KCheap Inc. borrowed $95,000 on October 1 by signing a note payable to Scotiabank. The interest expense for eachmonth is $554. The loan agreement requires Cheap Inc. to pay interest on December 31.1. Make Scotiabank's adjusting entry to accrue interest revenue and interest receivable at October 31, atNovember 30, and at December 31. Date each entry and include its explanation.2. Post all three entries to the Interest Receivable account. You need not take the balance of the account at the endof each month.3. Record the receipt of three months' interest at December 31.1. Make Scotiabank's adjusting entry to accrue interest revenue and interest receivable at October 31, atNovember 30, and at December 31. Date each entry and include its explanation. (Record debits first, then credits.Enter explanations on the last line.)Start by making the adjusting entry to accrue monthly interest revenue for October.DateOctJournal EntryAccounts and ExplanationDebitCredit

Adjusting entries:The adjusting entries are required to be prepared for the transactions that have…

Answered: November 30, and at December 31. Date…

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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The opening balance of a savings account for November is $2,004.On November 9. S621 was withdrawn from the account. On November 22, 449 was withdrawn from account. t the acoount pays simple interest at 195% based en the daily cosing balance how much interest is deposited on December 17 For marks your answer should be rounded to he nearest cent Interest = S 0.00
Nancy is reviewing her November credit card statement. Her beginning balance was $605 and she made a $175 payment on November 10. She made purchases of $100 on November 5, $120 on Novemeber 15, and $45 on November 30. Her APR is 14% and the interest was charged using the average daily balance method, including current purchases, which considers the day of a charge or credit. Answer parts 1 through 5. 1. Find the unpaid balance on November 30 before interest is charged. The unpaid balance before interest is $
An invoice dated January 25 with terms 2/10 -20 X. Find the final discount rate and the next payment date. The net payment date is 20 days after the final discount date. Assume it is not a leap year final dicount- net payment-
The company determines that the interest expense on a note payable for the period ending December 31 is $700. This amount is payable on January 1. Journalize these transactions for December 31 and January 1. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Jan. 1 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12
A customer opens a certificate of deposit of $909,642. The current CD-rate is 9% and the CD duration is 162 days. What is the amount due to the customer at expiration of the CD? Round your answer to the nearest two decimals if needed. Do not type the $ symbol.
Suppose your VISA card calculates interest using the average daily balance method, and the monthly interest rate is 1.75%. The itemized billing for the month of April is shown below. Detail Unpaid balance Charge Charge Charge Payment received Last day of billing period Payment due date Date April 1 April 3 April 11 April 15 April 28 April 30 May 7 Amount 95 755 395 890 845 (a) Find the average daily balance. $ 1,453.17 (b) Find the interest due for this month. $ 25.43 Or (c) Find the total balance owed on the last day of the billing period. $ (d) This credit card requires a $20 minimum payment or 1/36 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $
ces Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $20,000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. Note: Do not round your intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st, Interest Recognized December 31 20,000 4% 18/360 Principal Rate (%) Time Total interest Total Through Maturity $ 20,000 $ 4% 45/360 Check my work
Should we record account payable at 12/31, if the invoice date is after 12/31, lets say 1/3, for example the utility or telephone bill for December.
The opening balance of a savings account for June is $2,966. On June 9, $140 was withdrawn from the account. If the account pays simple interest at 1.15% based on the daily closing balance, how much interest is deposited on July 1? For full marks your answer should be rounded to the nearest cent. Interest = $0.00
Following are transactions of Danica Company. Dec. 13 Accepted a $18,000, 45-day, 10% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note.
December 13 Accepted a $22, 000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $16, 000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $18,000, 30-day, 6% note in granting H. Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round Intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the…
a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note.

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November 30, and at December 31. Date each entry and include its explanation. 2. Post all three entries to the Interest Receivable account. You need not take the balance of the account at the end of each month. 3. Record the receipt of three months' interest at December 31.