Miranda Company borrowed $100,000 cash on September 1, 2019, and signed a one-year 6%, interest-bearing note payable. Assume no other entries have been made on the interest during the year. Which of the following would be the required adjusting entry at the end of the December 31, 2019 accounting period?
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- Benwick Company borrowed $56,000 cash on October 1, 2022, and signed a nine-month, 9% interest-bearing note payable with interest payable at maturity. Assuming that adjusting entries have not been made during the year, the amount of accrued interest payable to be reported on the December 31, 2022 balance sheet is which of the following? Group of answer choices $630. $756. $1,260. $1,890.Splish Corporation borrowed $58,500 on November 1, 2020, by signing a $60,000, 3-month, zero-interest-bearing note. Prepare Splish's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record interest) (To pay note)John Deere borrowed $100,000 cash on September 1, 2019, and signed a one year 6%, interest bearing note payable. Assume no adjusting entries have been made during the year. Which of the following would be the required adjusting entry at the end of Dec 31 2019 accounting period? A. Debit Notes payable 100,000 Debit Interest expense 6,000 Credit Cash 106,000 B. Debit interest expense 6,000 Credit interest payable 6,000 C. Debit interest expense 2,000 Credit interest payable 2,000 D. Debit interest payable 2,000 Credit interest expense 2,000
- On April 1, 2019, Flamengo Co. signed a one-year, 8% interest-bearing note payable for $50,000. Assuming that Flamengo Co. maintains its books on a calendar year basis, how much interest expense should be reported in the 2020 income statement? a.$1,000. B.$2,000. C.$4,000. D.$3,000. Which of the alternatives results from the accrual of interest: A.Increase in liabilities and decrease in stockholders' equity. B.Increase in assets and stockholders' equity. C.Increase in assets and liabilities. D.Increase in liabilities and increase in stockholders' equity. Unfortunately, Flamengo Co. is involved in a lawsuit. When would the lawsuit be recorded as a liability on the balance sheet? A.When the loss is probable and the amount can be reasonably estimated. B.When the loss probability is reasonably possible and the amount can be reasonably estimated. C.When the loss is probable regardless of whether the loss can be reasonably estimated. D.When the loss…On August 1, 2021, Stucko Company borrowed $21,000 on an 8-month, 3%, short-term note payable. Which account will be credited on April 1, 2022, and for what amount? Stucko Company has a calendar year-end.johnson company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectable accounts had a credit balance of $12000 at the begining of 2024. no previously written off accounts recievable were reinstated during 2024. at 12/31/2024, gross accounts recievable totaled $200,100, and prior to recording the adjusting entry to recognize bad debt expenses for 2024, the allowance for uncollectable accounts had a debit balance of $22000. required 1. what was the balance in gross accounts recievable as of 12/31/2023? 2. what journal entry should johnson record to recognize bad debt expense for 2024? 3. assume johnson made no other adjustments of the allowance for uncollectable accounts during 2024. Determine the amount of accounts recievable written off during 2024. 4. if johnson instead used the direct write off method, what would bad debt expense be for 2024?
- 18. Melanie Corp. borrowed $101,000 cash on September 1, 2019, and signed a one-year 6%, interest-bearing note payable. The interest and principal are both due on August 31, 2020. Assume that the appropriate adjusting entry was made on December 31, 2019 and that no adjusting entries have been made during 2020. Which of the following would be the required journal entry to pay the note on August 31, 2020? Multiple Choice Interest payable2,020 Notes payable101,000 Cash 103,020 Notes payable101,000 Interest expense6,060 Cash 107,060 Interest expense6,060 Cash 6,060 Interest expense4,040 Interest payable2,020 Notes payable101,000 Cash 107,060At December 31, 2021, Sheridan Company had a five-month, 5%, $79,200 note receivable that was issued on October 1, 2021. Interest and principal are payable at maturity on March 1, 2022. Prepare the December 31, 2021, adjusting entry for accrued interest. Prepare the January 1, 2022, reversing entry.Blue Corporation borrowed $62,000 on November 1, 2025, by signing a $63,395, 3-month, zero-interest-bearing note. Prepare Blue's November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit