Lyon County Bank agrees to lend the Grimwood Brick Company $100,000on January 1. Grimwood Brick Company signs a $100,000, 8%, 9 month33. The entry made by Grimwood Brick Company on January 1 to record thermation below for questions 33 and 34flower shop follows GAAP and applies the revenue recognition principle. When isb. when the performance obligation is satisfied.A flower shop makes a large sale for $1,000 on November 30. The customer isthe $1.000 considered to be recognized?d. in the period that income taxes are paidsent a statement on December 5 and a check is received on December 10. Thenote.onproceeds and issuance of the note isa. Interest Expense.Cash6,00094,000Notes Payableb. Cash100,000100,000Notes Payablec. CashInterest ExpenseNotes Payabled. Cash.Interest ExpenseNotes PayableInterest Payable34. What is the adjusting entry required if Grimwood Brick Companyprepares financial statements on June 30?a. Interest Expense.Interest Payableb. Interest Expensewww*.100,000100,0006,000106,000100,0006,000100,0006,0004,0004,0004,000Cashc Interest PayableCashd. Interest PayableInter ecognition principle dictates that revenue should be recognized in4,0004,0004,0004,000354,000the accounting records:a. when cash is received.C at the end of the month.36a. December 5b. December 10C November 30d December 1O LIVE

It is given that : Lyon Bank has lended Grimwood Co. a note, Value of notes payable - $100,000…

Lyon County Bank agrees to lend the Grimwood Brick $100,000 on January 1. Grimwood Brick Company signs a $100,00O, 8%, 9 month 33. The entry made by Grimwood Brick Company on January 1 to record the lion below for questions 33 and 34 note. proceeds and issuance of the note is a. Interest Expense Cash 6,000 94,000 Notes Payable. b. Cash Notes Payable e. Cash Interest Expene Notes Payable d. Cash Interest Expense Notes Payable Interest Payable 34. What is the adjusting entry required if Grimwood Brick Company prepares financial statements on June 30? a. Interest Expense Interest Payable Interest Expense Cash e Intert Payable Cash 4. Interst Payable Interest Expense The revenue recogn 100,000 100,000 100,000 100,000 6,000 106,000 100,000 6,000 100,000 6,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 35

Lyon County Bank agrees to lend the Grimwood Brick $100,000 on January 1. Grimwood Brick Company signs a $100,00O, 8%, 9 month 33. The entry made by Grimwood Brick Company on January 1 to record the lion below for questions 33 and 34 note. proceeds and issuance of the note is a. Interest Expense Cash 6,000 94,000 Notes Payable. b. Cash Notes Payable e. Cash Interest Expene Notes Payable d. Cash Interest Expense Notes Payable Interest Payable 34. What is the adjusting entry required if Grimwood Brick Company prepares financial statements on June 30? a. Interest Expense Interest Payable Interest Expense Cash e Intert Payable Cash 4. Interst Payable Interest Expense The revenue recogn 100,000 100,000 100,000 100,000 6,000 106,000 100,000 6,000 100,000 6,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 35

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use the journals provided in the assignment file to journalize the notes receivable transactions below. Nov. 2 - Received cash for the maturity value of a notes receivable for $400.00 plus $15.00 interest. Receipt 49 Nov. 10 - Accepted a 60-day, 9% note from Paula Jones for an extension of time on her account, $2,000.00. Note NR13 Nov. 20 - Accepted a 90-day, 8% note from George Robbins for an extension of time on his account, $3,000.00. Note NR14 Nov. 27 - Received cash for the maturity value of a notes receivable for $1,000.00 plus $30.00 interest. Receipt 51
tell me why the answer is cash and notes payable (last solution on multiple choice) as opposed to the other ones
Wisconsin Bank lends Local Furniture Company question 40 attached in sss below thanks for help prwhpwohkwtphowkp wtw
On May 22, Jarrett Company borrows 9, 200, signing a 90-day, 7% $9, 200 noteWhat is the journal entry made by Jarrett Company to record the payment of the note on the maturity date? Choice Notes Payable $9,200, credit interest Expense $161 credit Cash $9,039 Notes Payable 9.200 credit Cash $9.200 Debit Notes Payable $9,361, credit Cash $9.361
4. Jill Hamlin borrowed $40,000 from the bank on August 16, issuing the bank a 12% note. The entry to record accrued interest on the note on August 31 (15 days later) would include: a . debit Interest Expense for $197.26 b. debit Interest Payable for $197.26 c. credit Interest Expense for $407.67 d. credit Interest Payable for $407.67 d. debit Cash for $18,000
Entries for Discounted Note Payable A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. Assume a 360-day year. a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. Cash ✔ 0✔ Interest Expense✔ Notes Payable ✔ Feedback 0 0 0 600,000 X Check My Work a. Why is the company issuing the note? What type of note is being issi (interest-bearing or discounted)? Hot much will the company owe on the maturity date? b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Notes Payable ✓✔ 0 ✓ Cash
On June 43, Trade Bank loaned a customer $30,000 on a 60-day, 10% note, temiting the face value less the interest to the customer. Which of the following journal entries would Trade Bank use to record the receipt of the note? a. Notes Receivable 30,000 Interest revenue 3,000 Cash 27,000 b. Notes receivable 30,000 Cash 30,000 c. Notes Receivable 29,500 Cash 29,500 d. Notes receivable 30,000 Interest revenue 500 Cash 29,500
Calculating Interest Using 360 days as the denominator, calculate interest for the following notes using the formula I = P x Rx T. Round your answers to the nearest cent. Principal Rate Time Interest $4,100 6.00% 30 days 1,000 7.50 60 3,500 8.00 120 950 6.80 95 1,250 7.25 102 2,600 7.00 90 W3 B
On August 2, Jun Company receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.) View transaction list Journal entry worksheet 1 Record cash received on note plus interest. Note: Enter debits before credits. Date October 31 General Journal Debit Credit
Recording Note Transactions The following information is extracted from Tara Corporation’s accounting records: May 1 Received a $6,000, 12%, 90-day note from V. Leigh, a customer. May 6 Received a $9,000, 10%, 120-day note from C. Gable, a customer. May 11 Sold the Leigh and Gable notes with recourse at the bank at 13%. In addition, borrowed $10,000 from the bank for 90 days at 12%. The bank remits the face value less the interest. The estimated recourse liability for Leigh and Gable is $84 and $110, respectively. July 31 The July bank statement indicated that the Leigh note had been paid. Aug. 10 Repaid the $10,000 borrowed on May 11. Sept. 4 Received notice that Gable had defaulted on the May 6 note. The bank charged a fee of $10. Paid the amount due on the Gable note to the bank. Informed Gable to pay Tara the entire amount due plus 11% interest on the total of the face amount of the note, the accrued interest, and the fee from the maturity date until Gable remits the amount owed.…
< Entries for discounted note payable A business issued a 60-day note for $39,000 to a bank. The note was discounted at 6%. Assume a 360 days in a year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. 000 000 b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. E A A
On November 1, Year 1 Shelter Company loaned $4,000 cash to Cove Company. The one-year note carried a 5% rate of interest. Which of the following shows how the loan will affect Shelter's financial statements on November 1, Year 1? A. B. C. D. Assets Cash -4,000 -4,000 -4,000 -4,000 Multiple Choice O Net + Receivable = 4,000 4,000 ΝΑ ΝΑ Option A Option C Option D Balance Sheet = Liabilities+ Stockholders' Equity Accounts Common Retained Stock + Earnings Payable + ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ Option B 4,000 -4,000 Revenue ΝΑ ΝΑ ΝΑ ΝΑ Income Statement Expense Net Income ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ ΝΑ Statement of Cash Flows -4,000 IA -4,000 OA 4,000 IA -4,000 OA