On July 9, Mifflin Company receives a $9,400, 150- day, 6% note from customer Payton Summers as payment on account. Compute the amount due at maturity for the note.
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- 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.American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?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.
- On July 9, Mifflin Company receives an $8,600, 90-day, 12% note from customer Payton Summers as payment on account. What entry should be made on July 9 to record receipt of the note?On July 9, Mifflin Company receives an $8,500, 90-day, 8% note from customer Payton Summers as payment on account. What entry should be made on July 9 to record receipt of the note? Multiple Choice Debit Notes Receivable $8,670; credit Sales $8,670. Debit Notes Receivable $8,725; credit Interest Revenue $225; credit Accounts Receivable $8,500. Debit Accounts Receivable $8,500; credit Sales $8,500. Debit Notes Receivable $8,500; credit Accounts Receivable $8,500. Debit Notes Receivable $8,500; credit Sales $8,500.On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. Prepare Jun’s journal entry assuming the note is honored by the customer on October 31 of that same year.
- Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2018. The note, along withinterest at 10%, is due on July 1, 2018. On February 28, 2018, Selkirk discounted the note at Unionville Bank. Thebank’s discount rate is 12%.Required:Prepare the journal entries required on February 28, 2018, to accrue interest and to record the discounting (roundall calculations to the nearest dollar) for Selkirk. Assume that the discounting is accounted for as a sale.Lundquist Company received a 60-day, 6% note for $37,500, dated July 23, from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 129 Allowance for Doubtful Accounts 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary REVENUE 410…Selkirk 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 ____________________________ ___________ ____________ _____________________________ ____________ ____________…
- During Year 1, a company accepts the following notes receivable. 1. On April 1, the company provides services to a customer on account. The customer signs a four-month, 9% note for $5,100. 2. On June 1, the company lends cash to one of the company's vendors by accepting a six-month, 10% note for $9,100. 3. On November 1, the company accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $4,100. Required: Record the acceptance of each of the notes receivable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 On April 1, the company provides services to a customer on account. The customer signs a four-month, 9% note for $5,100. Note: Enter debits before credits. Date General Journal Debit Credit April 01 Record entry Clear entry View general journal6. Prepare general journal entries for the following transactions of Salvador Company. April 30 Received a $5,000, 6%, 30-day note receivable from Juan Co. as settlement for its $5,000 account receivable. May 30 The note received from Juan on April 30 was collected in full.Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note, along with interest at 9%, is due on July 1, 2021. On February 28, 2021, Selkirk discounted the note at Unionville Bank. The bank’s discount rate is 12%. 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.
