Hi expert please give me answer general accounting On April 1, 2015, a company loans one of its suppliers$51,000 and accepts a 30-month, 10% note receivable.Calculate the amount of interest revenue the companywill recognize in 2015, 2016, and 2017. (Do not roundintermediate calculations. Round your final answers tothe nearest whole dollar.)

Step 1: Define Interest on Notes receivableNotes Receivable is a written promissory note issued by…

Answered: On April 1, 2015, a company loans one…

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...

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Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
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?
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.
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On August 1, 2021, Turner Manufacturing lends cash and accepts a $24,000 note receivable that offers 10% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) A. Interest Revenue 1,050 Interest Receivable 1,050 B. Interest Receivable 2,400 Interest Revenue 2,400 C. Interest Receivable 1,050 Interest Revenue 1,050 D. Interest Receivable 1,000 Interest Revenue 1,000
On September 1, 2015, Newtown borrowed $250,000 from First National Bank, and signed a 9% note payable due in one year. Interest on the note is due at maturity. Required: Please show calculations Part a. Prepare the journal entry to record the borrowing transaction. Part b. Prepare the required adjusting entry on December 31, 2015. Part c. Prepare the journal entry to record the payment of the interest on September 1, 2016. Part d. Prepare the journal entry to record the payment of the note on September 1, 2016.
McNamara Industries completed the following transactions during 2024: (Click the icon to view the transactions.) Journalize the transactions. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Nov. 1: Made sales of $16,000. McNamara estimates that warranty expense is 5% of sales. (Record only the warranty expense.) Date Accounts Debit Credit Nov. 1 More info Nov. 1 Nov. 20 Dec. 31 Dec. 31 ← Made sales of $16,000. McNamara estimates that warranty expense is 5% of sales. (Record only the warranty expense.) Paid $500 to satisfy warranty claims. Estimated vacation benefits expense to be $3,500. McNamara expected to pay its employees a 4% bonus on net income after deducting the bonus. Net income for the year is $25,000. Prin Done X
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On April 1, 2015, a company loans one of its suppliers $51,000 and accepts a 30-month, 10% note receivable. Calculate the amount of interest revenue the company will recognize in 2015, 2016, and 2017. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)