On November 1, Bahama Cruise Lines borrows $21 millon and Issues a six-month, 9% note payable. Interest Is payable at maturity.Record the Issuance of the note and the appropriate adjustment for Interest expense at December 31, the end of the reporting perlod.(If no entry Is requlred for a particular transactlon/event, select "No Journal Entry Required" In the first account fleld. Enter youranswers In dollars, not In mlllons (I.e. 5 should be entered as 5,000,000).)View transaction listJournal entry worksheet1Record the issuance of the note.Note: Enter debits before credits.DateGeneral JournalDebitCreditNovember 01Record entryClear entryView general jourmal

From November 1 to December 31 = 2 months Interest is accrued for 2 months during the current…

On November 1, Bahama Crulse Lines borrows $2.1 millon and Issues a six-month, 9% note payable. Interest Is payable at maturity. Record the Issuance of the note and the appropriate adjustment for Interest expense at December 31, the end of the reporting perlod. (If no entry Is requlred for a particular transaction/event, select "No Journal Entry Requlred" In the first account fleld. Enter your answers In dollars, not In mllons (I.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet Record the issuance of the note. Note: Enter debits before credits. Date General Journal Debit Credit November 01

On November 1, Bahama Crulse Lines borrows $2.1 millon and Issues a six-month, 9% note payable. Interest Is payable at maturity. Record the Issuance of the note and the appropriate adjustment for Interest expense at December 31, the end of the reporting perlod. (If no entry Is requlred for a particular transaction/event, select "No Journal Entry Requlred" In the first account fleld. Enter your answers In dollars, not In mllons (I.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet Record the issuance of the note. Note: Enter debits before credits. Date General Journal Debit Credit November 01

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On August 1, Vermillion Ltd. accepted a $27,800 note from Borges Ltd. in settlement of an account receivable. The note bears interest of 6% and both principal and interest are due in two months, on October 1. Interest on the note was accrued on August 31 and on September 30. On October 1, Borges paid the note, including the accrued interest. Prepare the journal entries required to record the above transactions. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts
S On November 1, Bahama National Bank lends $3.9 million and accepts a six-month, 9% note receivable. Interest is due at maturity. Record the acceptance of the note and the appropriate adjustment for interest revenue at December 31, the end of the reporting period. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 2 Record the acceptance of the note. Note: Enter debits before credits. Date November 01 Record entry General Journal Clear entry Debit Crec View gener
On the first day of the fiscal year, a company issues $32,000, 11%, five-year installment notes that have annual payments of $8,658. The first note payment consists of $3,520 of interest and $5,138 of principal repayment. Question Content Area a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select - Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $1,020 $960 Temporary investments 1,200 1,400 Accounts receivable 820 940 Inventory 2,200 2,600 Accounts payable 1,900 2,200 a.…
19. Caterpillar Inc. reports net income for 2013 of $ 3,789 million, retained earnings at the end of the year of $31,854 million, and dividends distributed during the $1,493 million. Assume there is no other transactions on retained earnings. What was the company's retained earnings balance at the start of 2013? A. $29,558 million year of B. $30,361 million C. $28,065 million D. $26,572 million Your answer is
James Company uses the allowance method for uncollectible accounts. James Company accepted a $8,500, 6%, 90-day note dated May 16, from Davis Company in exchange for its past-due account receivable. Make the necessary general journal entries for James Company on May 16 and the August 14 maturity date, assuming that the: a. Note is honored. b. Note is dishonored.
On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the adjusting entry for interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021
Thank you!
Autumn Designs & Decorators issued a 120-day, 7% note for $65,400, dated April 13 to Zebra Furniture Company on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year when calculating interest. Do not round your intermediate calculations and round your final answer to the nearest dollar. c. Journalize the entries to record the following: (1) receipt of the note by Zebra Furniture and (2) receipt of payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.