Landscape Corp borrows $100,000 Signs a 5-month, 12% note on March 1 Record the following journal entry for the interest accrual at June 30 year end.
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Landscape Corp borrows $100,000 Signs a 5-month, 12% note on March 1 Record the following
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- On June 1, Davis Inc. issued an $64,900, 7%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$379 b.$1,148 c.$757 d.$4,543On September 1, 2021, Allied Moving Corp. borrows $110,000 cash from First National Bank. Allied signs a six-month, 5% note payable. Interest is payable at maturity. Allied's year-end is December 31. 1., 2. & 3. Record the following transactions for the note payable by Allied Moving Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to nearest dollar amount.) View transaction list Journal entry worksheet < 1. 2 Record the issuance of notes payable. Date Sep 01, 2021 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general jourNotes Payable Tiger Woods purchases inventory in exchange for a 6 month note payable with a face value of 100,000 and a stated rate of 8 percent on November 1s*. Prepare the journal entries at 11/1, year end (12/31), and April 30th.
- 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)4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Note: Use 360 days a year. Do not round intermediate calculations. View transaction list 2 Req 2 and 3 3 1 Record the issuance of the note on December 1. Req 4 Record the interest accrued on the note as of December 31, current year. Note : Record payment of the note at maturity, assuming no reversing entries were made on January 1. = = journal entry has been entered Record entry Clear entry X Credit View general journal >On May 1, Cedar Inc. purchases $150,000 of 10-year, Knox Corporation 8% bonds dated March 1 at 100 plus accrued interest. Required: Journalize the entry to record the semiannual receipt of interest on March 1, Year 2. Refer to the Chart of Accounts for exact wording of account titles.
- On the first day of the fiscal year, a company issues $32,000, 11%, five-year installment notes that have annual payments of $8,658. The first note payment consists of $3,520 of interest and $5,138 of principal repayment. Question Content Area a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $1,020 $960 Temporary investments 1,200 1,400 Accounts receivable 820 940 Inventory 2,200 2,600 Accounts payable 1,900 2,200 a.…On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank. The note requires annual payments of $23,492, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $11,550 and principal repayment of $11,942. The journal entry to record the issuance of the installment note for cash on January 1 would include a a.debit to notes payable for $165,000 b.credit to notes payable for $165,000 c.debit to interest expense for $11,550 d.credit to interest payable for $11,550Keesha Co. borrows $230,000 cash on November 1 of the current year by signing a 180-day, 7%, $230,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of Interest on December 31, and (c) payment of the note at maturity. O Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 and 3 Reg 4 Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. (Use360 days a year. Do not round intermediate calculations.) No Transaction General Journal Debit Credit 230,000 1 (a) Cash 230.000 O Notes payable 2,728 (b) Interest expense 2,728 8 Interest payable 230,000 2,728 3 3 (c) Notes payable Interest payable 5,322 Interest expense
- On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that have annual payments of $12,303. The first note payment consists of $3,900 of interest and $8,403 of principal repayment. Question Content Area a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Feedback Area Feedback Question Content Area b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blankOn January 1, Luther Co. issued a $1,000,000, 5 year, 8% installment note payable with payments of $200,000 principal plus interest due on January 1 of each year for the next 5 years. Prepare the adjusting journal entry at December 31 to accrue interest for the year (you can attach Excel or Word rather than typing in answer box).