On August 15, 2022, Pharoah Company signs a $248000, 7%, twelve-month note payable. Which of the following entries correctly records the accrued interest on December 31, 2022? Dr Interest Expense $5786.67            Cr Interest Payable $5786.67 Dr Interest Expense $10850.00            Cr Interest Payable $10850.00 Dr Interest Expense $17360.00            Cr Interest Payable $17360.00 Dr Interest Expense $6510.00            Cr Interest Payable $6510.00

Q: 1. Costco Wholesale Corporation borrows $640,000 on September 1, 2021. Costco signs a nine- month,…

A: Formula: Interest amount = Notes payable amount x Time period x Interest rate.

Q: Prepare working papers for the above account How would you present these notes on the balance sheet.

A: Notes payable account can be defined as those account balances whose amount is occurred as the…

Q: Assume Delta Airlines borrows $500,000 from Chase Bank on November 1, 2021, signing a 9%, six-month…

A:

Q: On December 31, 2022, the lender on a $5,400, 120-day, 12% note dated November 5, 2022, will…

A: The interest receivable is the amount of revenue which is earned but not received yet.  It is…

Q: On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $30,500, 8% 90 day…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $30,500, 8% 90 day…

A: Interest accrued on December 31, 2020 = Face value of note x interest rate x no. of days/360 =…

Q: Wildhorse Co. issued a five-year interest-bearing note payable for $324000 on January 1, 2019. Each…

A: Balance sheet is the financial statement which involves the total debt, liabilities, assets and…

Q: On January 1, Gemstone Company obtained a $165,000, 7%, 10-year installment note from Guarantee…

A: Notes payable refer to a written agreement between two parties. Under this agreement, the lender…

Q: On November 1, 2024, Dual Systems borrows $140,000 to expand operations. Dual Systems signs a…

A: Step 1: The journal entries for issuance and payment of notes payable are passed as follows:-…

Q: Required Information [The following information applies to the questions displayed below.] Agrico…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: On November 1, 2021, Ayayai Corp, which uses a calendar year as its fiscal year, signs a $28200, 8%,…

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Q: On October 31, 2020, DonutCo Company signed a $890,000, 5%, ten-month note payable with the amount…

A: Notes Payable - Notes is an instrument required to be issued by the borrower. This instrument is a…

Q: On November 1, 2018, A-1 Products borrowed $64,000 on a 5%, 5-year note with annual installment…

A: Loan Installment is that amount which is paid by the borrower to lender. It includes the interest…

Q: all principal and interest payments have been made. Problem 6-7 (AICPA Adapted) beginning January 1,…

A: Company issued note at 12% for 12 month so interest rate for 1 month = 12%/12 = 1%

Q: Bethany Realty loaned money and received the following notes during 2024. (Click the icon to view…

A: A person or business promise to pay sum of dollar at a particular future date to definite person or…

Q: On November 1, Koala Kare Bear signed a $50,000, 10-month, 10% interest-bearing note payable. The…

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Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms…

A: Introduction: Journals: Each and every business transactions are to be recorded in Journals.…

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A: Note receivable refers to a written promise for the amounts to be received within a stipulated…

Q: On Jan. 1, 2020, EC Company reported a note payable of P 1,200,000. The note is dated Oct. 1, 2019,…

A: Given that,  Notes payable as on Jan 1 2020 = P1200000  Rate of interest = 12%

Q: The Bronxville Company has a Dec 31st year-end. On Nov 1, 2020, the Bronxville company sold…

A: Face value of notes receivable on November 1, 2020 $92,000 Rate of interest  5% Interest Revenue…

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A: Interest on note receivable shall be calculated from date of issuance till date of maturity.

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A: The bonds are issued at a premium when the interest earnings on bonds are more than the interest…

Q: Journalize the following, assuming a 360-day year is used for interest calculations: ​ Apr. 30…

A: Interest Expense = 150,000 x 6% x 30 / 360 = $750

Q: ne 8, Alton Co. issued an $79,432, 10%, 120-day note payable to Seller Co. Assuming a 360-day year…

A: Solution: Maturity value of the note is amount that is arrived by adding total amount of interest…

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A: Note Receivable: A note receivable is a written agreement or promise to receive a specific amount of…

Q: (Do not round any intermediate calculations, and round your final answer to the nearest dollar…

A: The interest expense on the note will be calculated by multiplying the value of the note with the…

Q: the pita pit borrowed 197000 on november 1 2021 and signed a six month note bearing interest at 12%.…

A: Interest expense = Principal amount x Interest rate x Time period

Q: XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued…

A: Formula: Interest amount = Loan amount x Interest rate x Time period

Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms…

A: NOTES PAYABLE Notes Payable is a Short Term Loan. Notes Payable are reported under the Non Current…

Q: Our business opened a 1-year term deposit account of 180.000 TL on 01.08.2020. The interest rate is…

A: Date of deposit: 01.08.2021 Rate of Interest = 16% Accural date 31.12.2021

Q: ABC Company received a ten-month, $18,000, 4% note from XYZ Corporation on April 1, 2020 to replace…

A: Formula: Interest amount = Principal amount xx interest rate Multiplying principal amount with…

Q: On Sept 1, 2021, Firm A issued a 9-month, 12% promissory note in exchange for cash of $240,000.…

A: In this question, we need to pass journal entry for: Issuance of Notes. Adjusting entry for accrual…

Q: Required information [The following information applies to the questions displayed below.] Agrico…

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