds + Interest

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: Journalize the transactions. Assume 360 days for interest calculations and record two entries for…

A: In accounting, journalizing transactions involves recording financial events in a systematic way to…

Q: Good Day Service Center received  a 120-day, 6% note for $250,000, dated April 12 from a customer on…

A: Calculation of due date of the Note Due Date of Note will be 120 days form the date on which it is…

Q: Quick Tire and Lube received a 120-day, 9% note for $60,000, dated June 12, from a customer on…

A: Maturity value of the note=Face value of note+Interest revenue

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: On November 1, Koala Kare Bear signed a $50,000, 10-month, 10% interest-bearing note payable. The…

A: From November 1 to December 31 = 2 months  According to accrual concept of accounting, expenses are…

Q: Journalize the following transactions (use a 360-day year in interest calculations):   Mar. 1…

A: Interest amount is calculated by considering the amount, rate of interest and the time period the…

Q: Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account.…

A: Note receivable:  Note receivable refers to a written promise received by the creditor from the…

Q: Compute the interest accrued on each of the following notes receivable held by Northland, Inc. on…

A: In this question first, we will calculate the days till 31 December and then interest for…

Q: Following are transactions for Veilstone Jewelers. November 1 Accepted a $15,000, 180-day, 5% note…

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Q: Spring Designs & Decorators issued a 180-day, 9% note for $88,400, dated April 13 to Jaffe Furniture…

A: A. due date of the note = Date of issue of note + Life of note in days

Q: b. Determine the proceeds of the note assuming th

A: Merchandise inventory refers to products purchased from suppliers by a distributor, wholesaler, or…

Q: Journalize the following transactions (use a 360-day year in interest calculations):   Mar. 1…

A: Notes Receivable - Note is an instrument exchanged by the payer to the receiver. It is a promissory…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $80,400 to Jergens Company…

A: Merchandise inventory refers to products purchased from suppliers by a distributor, wholesaler, or…

Q: sued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for…

A: Solution: Issuance of note to a creditor on accounts means note is issued to a creditor for their…

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: 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…

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 August 1, Taylor Company lent $80,000 to L. King on a 90-day, 5% note. 14. Journalize for Taylor…

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

Q: On May 12, Joy Company accepted a $1,000, 60-day, 6% note from Abe, granting a time extension on a…

A: Ordinary interest is computed using a 360-day year or a 30-day month; exact interest is computed…