Dont use ai solution please solve this question general Accounting On June 1, the company paid 2 years of insurance premiums worth $2,000.00 to Farmers'Insurance Co. The entry will include:a. Debit to Cash for $2,000.00b. Credit to Cash for $2,000.00c. Debit to Insurance Expense for $2,000.00d. Credit to Prepaid Insurance for $2,000.00e. Debit to Prepaid Insurance for $1,000.00

Step 1: Define Prepaid ExpensesExpenses are called prepaid when they are paid before becoming due.…

Answered: On June 1, the company paid 2 years of…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter6: Investing And Financing Activities

Section: Chapter Questions

Problem 1.8C

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Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest computations.) June 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. The cost of merchandise sold was $36,000. 30 Regis Co. issued a 60-day, 5% note for $60,000 on account. Aug. 29 Regis Co. paid the amount due. Regis Co. (Borrower). If an amount box does not require an entry, leave it blank. June 1 fill in the blank 0fa28bf87f8205e_2 fill in the blank 0fa28bf87f8205e_3 fill in the blank 0fa28bf87f8205e_5 fill in the blank 0fa28bf87f8205e_6 June 30 fill in the blank 0fa28bf87f8205e_8 fill in the blank 0fa28bf87f8205e_9 fill in the blank 0fa28bf87f8205e_11 fill in the blank 0fa28bf87f8205e_12 Aug. 29 fill in the blank 0fa28bf87f8205e_14 fill in the blank 0fa28bf87f8205e_15 fill in the blank 0fa28bf87f8205e_17 fill in the blank 0fa28bf87f8205e_18 fill in the blank…
Quick Tire and Lube received a 120-day, 9% note for $60,000, dated June 12, from a customer on account. Assume 360 days in a year. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note. Question Content Area c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Journalize the following entries on the books of the borrower and creditor. (Assume a 360-day year is used for interest calculations.) Jun. 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. Jun. 30 Regis Co. issued a 60-day, 5% note for $60,000 on account. Aug. 29 Regis Co. paid the amount due. Regis Co. (Borrower). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Jun. 1 Jun. 30 Aug. 29 Winthrop Co. (Creditor). If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Jun. 1 Jun. 30 Aug. 29
Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) Jun. 1 Regis Co. purchased merchandise on account from Winthrop Co., $60,000, terms n/30. Jun. 30 Regis Co. issued a 60-day, 5% note for $60,000 on account. Aug. 29 Regis Co. paid the amount due.
Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) June 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000. 30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.
10)
Good Day Service Center received a 120-day, 6% note for $250,000, dated April 12 from a customer on account. a. Determine the due date of the note. b. Determine the maturity value of the note using a year of 365 days. Last Day Service Center received a 90-day, 6% note for $150,000, dated March 12 from a customer on account. a. Determine the due date of the note. b. Determine the maturity value of the note using a year of 365 days .
Bramble Company purchased a building on January 2 by signing a long-term $606000 mortgage with monthly payments of $5100. The mortgage carries an interest rate of 10 percent. The entry to record the first monthly payment will include a credit to the Mortgage Payable account for $5100. O credit to the Cash account for $5050. O debit to the Interest Expense account for $5050. O debit to the Cash account for $5100.
A business issued a 30-day, 7% note for $75,600 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank or enter 0. When required, round your answers to the nearest dollar. a. fill in the blank 2 fill in the blank 4 b. fill in the blank 6 fill in the blank 7 fill in the blank 9 fill in the blank 10 fill in the blank 12 fill in the blank 13
Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?
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.
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.

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