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: On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the…

A: Interest:   An interest is the cost of the funds loaned to the business by any lender.

Q: MCM Company issued a note receivable to a customer on September 1, 2020. The face value of the note…

A: Note receivable is considered as a negotiable instrument. It represents the claim amount due on the…

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: Erza Company has a P180,000, 10%, 90-day note receivable outstanding at December 31. The note is…

A: Interest receivable is interest accrued but not received. Interest receivable is an asset. Increase…

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: On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3…

A: Discount on note = face value of notes x rate of discount x no. of months/12  =$10000 x 12% x 3/12 =…

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

A: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting…

Q: Watson Company issued a 60-day, 8% note for $18,000, dated April 5, to Laker Company on account.…

A: Notes receivable indicates the asset raised by the company by issuing a note which contains a…

Q: ABC company borrows $80000 on July 1 from the bank by signing $80000, 10% one Year Note Payable.…

A: Solution:- Preparation journal entries as follows under:-

Q: On January 1, 2024, Oriole Corp. borrows $16,800 by signing a 3-year, 6% note payable. The note is…

A: The objective of the question is to prepare the journal entries for the borrowing of money by Oriole…

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: on June 8th Alton Co issued in 62700 8% 120 Day note payable to seller Co. Assume that the fiscal…

A: Notes payable is a negotiable instrument issued by a promisor that includes a promise to pay a…

Q: note and interest at its maturity date? Cash 45144 Notes Receivable 43200 Interest Revenue 1944 O…

A: calculation Interest Revenue = 43,200 x 6% x 9 /12 = 1,944 Cash = Notes receivable + Interest…

Q: Maggie Sharrer Company borrows $88,500 on September 1, 2022, from Sandwich State Bank by signing an…

A: In the given question, the company issued note on September 1, 2022 and its year end closes on…

Q: Shown below are selected transactions of Hugo company during the month of December 2021. Dec. 1…

A: Allowance of Doubtful Account The treatment of Allowance of Doubtful Account first to determine the…

Q: on october 1, 2019, Island Jewelry company accepted a 4 -month, 10% note fot $2,400 in settlement of…

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

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: y 8, Jones Inc. issued an $79,100, 6%, 120-day note payable to Miller Company. Assume that the…

A: In the given situation, there is a note payable with 6% rate for 120 days. We need to find the…

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: 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: Sunland Company lends Monty industries $49200 on August 1, 2022, accepting a 9-month, 9% interest…

A: Note ​Receivable: Note​ receivable is an instrument gives the holder right to receive the amount…

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

A: Solution: a. Date Account title Debit Credit 30-Apr Accounts payable 1080000           Note…

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A: Adjusting entry: It is prepared at the end of the year to correct the errors that was previously…

Q: Windsor, Inc. lends Flint industries $43200 on August 1, 2022, accepting a 9-month, 6% interest…

A: The note receivable is prepared for the amount due from the debtors.

Q: On October 1, 2022, Bramble Company issued an $828000, 9%, 9-month interest-bearing note. If the…

A: Under accrual basis accounting, the expenses and revenues are recorded in the period they are…

Q: On August 1, 2021, Avonette, Inc., sold equipment and accepted a six-mont 9%, $50,000 note…

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

Q: Philip Company has a P200,000, 9%, 120-day note receivable outstanding on December 31. The note is…

A: Here in this question, we are required to pass journal entry for the interest accrual. When any…

Q: On 1st Sept 2020 Sun and sand LLC has accepted a note receivable for RO 2000 from one of the…

A: Notes payable is considered as a negotiable instrument signed by the promisor who agreed to pay a…

Q: Vaughn Manufacturing lends Pina Colada industries $51600 on August 1, 2022, accepting a 9-month, 12%…

A: Note Interest means, with respect to any Investor at any time, the undivided interest in the Note…

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

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: Jane's Donut Co. borrowed OMR 50,000 on March 1, 2018, and signed a one-year note bearing interest…

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

Q: On July 1, Alton Co. issued an $74,700, 10%, 120-day note payable to Seller Co. Assume that the…

A: Interest will be recognized on $74700 and the interest rate charged is 10%.  Amount of interest…

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

A: Journal entry : A Journal entry  is the demonstration of keeping or making records of any exchanges…