Office Building 17 Accumulated Depreciation-Office Building   LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Wages Payable 25 Interest Payable   EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Prepare the adjusting entry on December 31. Refer to the Chart of Accounts for exact wording of account titles.

Q: Sunland Company borrows $47,600 on July 1 from the bank by signing a $47,600, 13%, one-year note…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 7 note from…

A: Journal Entry is the primary step to record the transaction in the books of accounts. Accounts…

Q: onita Company borrows $39,000 on July 1 from the bank by signing a $39,000, 8%, one-year note…

A: Solution a: journal entry to record the proceeds of the note: Accounts title Debit Credit Cash…

Q: Sheridan Company borrows $37,800 on July 1 from the bank by signing a $37,800, 8%, one-year note…

A: Sheridan Company has borrowed on July 1. Interest for 6 months is due as on 31st December. Interest…

Q: Peralta Company borrows $53,400 on July 1 from the bank by signing a $53,400, 8%, one-year note…

A: a) journal to record proceeds Cash A/ C.  dr.  53400    To Notes payable. 53400

Q: The December 31, 2021, ledger of accounts receivable has a balance of 24,000,000. On this date, the…

A: The allowance for doubtful accounts has the credit balance. The net account receivables is…

Q: Prefix Supply Company received a 60-day, 4% note for $46,000 dated July 12 from a customer on…

A: Journal: Recording of a business transaction in a chronological order.

Q: Journalize the transactions under the allowance method, assuming that the allowance account had a…

A: Allowance method: Under the allowance method, a company records an adjusting entry at the end of…

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: Note is a form of debt issued or taken by the company. Interest has to be paid or received on the…

Q: Following are transactions for Vitalo Company. November 1 Accepted a $7,000, 180-day, 7% note from…

A: The accrued interest is the amount of interest due but not received in cash. The maturity amount is…

Q: A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day…

A: Total Interest = face value of notes x interest rate x no. of days/360 days = $24000*5%*90/360 =…

Q: A company purchased a certificate of deposit (a short-term investment that pays interest to the…

A:

Q: Concord Company borrows $52,800 on July 1 from the bank by signing a $52,800, 12%, one-year note…

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: Following are transactions for Vitalo Company. November 1 Accepted a $11,000, 180-day, 7% note from…

A: Notes Receivable - The note is an Instrument issued by the payer to the collector. It is a…

Q: Following are transactions of Danica Company 13 Accepted a $9,500, 45-day, 81 note in granting…

A: Journal: Recording of a business transactions in a chronological order.

Q: A business issued a 30-day, 7% note for $75,600 to a creditor on account. The company uses a 360-day…

A: In a journal entry for issuance of the note, the creditor will be debited, and the note payable will…

Q: Prefix Supply Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on…

A: Journal: Recording of a business transactions in a chronological order.

Q: Concord Company borrows $61,200 on July 1 from the bank by signing a $61,200, 10%, one-year note…

A: Interest accrued on december 31 = Amount borrowed x rate of interest x No. of months / 12 = $61,200…

Q: January 15 Wrote of $440 account of Miller Company as uncollectible Re-establish the account of…

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

Q: sued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for…

A: Solution: Issuance of note to a creditor on accounts means note is issued to a creditor for their…

Q: a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the…

A: Journal Entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Sheridan Company obtains $36,800 in cash by signing a 7%, 6-month, $36,800 note payable to First…

A: Nottes payable refers to the amount owed by the company from financial institutions that could be…

Q: Water Closet Co. wholesales bathroom fodures. During the current year ending December 31, Water…

A: Note receivable are issued by customers as a promissory note that he would make the payment on due…

Q: Connors Company paid $700 cash to make a repair on equipment it sold under a oneyear warranty in the…

A:

Q: Concord Company borrows $52,800 on July 1 from the bank by signing a $52.800, 12%, one-year note…

A: When a company accepts note payable, it is recorded as a liability and the cash is received. The…

Q: A business issued a 45-day, 4% note for $260,000 to a creditor on account. Journalize the entries to…

A: Notes payable: A note payable is a liability account. In this borroer promised to lender/issuer to…

Q: Prepare the necessary journal entries (include journal entry descriptions) for the selected…

A: 1. Interest received by Barns company on 12/1/20Y5 = $9,000 * 6% * 5/12 months = $225 2. Interest…

Q: Record the following transactions for Concord Co. in the general journal. (Record journal entries in…

A: Date Accounts titles & Explanation DEBIT ($) CREDIT ($) May 1 10% notes receivable…

Q: November 1 Accepted a $10,000, 180-day, 7% note from Kelly White in granting a time extension on her…

A: The interest is said to be accrued when it is earned but not received yet.

Q: A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day…

A: Note Payable are a form of liability for the business, on which regular interest payments needs to…

Q: ovember 1 Accepted a $5,000, 180-day, 5% note from Kelly White in granting a tine extension on her…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Prepare journal entries for the following transactions of Danica Company. Dec. 13 Accepted a $9,500,…

A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to…

Q: Following are transactions of Danica Company. Dec. 13 Accepted a $18,000, 45-day, 10% note in…

A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to…

Q: The following transactions are from Ohlm Company. Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note…

A: Bookkeeping can be defined as the recording, classifying, summarizes, interpreting, analyzing, and…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.