LO 8-3E8-10 Recording Notes Receivable Transactions, Including Accrual Adjustment for InterestdomicThe following transactions took place for Smart Solutions Inc.2020a. July 1b. Dec. 312021c. July 1250 06Loaned $70,000 to employees of the company and received backone-year, 10 percent notes.shunt at lasAccrued interest on the notes.d. July 1berupawollReceived interest on the notes. (No interest has been recorded sinceDecember 31.)eleSt Received principal on the notes.noxidoa bed to Jouons tedWoli ni songlyBubanu adi 11sqx mis bs& lo tuoms isrwRequired:Prepare the journal entries that Smart Solutions Inc. would record for the above transactions.

LO 8-3 $8.01 E8-10 Recording Notes Receivable Transactions, Including Accrual Adjustment for Interest The following transactions took place for Smart Solutions Inc. jum og 11500 104 lo avab 10 hadi sio (2) pau of out milzo 21 202001 a. July 1 b. Dec. 31 2021 c. July 1 d. July 1 BE(0) Loaned $70,000 to employees of the company and received back one-year, 10 percent notes. Accrued interest on the notes. wollReceived interest on the notes. (No interest has been recorded since December 31.) 210020A STE Received principal on the notes. sanoqx idsabe8 to Jouons tedW Required: eqx is bs& lo nuoms isdw Prepare the journal entries that Smart Solutions Inc. would record for the above transactions. 9851097 8-83

LO 8-3 $8.01 E8-10 Recording Notes Receivable Transactions, Including Accrual Adjustment for Interest The following transactions took place for Smart Solutions Inc. jum og 11500 104 lo avab 10 hadi sio (2) pau of out milzo 21 202001 a. July 1 b. Dec. 31 2021 c. July 1 d. July 1 BE(0) Loaned $70,000 to employees of the company and received back one-year, 10 percent notes. Accrued interest on the notes. wollReceived interest on the notes. (No interest has been recorded since December 31.) 210020A STE Received principal on the notes. sanoqx idsabe8 to Jouons tedW Required: eqx is bs& lo nuoms isdw Prepare the journal entries that Smart Solutions Inc. would record for the above transactions. 9851097 8-83

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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2020 a. July 1 b. December 31 2021 c. July 1 d. July 1 Loaned $62,000 to employees of the company and received back one-year, 10 percent notes. Accrued interest on the notes. Received interest on the notes. (No interest has been recorded since December 31.) Received principal on the notes. Required: Prepare the journal entries that Smart Solutions Incorporated would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker Date of Note Principal Interest Term No. of Days K. Savelin 12/15/-- $1,500 5% 60 days 16 R. Hillier 12/3/-- 4,800 6 90 28 B. Miranda 11/30/-- 3,200 8 90 31 R. Hansen 11/18/-- 7,300 7 120 43 Required: Question Content Area 1. Compute the accrued interest at the end of the year. Round interim calculations and final answer to the nearest cent. Assume 360 days in a year.
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L. How much interest income should be reported on December 31, 2020 with regards to the note from Company B? 2-2 Notes Receivables The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000 for Notes Receivables broken as follows: Notes receivable from Company A Notes receivable from Company B 3,000,000 1,000,000 Total 4,000,000 Additional information: The notes receivable from Company A is a three-year non- interest bearing note, with face value of P3,000,000. The note was received in exchange for a piece of land sold by BLUE on May 1, 2020. The land was carried in the books at the date of sale at P2,600,000. The difference between the face amount of the note and the carrying value of the land was credited to gain on sale of land. The market interest rate for a note of this type is 10%. The notes receivable from Company B bears interest at 10%. The note was received from sale of goods in the normal course of business. The note is dated October…
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12:43 1 ul LTE A v2.cengagenow.com Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note January 10* $40,000 5% 90 days a. b. March 19 18,000 180 days June 5 90,000 30 days C. d. September 8 36,000 90 days e. November 20 27,000 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest (a) Apr. 10 (b) Sept. 15 (c) July 5 (d) Dec. 7 (e) Jan. 19
Required information Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $255,400. The interest rate charged by the bank was 5.00%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part a Required:a-1. Calculate the loan proceeds made available to Powell.
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nces On 1 October 20X6, Halpern Co borrowed $180,000 from Canada Bank The note has a two-year term, and requires that interest of 9% be paid each 30 September, with the principal payable 30 September 20X8 Required: Provide all entries for the note from 20X6 to 20X8 (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) View transaction list 1 Record the borrowings from Canada Bank. 2 Record the accrual of intest for the period ending 31st December 20x6. a Record the interest payment on 30 September 20x7. 4 Record the accrual of interest for the period ending 31st December 20X7 5 Record the interest payment on 30 September 20X8. Record the repayment of borrowings to Canada Bank 6 Note: journal entry has been entered Record entry Clear entry EX - - 2 Credit View gener al journal
1 Find the new balance, assuming that the bank charges 2-% per month on the unpaid balance. 2 Previous New Balance Payment Purchases $592.88 $81.26 A. $575.61 B. $572.61 C. $576.51 O D. $574.41 $50.00
The proper remedy for the following cases is reformation of the instrument, except for one. Which is it? * If the true intention of the contracting parties is not expressed in the instrument purporting to embody the agreement by reason of mistake, fraud, inequitable conduct or accident. If the mutual mistake of the parties causes the failure of the instrument to disclose their real agreement. If mistake, fraud, inequitable conduct or accident has prevented the meeting of the minds of the contracting parties. If one party was mistaken and the other acted fraudulently or inequitably in such a way that the instrument does not show their true intention.