Ön June 1, Hunting Man Magazine collected cash of $63,000 on future annual subscrip- tions starting on July 1. Requirements 1. Journalize the transaction to record the collection of cash on June 1. 2. Journalize the transaction required at December 31, the magazine's year-end, assuming no revenue earned has been recorded. (Round adjustment to the nearest whole dollar.)
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: In November and December 20X1, Gee Company, a newly organized magazine publisher, received $36,000…
A: Lets understand the basics.Generally books of accounts are maintained by entity at,(1) Cash basis(2)…
Q: Keesha Co. borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000…
A: Note payable is issued to creditors for the money borrowed. It includes the terms for the interest,…
Q: Keesha Company borrows $260,000 cash on November 1 of the current year by signing a 120-day, 11%,…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: Inc. issued ar а Cerest revenu
A: Answer : Interest revenue recognized in the following year = $89,300 * 8% * 91/360 Interest revenue…
Q: The following are notes receivable transactions for Cullumber Co.: May 1 June 30 July 31 Aug. 31…
A: When customers accept a note in respect of their outstanding amount, than it is treated as one type…
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: On June 1, Davis Inc. issued an $85,500, 10%, 120-day note payable to Garcia Company Assume that the…
A: Calculate the total interest as follows: Interest = Bonds amount * interest rate Interest = $85,500…
Q: Sheridan Company borrows $37,800 on July 1 from the bank by signing a $37,800, 8%, one-year note…
A: Sheridan Company has borrowed on July 1. Interest for 6 months is due as on 31st December. Interest…
Q: On June 1, Davis Inc. issued an $76,100, 12%, 120-day note payable to Garcia Company Assume that the…
A: No. of days for which interest to be recognized in the following year = Total days of notes - total…
Q: Keesha Company borrows $105,000 cash on November 1 of the current year by signing a 180-day, 7%,…
A: The journal entries are prepared to record the transactions on a regular basis. The adjustment…
Q: On the first day of the fiscal year, a company issues $32,000, 11%, five-year installment notes that…
A: The journal is the book in which the company will record the transactions in chronological manner.…
Q: Keesha Company borrows $115,000 cash on November 1 of the current year by signing a 180-day, 9%,…
A: Organizations borrow short term or long term money by signing notes payable. These notes carry a…
Q: Keesha Company borrows $270,000 cash on November 1 of the current year by signing a 180-day, 11%,…
A: The note payable is reported as the liabilities in the balance sheet. The accrued interest is the…
Q: On December 1, Daw Company accepts a $32,000, 45-day, 9% note from a customer. (1) Prepare the…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: 00,000 d revenue from subscri
A: The deferred revenues from subscriptions account accounts for subscription fees which was received…
Q: Keesha Company borrows $175,000 cash on November 1 of the current year by signing a 180-day, 9%,…
A: The funds can be borrowed by note. A promissory note is a legal document containing a promise by the…
Q: Keesha Company borrows $260,000 cash on November 1 of the current year by signing a 120-day, 11%,…
A: Lets understand the basics. Entity issues note in order to obtain finance from the outside. In notes…
Q: Keesha Company borrows $240,000 cash on November 1 of the current year by signing a 180-day, 7%,…
A: Lets understand the baics. Borrowing can be made against issuing the notes. Payment of interest and…
Q: Concord Company borrows $52,800 on July 1 from the bank by signing a $52,800, 12%, one-year note…
A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…
Q: Watrous Company uses the net credit sales method to estimate bad debt expense and has estimated that…
A: The accounts receivable arise as a result of sales made on the account. The payment due from the…
Q: Keesha Company borrows $280,000 cash on November 1 of the current year by signing a 150-day, 8%,…
A: Lets understand the basics.Company issues notes payable which describe notes payable at specific…
Q: Keesha Company borrows $290,000 cash on December 1 of the current year by signing a 180-day, 8%,…
A: Solution: To borrow cash, business issues notes payable that contain principal amount of note,…
Q: Hanna Company borrows $80,000 on July 1 from the bank by signing an $80,000, 10% one year note…
A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…
Q: Concord Company borrows $61,200 on July 1 from the bank by signing a $61,200, 10%, one-year note…
A: Interest accrued on december 31 = Amount borrowed x rate of interest x No. of months / 12 = $61,200…
Q: Keesha Company borrows $115,000 cash on November 1 of the current year by signing a 180-day, 11%,…
A: Introduction: A promissory note, also known as a note, is a written promise to pay a sum of money at…
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: Sheridan Company obtains $36,800 in cash by signing a 7%, 6-month, $36,800 note payable to First…
A: Nottes payable refers to the amount owed by the company from financial institutions that could be…
Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…
A: Solution:- 1)Calculation of On what date does this note mature as follows under:- Basic…
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: Keesha Company borrows $290,000 cash on December 1 of the current year by signing a 180-day, 8%,…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: n what date does this note 3. What is the amount of interest expense in the current year and the…
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: On August 2, Jun Company receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment…
A: Notes Receivable - The note is an instrument issued by the payer to the collector. It is a…
Q: The following transactions are from Ohlm Company. Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note…
A: Bookkeeping can be defined as the recording, classifying, summarizes, interpreting, analyzing, and…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- vable Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.) View transaction list Journal entry worksheet 1 Record cash received on note plus interest.On August 2, Jun Company receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.) View transaction list Journal entry worksheet 1 Record cash received on note plus interest. Note: Enter debits before credits. Date October 31 General Journal Debit CreditOn June 1, Davis Inc. issued an $76,100, 12%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$1,522 b.$9,132 c.$761 d.$2,308
- AOn June 1, Davis Inc. issued an $89,300, 8%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using a 360-day year, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a. $1,806 Ob. $7,144 O c. $595 Od. $1,191 BTransactions: Apr. 30 Issued a $198,000, 30-day, 6% note dated April 30 to Misner Co. on account. May 30 Paid Misner Co. the amount owed on the note dated April 30. Required: Journalize the above transaction, assuming a 360-day year is used for interest calculations. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts Payable-Batson Company 212 Accounts Payable-Jergens Inc. 213 Accounts Payable-Misner Co. 214 Accounts Payable-Scotland Company 221 Notes Payable-Batson Company 222 Notes Payable-Jergens Inc. 223 Notes Payable-Misner Co. 224 Notes Payable-Scotland…
- Please check my work Keesha Company borrows $250.000 cash on December 1 of the current year by signing a 150-day. 9%. $250.000 note. 1. On what date does this note mature? 2 & 3. What is the amount of interest expense In the current year and the following year from this note? 4. Prepare Journal entrles to record (a) issuance of the note. (by accrual of Interest on December 31, and (c payment of the note at maturity. QUESTION 1. What date does this more mature? (please answer this too)5. On July 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assame tht t Current Labilities snAvp year of Alton Co. ends July 31. Using the 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? fiscal $1,200.00 b. $106.67 $306.67 а. с. DIF: Moderate KEY: Bloom's: Application d. $400.00 OBJ: LO: 11-01 PTS: ANS: C NAT: BUSPROG: Analytic 120. c20 000 6%On December 1, Daw Company accepts a $32,000, 45-day, 9% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. Note: Use 360 days a year. View transaction list No 1 2 Date View journal entry worksheet December 31 January 15 Interest receivable Interest revenue Cash Notes receivable Interest receivable General Journal Debit 240 32,360 Credit 240 32,000 260 X
- On September 1. Year 1, Western Company loaned $36,600 cash to Eastern Company. The one year note carried a 6% rate of interest. The amount of interest revenue on the income statement and the amount of cash flow from operating activities shown on Western's Year 2 financial statements would be Multiple Choice $732 interest revenue and $2196 cash inflow from operating activmes $1.464 imerest revenue and $2,196 cash inflow from operating activitiesMore info Oct. 1 Nov. 15 Dec. 31 Sold a six-month subscription (starting on November 1), collecting cash of $270, plus sales tax of 5%. Remitted (paid) the sales tax to the state of Tennessee. Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Print Done - XCalculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $45.00 12% % $ $176.20 $55.00 $