On Aug 1, ABC received a 60 day, 10% note for 12,000 from McAnn’s Auto in settlement of an existing Accounts Receivable. On Oct 1, when asked to pay, McAnn Dishonored the Note. The Journal entry to record that the note was dishonored is:
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: The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16…
A: Notes Receivable are the written documents issued by the borrower to the payee. This is a promissory…
Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual…
A: Journal:Journal is the method of recording monetary business transactions in chronological order. It…
Q: On January 1, Cooper Company accepted a one-year note for $5,000 at 4% from one of its customers.…
A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…
Q: On January 1, Orange Corp. accepted a one-year note for $7,000 at 4% from one of its customers. When…
A: Notes Receivable represent written promises for amounts to be received, functioning as a formal…
Q: ollowing are transactions of the Wipe-Out Company: Mar. 2 Accepted an $11,140, 5%, 90-day note…
A: The question is based on the concept of business accounting.
Q: Peralta Company borrows $53,400 on July 1 from the bank by signing a $53,400, 8%, one-year note…
A: a) journal to record proceeds Cash A/ C. dr. 53400 To Notes payable. 53400
Q: Shown below are selected transactions of Gulf Corp. during the month of December 2011. Dec. 1…
A: General journal entries Date Particulars Dr.$ Cr.$ 1…
Q: 5) c) On April 1st, TechHub, agreed to accept $2,000 in cash and a $3,000, 90-day, 14% note from…
A: The question is related to Journal entry made in respect of settlement of dues.
Q: n April 12, Hong co. agrees to accept a 60 day 10% 6,000 note from indigo co. to extend the due date…
A: As accounts payable are decreasing, So we need to debit the accounts payable and notes payable are…
Q: On October 1, 2025, Sheffield, Inc. assigns $1,160,700 of its accounts receivable to Tamarisk…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: Prepare journal entries to record these transactions (round the answer to two decimal places):…
A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…
Q: GE or LGE when it pays the note and interest to sheet
A: Answer : Date Account title Debit Credit Mar 1 Account payable - Tyson a/c Dr. $7600 To…
Q: Weldon Corporation’s fiscal year ends December 31. The following is a list of transactions involving…
A: Under the allowance method for recording bad debt and the allowance for uncollectible accounts are…
Q: 1) Prepare the March 1 entry for LGE. 2) Prepare the August 28 entry for LG
A: A journal entry is a record of a business transaction in a company's accounting system. It includes…
Q: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…
A: Maturity value of the note = Face value of bonds + Interest
Q: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…
A: Notes receivable: Notes receivable is a agreement between lender and borrower for payment of…
Q: Following are transactions for Ridge Company. March 21 Accepted a $14,600, 180-day, 9% note from…
A: To calculate the interest amounts at September 17 for Ridge Company's transaction with Tamara…
Q: In the journal provided, prepare entries for the following (assume a calendar-year accounting…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: Quick Tire and Lube received a 120-day, 9% note for $60,000, dated June 12, from a customer on…
A: Maturity value of the note=Face value of note+Interest revenue
Q: 1 Loaned $84,000 to a cashier of the company and received back a one-year, 10 percent note. b.…
A: a) Date General Journal Debit Credit Jan 1 Note Receivable $84,000 To Cash…
Q: January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3…
A: Explanations: To calculate the interest amounts, we will use the formula:Interest = Principal *…
Q: Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account.…
A: Note receivable: Note receivable refers to a written promise received by the creditor from the…
Q: Following are transactions for Veilstone Jewelers. November 1 Accepted a $15,000, 180-day, 5% note…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: )Determine the due date of the note. b)Determine the maturity value of the note. Assume 360 days in…
A: Given information is: Lundquist Company received a 60-day, 9% note for $21,500, dated July 23, from…
Q: During 2018, LeBron Corporation accepts the following notes receivable. a. On April 1, LeBron…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: On January 1, Year 1, Wedekind Company issued a $213,000, five-year, 4% installment note to Shannon…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to…
A: From November 1 to December 31 = 2 months Interest accrued on December 31 = $9,000 x 6% x 2/12 = $90…
Q: The following selected transactions are from Ohlm Company. Year 1 December 16 Accepted a $10,800,…
A: Notes Receivables is an asset that is reported in the current assets of the company according to the…
Q: n March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent…
A: Journal entries are used for recording the transactions of business. For each and every entry there…
Q: On May 25, Al Mathir Company made a credit sale of OMR 320,000 to Wasan Company and received a note…
A: Following are the journal entries:
Q: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…
A: Note: We’ll answer the first two questions since the exact one wasn’t specified. Please submit a new…
Q: On 9/1, the Knight's Stop issues a new the previous year. The new part was is: On 9/1, Knight's Stop…
A: Warranty are provided to customers and warranty are laibilties of customers to company for warranty…
Q: Assume 360 days in a year. Do not round your intermediate calculations and round your final answer…
A: Note receivable: Note receivable refers to a written promise received by the creditor from the…
Q: Paper Company receives a $6,000, 3-month, 6% promissory note from Dame Company in settlement of an…
A: When the company sold goods to its customer on credit then Account Receivables are debited and when…
Q: Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving…
A: Journal Entry:— It is an act of recording transactions in books of account when they have…
Q: On August 2, 2013, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment…
A: The maturity date is the date when note becomes the due for payment. The adjustment entries are…
Q: . Potts issued a 90-day, 7% note for $200,000, dated February 3 to Valley Co. on account.…
A: The person who promised to pay the specified amount by signing a note is treated as notes payable as…
Q: journal entry made by Indigo Company to record the transaction?
A: As accounts payable are decreasing, so we need to debit the accounts payable and notes payable are…
Q: on january 1, cooper company accepted a one-year note for $5,000 at 4% from one of its customers.…
A: Journal entries are the transactions that are recorded in the primary book. They are chronological…
Q: The following transactions took place for Parker’s Grocery. a. Jan. 1 Loaned $50,000 to a…
A: Supporting calculation:
Q: On 9/1, Knight's Stop would debit which account for the journal entry? O Accounts Receivable O…
A:
Q: i Required Information [The following Information applies to the questions displayed below.]…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: On October 1, 2020, Ayayai, Inc. assigns $1,263,100 of its accounts receivable to Pina National Bank…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…
A: Recording of journal entry for interest accrued and note discounted are as follows. When a company…
Q: The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
On Aug 1, ABC received a 60 day, 10% note for 12,000 from McAnn’s Auto in settlement of an existing Accounts Receivable. On Oct 1, when asked to pay, McAnn Dishonored the Note. The
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Johnson Inc. has the following information available: On November 1, 20X1, Johnson lent $15,000 cash to one of its employees. The employee signed a one-year, 12%, promissory note. The note's principal plus interest is repaid to Johnson on November 1, 20X2. Interest calculations are rounded to the nearest whole month. Prepare journal entries to record the November 1, 20X1 transaction, the adjusting entry on 12/31/X1, and the November 1, 20X2 transaction.On November 16, Bell borrowed $10,000 from Graham and gave a 90-day, 12% note. On December 31, the end of the accounting period, Graham would record: Select one: a. An increase to Notes receivable of $150 b. An increase to Interest receivable of $300 c. An increase to Cash of $150 d. An increase to Interest receivable of $150 e. None of the aboveOn May 10, 20X1, Washington Company received a 90-day, 8 percent, $8,400 interest-bearing note from Whitehead Company in settlement of Whitehead's past-due account. On June 30, Washington discounted this note at City Bank and Trust. The bank charged a discount rate of 13 percent. On August 8, Washington received a notice that Whitehead had paid the note and the interest on the due date. Required: Prepare the entries in general journal form to record these transactions. Analyze: If the company prepared a balance sheet on July 31, 20X1, how should Notes Receivable-Discounted be presented on the statement?
- on Nov 1 alan co. signed a 120 - day, 9% note payable with a face value of 18,000. alan made the appropriate year-end accrual. what is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was madeSelkirk Company obtained a $24,000 note receivable from a customer on January 1, 2021. The note, along with interest at 8%, is due on July 1, 2021. On February 28, 2021, Selkirk discounted the note at Unionville Bank. The bank's discount rate is 10%. Required: Prepare the journal entries required on February 28, 2021, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale. (do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Tab 1) Record the accrued interest earned. Tab 2) Record the discounting of note receivable. Date General Journal Debit Credit February 28, 2021 ____________________________ ___________ ____________ _____________________________ ____________ ____________…Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 5% note from Kelly White in granting a tine extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note.. April 30 white honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your Journal entries. Note: Do not round intermediate calculations. Use 360 days a year.
- Prepare journal entries to record the following transactions of Ridge Company. Mar. 21 Accepted a $9,500, 180-day, 8% note from Tamara Jackson in granting a time extension on her past-due account receivable. Sep. 17 Jackson dishonored her note. Dec. 31 After trying several times to collect, Ridge Company wrote off Jackson’s account against the Allowance for Doubtful Accounts.James Company uses the allowance method for uncollectible accounts. James Company accepted a $8,500, 6%, 90-day note dated May 16, from Davis Company in exchange for its past-due account receivable. Make the necessary general journal entries for James Company on May 16 and the August 14 maturity date, assuming that the: a. Note is honored. b. Note is dishonored.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…Bramble Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. How would I enter these into a journal? Nov. 1 Loaned $ 13,200 cash to Manny Lopez on a 12-month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $ 24,750, 90-day, 8% note. 16 Received a $ 29,100, 180 day, 8% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable.Please tell me what the how this would be recorded in a journal entry: accounts/and amount. Record the interest of $400 on a note receivable that was earned at year-end, although collection of the interest is not due until the following year.
![Essentials Of Investments](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781260013924/9781260013924_smallCoverImage.jpg)
![FUNDAMENTALS OF CORPORATE FINANCE](https://www.bartleby.com/isbn_cover_images/9781260013962/9781260013962_smallCoverImage.gif)
![Financial Management: Theory & Practice](https://www.bartleby.com/isbn_cover_images/9781337909730/9781337909730_smallCoverImage.gif)
![Foundations Of Finance](https://www.bartleby.com/isbn_cover_images/9780134897264/9780134897264_smallCoverImage.gif)
![Fundamentals of Financial Management (MindTap Cou…](https://www.bartleby.com/isbn_cover_images/9781337395250/9781337395250_smallCoverImage.gif)
![Corporate Finance (The Mcgraw-hill/Irwin Series i…](https://www.bartleby.com/isbn_cover_images/9780077861759/9780077861759_smallCoverImage.gif)
![Essentials Of Investments](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781260013924/9781260013924_smallCoverImage.jpg)
![FUNDAMENTALS OF CORPORATE FINANCE](https://www.bartleby.com/isbn_cover_images/9781260013962/9781260013962_smallCoverImage.gif)
![Financial Management: Theory & Practice](https://www.bartleby.com/isbn_cover_images/9781337909730/9781337909730_smallCoverImage.gif)
![Foundations Of Finance](https://www.bartleby.com/isbn_cover_images/9780134897264/9780134897264_smallCoverImage.gif)
![Fundamentals of Financial Management (MindTap Cou…](https://www.bartleby.com/isbn_cover_images/9781337395250/9781337395250_smallCoverImage.gif)
![Corporate Finance (The Mcgraw-hill/Irwin Series i…](https://www.bartleby.com/isbn_cover_images/9780077861759/9780077861759_smallCoverImage.gif)