On June 1, Sheffield Company borrows $111,000 from First Bank on a 6-month, $111,000, 8% note. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 List of Accounts
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- A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseUsing data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of 6,350 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
- On June 1, Bonita Company borrows $106,500 from First Bank on a 6-month, $106,500, 8% note. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) DateAccount Titles and ExplanationDebitCreditJune 1 Show List of AccountsLink to Text Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amConcord Company borrows $52,800 on July 1 from the bank by signing a $52,800, 12%, one-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit (a) (b)Included in Windsor NV's December 31 trial balance is a note receivable of € 8,880. The note is a 4-month, 10% note dated October 1. Prepare Windsor's December 31 adjusting entry to record € 222 of accrued interest, and the February 1 journal entry to record receipt of € 9,176 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 31 Interest Payable 222 Interest Expense 222 Feb. 1 Cash 9176 Interest Expense 222 Interest Payable 74 Notes Receivable 8880
- Included in Windsor NV's December 31 trial balance is a note receivable of € 8,880. The note is a 4-month, 10% note dated October 1. Prepare Windsor's December 31 adjusting entry to record € 222 of accrued interest, and the February 1 journal entry to record receipt of € 9,176 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit >Peralta Company borrows $53,400 on July 1 from the bank by signing a $53,400, 8%, one-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit (a) (b)On June 1, Cullumber Company Ltd. borrows from Scotiabank on a 6-month, $42,400,9% note. The note matures on December 1. Interest is due monthly starting July 1. Cullumber only prepares adjusting entries at its fiscal year end. Prepare the entry on June 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles June 1 eTextbook and Media List of Accounts Debit Credit Prepare the adjusting entry on June 30, Cullumber's fiscal year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles June 30 Debit Credit eTextbook and Media List of Accounts Prepare the entry to record the payment of…
- Future Tech borrows $18,000 on August 1 from the bank by signing a $18,000, 6%, 1-year note payable. Adjusting entries are made only at the end of the year a. Prepare the entry to record the proceeds of the note. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entryfor the account titles and enter for the amounts.)On June 1, Crane Company Ltd. borrows $66,000 from Acme Bank on a 6-month, $66,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title for the entry on June 1 enter a debit amount enter a credit amount enter an account title for the entry on June 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 enter an account title for the adjusting entry on June 30 enter a debit amount enter a credit amount enter an account title for…n June 1, Wildhorse Company Ltd. borrows from Scotiabank on a 6-month, $48,800, 9% note. The note matures on December 1 terest is due monthly starting July 1. Wildhorse only prepares adjusting entries at its fiscal year end. Prepare the entry on June 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles June 1 eTextbook and Media List of Accounts Debit Credit Prepare the adjusting entry on June 30, Wildhorse's fiscal year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)