Marin Finance Company lends Cullumber Industries $64800 on August 1, 2025. accepting a 9-month, 6% interest note. If Marin prepares its financial statements as of December 31, 2025, what adjusting entry must it make? O Interest Receivable 1620 Interest Revenue Cash Interest Revenue Accounts Receivable 1620 Interest Receivable Notes Receivable 1620 Interest Revenue 1620 1620 1620 1620 1620

Marin Finance Company lends Cullumber Industries $64800 on August 1, 2025. accepting a 9-month, 6% interest note. If Marin prepares its financial statements as of December 31, 2025, what adjusting entry must it make? O Interest Receivable 1620 Interest Revenue Cash Interest Revenue Accounts Receivable 1620 Interest Receivable Notes Receivable 1620 Interest Revenue 1620 1620 1620 1620 1620

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

See similar textbooks

Similar questions

Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Handler Cleaning Operations for the following transactions. A. Entry for note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019
Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Vaughn Manufacturing lends Pina Colada industries $51600 on August 1, 2022, accepting a 9-month, 12% interest note. If Vaughn Manufacturing accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date? Cash 56244 Notes Receivable 51600 Interest Revenue 4644 Cash 56244 Notes Receivable 51600 Interest Receivable 2580 Interest Revenue 2064 Cash 56244 Notes Receivable 56244 Notes Receivable 51600 Interest Receivable 2580 Interest Revenue 2064 Cash 56244
Windsor, Inc. lends Flint industries $43200 on August 1, 2022, accepting a 9-month, 6% interest ncte. If Windsor, Inc. accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date? e Cash 45144 Notes Receivable 43200 Interest Revenue 1944 Cash 45144 Notes Receivable 45144 Notes Receivable 43200 Interest Receivable 1080 Interest Revenue 864 Cash 45144 Cash 45144 Notes Receivable 43200 Interest Receivable 1080 Interest Revenue 864
Kingbird Finance Company lends Blossom Industries $49200 on August 1, 2025, accepting a 9-month, 12% Interest note. If Kingbird prepares its financial statements as of December 31, 2025, what adjusting entry must it make? O Interest Receivable 2460 Interest Revenue Notes Receivable Interest Revenue Cash Interest Revenue 2460 2460 2460 Accounts Receivable 2460 Interest Receivable. 2460 2460 2460
Please help me with show all calculation thanku
Erza Company has a P180,000, 10%, 90-day note receivable outstanding at December 31. The note is dated December 1, 2020. The appropriate adjusting entry is made to record accrued interest on the note at year-end. What is the correct adjusting entry on December 31 of the current year? Debit Interest Revenue and credit Interest Receivable, P4,500 Debit Interest Receivable and credit Interest Revenue, P1,500 Debit Interest Receivable and credit Interest Revenue, P4,500 Debit Interest Revenue and credit Interest Receivable, P1,500
Bramble Corp. lends Sheffield Corp. $50400 on April 1, accepting a four-month, 9% interest note. Bramble Corp. prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared? O Interest Receivable 378 Interest Revenue 378 Interest Revenue 80 Cash Note Receivable Cash Interest Receivable Interest Revenue Type here to search 378 50400 1134 S 378 50400 1134 17
May you help me find the correct entry ABC would make on the maturity date?
On August 1, 2021, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000 note receivable. Avonette's year-end is December 31. Which of the following accounts will Avonette credit in the journal entry at maturity on February 1, 2022, assuming collection in full? O A. Interest Receivable B. Cash OC. Interest Payable O D. Note Payable