journalize the following entries on the books of the borrower.  Assume a 360-day year.   January 1 Aggie Co. purchased merchandise on account from Low Co. for $40,000. January 30 Aggie Co. issued a 60-day, 6% note for $40,000 March 29 Aggie Co. paid the amount due at maturity Date Account Title Debit Credit Jan 1

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

A:

Q: Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year…

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

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: Note Receivable Quick Tire and Lube received a 120-day, 7% note for $12,000, dated April 9, from a…

A: The note receivable is issued on April 9 for 120 days. The due date of the note from April 9 after…

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: 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: Prefix Supply Company received a 60-day, 4% note for $46,000 dated July 12 from a customer on…

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

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: Note is a form of debt issued or taken by the company. Interest has to be paid or received on the…

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: 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 following entries on the books of the borrower and creditor. Label accordingly.…

A: Working   Interest due on Note payable=  60000*5%*60/360 Interest due on Note Payable= 500

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: Notes Receivable Entries 1.  Record the transactions in a general journal. When required, enter…

A: Notes receivable are a balance sheet item that shows the value of promissory notes owing to a firm…

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: Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year…

A: Journal- It refers to the primary books of account under which entries/transactions are recorded in…

Q: Prefix Supply Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on…

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

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: 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: Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.…

A: Note payable is a kind of loan taken from bank repayable after certain period of time.

Q: Lundquist Company received a 60-day, 6% note for $37,500, dated July 23, from a customer on account.…

A: A ) Lundquist company received $ 37500 on July 23 from customer , for 60 days. Calculation of Due…

Q: 4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

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: Journalize the following entries on the books of Winston Co. for August 1, September 1, and November…

A: Note means an instrument acknowledging as debt due from one party to another party.

Q: Entries for Discounted Note PayableA business issued a 90-day note for $36,000 to a creditor on…

A: a. Prepare journal entry.

Q: A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day…

A: Note Payable are a form of liability for the business, on which regular interest payments needs to…

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: a. Determine the due date of the note.   b. Determine the maturity value of the note. Assume 360…

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

Q: Journalize the following entries on the books of the borrower and creditor.  Label accordingly.…

A: Interest expense on Notes payable  = Notes payable x rate of interest x days / 360 = $90,000 x 5% x…