On July 8, Jones Inc. issued an $71,300, 10%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar. a.$456 b.$912 c.$7,130 d.$1,368

Q: On July 8th, Jones Inc. issued a $75,600, 12%, $120 Day note payable to Miller company. Assume that…

A: From July 8th to July 31st = 23 days

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: Mike Co. borrowed $90,000 on July 1 of the current year by signing a 90-day, 6%, interest-bearing…

A: The financial transactions are initially recorded in the form of journal entry.

Q: Inc. issued ar а Cerest revenu

A: Answer : Interest revenue recognized in the following year = $89,300 * 8% * 91/360 Interest revenue…

Q: Leach Company borrowed $95,000 cash by issuing a note payable on June 1, Year 1. The note had an 6…

A: The company can issue notes to borrow funds. The note can be issued either for the long term or the…

Q: the amount of interest expense

A: The note payable is a liability account which is a written promissory note.It is usually considered…

Q: Keesha Company borrows $120,000 cash on November 1 of the current year by signing a 180-day, 10%,…

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

Q: Print Item On June 1, Davis Inc. issued an $80,400, 6%, 120-day note payable to Garcia Company.…

A: Adjusting journal entry: At the year-end when the company finalizes its accounts then any…

Q: On 1 January Snowflake Ltd issued $93,000 6% unsecured notes at 100. Interest is payable half-yearly…

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

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

A: A journal entry is a type of accounting entry that is used to record commercial transactions in a…

Q: Madison Company issued an interest-bearing note payable with a face value of $24,000 and a stated…

A: Note payable refers to the amount for which the individual or the company has written to pay the…

Q: On January 1, Year 1, Beatie Company borrowed $360,000 cash from Central Bank by issuing a…

A: Amortization schedule is the one which is prepared by the entity for the purpose of determining the…

Q: Madison Company issued an interest-bearing note payable with a face value of $9,600 and a stated…

A: Total liabilities are the sum of a person's or company's debts. They fall into three broad…

Q: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day…

A:

Q: Martinez Co. borrowed $79,200 on March 1 of the current year by signing a 60-day, 9%,…

A: The interest expense  is calculated as  follows  $79200 × 9% × 60/360   = $1188

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: Justin Company signed a $90,000, three-month, 9% note payable, on December 1. If the accounting…

A: Interest accrued on December 31= Face value of bonds x rate of interest x no. of month/12 = $90000 x…

Q: On July 8, Jones Inc. issued an $63,400, 8%, 120-day note payable to Miller Company. Assume that the…

A: To compute the interest expense recognized in current fiscal year: Principal = $63,400 Interest rate…

Q: A business borrowed $59,037 on March 1 of the current year by signing a 30 day, 11% interest bearing…

A: The entry to record the payment should include Debit to Interest Expenses for $541.

Q: On July 8, Jones Inc. issued an $85,000, 8%, 120-day note payable to Miller Company. Assume that the…

A: From July 8 to July 31 = 23 days Interest expense has been accrued for 23 days for the note payable.…

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: On January 1, Year 1, Beatie Company borrowed $240,000 cash from Central Bank by issuing a…

A: Lets understand the basics. When entity borrows fund by issuing notes payable then management needs…

Q: On January 1, the first day of the fiscal year, Shiller Company borrowed $120,000 by giving a…

A: Notes payable represent a promissory note issued by the borrower to repay the principal amount…

Q: Spring Designs & Decorators issued a 180-day, 9% note for $88,400, dated April 13 to Jaffe Furniture…

A: A. due date of the note = Date of issue of note + Life of note in days

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: On January 1, Year 1, Platte Corporation issues a 5-year note payable for $5,000. The interest rate…

A: Note payable is a negotiable instrument issued by the payer to the payee to pay certain amount of…

Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

A: Notes payable are defined as the written promissory note or an agreement under which the borrower…

Q: On June 1, Davis Inc. issued an $68,700, 8%, 120-day note payable to Garcia Company Assume that the…

A: Solution We are provided with the following information Interest rate = 8% Amount of note payable =…

Q: Prepare journal entries to record the following events: Jul. 1 Klemens Company accepted a 5%,…

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

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: 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: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…

A: Notes Payable: Known as long-term obligations, notes payable represent the money a firm owes to its…

Q: On July 8, Jones Inc. issued an $84,700, 11%, 120-day note payable to Miller Company. Assume that…

A: Annual Interest=Issue amount×Interest rate=$84,700×11%=$9,317

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: Jenkins Inc. had the following transactions. U Sep 1 Loaned $20,000 to an employee, who signed a…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: Wygant Corporation borrowed $320,000 on October 1 last year. The note carried a 11% interest rate…

A: Note payable: Note payable is also called a promissory note. It is a legal instrument in which one…

Q: On May 31, Baker Co. issued an $35,679, 8%, 120-day note payable to Samunck Co. Assume Baker's…

A: Solution a:  Interest EXPENSE recognized by Baker in the current fiscal year = $35,679*8%*30/360 =…

Q: Madison Company issued an interest-bearing note payable with a face amount of $25,800 and a stated…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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: 5. On July 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assame tht t…

A:

Q: On January 1 of Year 1, Bryson Company obtained a $147,750, 4-year, 7% installment note from…

A: The question is based on the concept of Financial Accounting.

Q: On November 25 of the current year, a company borrows $8,000 cash by signing a 90-day, 5% note…

A: Solution:-a Computation of the accrued interest payable on December 31 of the current year as…

Q: On July 8, Action Co. issued an $80,000, 6%, 90-day note payable to Scanlon Co. Assuming a 360-day…

A: The note is the liability on which a specific percentage of interest has to be paid over the…

Q: Anne Taylor Company borrowed cash on August 1 of Year 1, by signing a $19,980 (face amount),…

A: Notes Payable : Notes payable are type of agreement which is in written form whereby one party…

Q: On the first day of the fiscal year, a company issues $69,000, 9%, seven-year installment notes that…

A: Note​ : Note is an instrument through which borrower obtains money from a person called lender and…

Q: On June 8, Williams Company issued an $74,068, 8%, 120-day note payable to Brown Industries.…

A: Maturity value of note = issue price + interest accrued over term (for 120 days)

Q: On June 1, Davis Inc. issued an $64,900, 7%, 120-day note payable to Garcia Company Assume that the…

A: Interest to be received is calculated by multiplying the principal with rate of interest and time .…