On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to Norman Company.  The face value was $9,000, and it had a stated 6% annual rate of interest. Kotler Company made the required accrual on December 31.      On February 1, the entry to record the collection of the note should include:  Select one: a. A decrease to Interest Receivable for $135 b. An Increase to Interest Income for $45 c. A decrease to Notes Receivable for $8,135 d. An increase to Interest Income for $135

Q: On July 8th, Jones Inc. issued a $75,600, 12%, $120 Day note payable to Miller company. Assume that…

A: From July 8th to July 31st = 23 days

Q: On the last day of October, Wright Company borrows $120,000 on a bank note for 60 days at 11 percent…

A: This question is asking about the Journal entries for 31 October of issue of notes, 30 November of…

Q: The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16…

A: Notes Receivable are the written documents issued by the borrower to the payee. This is a promissory…

Q: On September 1, Purifier Company borrowed $12,000 on a 6-month, 4%, short-term note payable. How…

A: Interest expense recorded on December 3 = Amount borrowed  x rate of interest x No. of months / 12…

Q: Byrde Industries had the following transactions occur: Nov. 1: Accepted a $81,000, 75 day, 5% note…

A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…

Q: On Aug 1, ABC received a 60 day, 10% note for 12,000 from McAnn’s Auto in settlement of an existing…

A: Date   Accounts and Explanation   Debit   Credit   Aug. 1  Notes Receivable 12,000…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $140,000 to Jergens Company…

A: Notes in accounting, also known as promissory notes, are written promises to pay a specific amount…

Q: On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the…

A: Interest:   An interest is the cost of the funds loaned to the business by any lender.

Q: Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On…

A: Req : a       Computation of Present Value of Notes receivable:       Table Value are Based on:…

Q: As promise for future payment, Carlock Systems received a six-month, 12% note for $50,000 from a…

A: Interest revenue = Notes receivables x rate of interest x months/12

Q: . At December 31, Black should record interest revenue of

A: Given information is: Value of note = $18600 Interest rate = 8% Issue date = October 1

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $20,700. What…

A: Adjusting entries are a collection of journal entries produced at the end of an accounting period to…

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 October 1, Black Company receives a 8% interest-bearing note from Reese Company to settle a…

A: Lets understand the basics. For calculating interest revenue needs to record, we need to use below…

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 January 1, Gemstone Company obtained a $165,000, 7%, 10-year installment note from Guarantee…

A: Notes payable refer to a written agreement between two parties. Under this agreement, the lender…

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 January 1, Year 1, Luzak Company issued a $47,000, 4-year, 9% installment note to McGee Bank. The…

A: Journal Entry: It is the first and foremost procedure in an accounting cycle. The transactions are…

Q: Martinez Co. borrowed $52,557 on March 1 of the current year by signing a 60-day, 12%,…

A: Notes payable is categorized as a negotiable instrument signed by the promisor who agreed to pay a…

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: Note is a form of debt issued or taken by the company. Interest has to be paid or received on the…

Q: On August 1, Handley Ltd. accepted a $25,200 note from Borges Ltd. in settlement of an account…

A: August 1: Accounts Receivable    $25,200      To Notes Receivable       $25,200 (Recording…

Q: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day…

A:

Q: On August 1, Batson Company issued a 60-day note with a face amount of $85,200 to Jergens Company…

A:

Q: Zion Architects & Engineers issued on account 120-day, 8% note for $60,000, dated June 13 to…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…

A: Maturity value of the note = Face value of bonds + Interest

Q: Justin Company signed a $90,000, three-month, 9% note payable, on December 1. If the accounting…

A: Interest accrued on December 31= Face value of bonds x rate of interest x no. of month/12 = $90000 x…

Q: On July 8, Jones Inc. issued an $85,000, 8%, 120-day note payable to Miller Company. Assume that the…

A: From July 8 to July 31 = 23 days Interest expense has been accrued for 23 days for the note payable.…

Q: Dan Dayle started a business by issuing an $92,000 face value note to First State Bank on January 1,…

A: Formula:Interest expense = Principal amount x Interest rate x Time period

Q: On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a…

A:

Q: On May 16, 20X1, Safeway Company received a 90-day, 10 percent, $7,000 interest-bearing note from…

A: Bills Receivable:These are the note or a document that given by the debtor formally agree for the…

Q: Spring Designs & Decorators issued a 180-day, 9% note for $88,400, dated April 13 to Jaffe Furniture…

A: A. due date of the note = Date of issue of note + Life of note in days

Q: Martinez Co. borrowed $62,310 on March 1 of the current year by signing a 60-day, 8%,…

A: The journal recorded at the time payment is : Interest expense A/c    Dr         831          -…

Q: Dan Dayle started a business by issuing an $98,000 face value note to First State Bank on January 1,…

A: a)  Interest Expense = Principal Amount x Interest Rate = $98,000 x 8% = $7,840a)  Principal…

Q: On June 1, Davis Inc. issued an $68,700, 8%, 120-day note payable to Garcia Company Assume that the…

A: Solution We are provided with the following information Interest rate = 8% Amount of note payable =…

Q: On October 1, Eder Fabrication borrowed $74 million and issued a nine-month promissory note.…

A:

Q: Perpetual Inventory Using FIFO The following units of a particular item were available for sale…

A: First-in-First-Out (FIFO) : In the First-in-First-Out method, the first purchased items are sold…

Q: The following selected transactions are from Ohlm Company. Year 1 December 16 Accepted a $10,800,…

A: Notes Receivables is an asset that is reported in the current assets of the company according to the…

Q: y 8, Jones Inc. issued an $79,100, 6%, 120-day note payable to Miller Company. Assume that the…

A: In the given situation, there is a note payable with 6% rate for 120 days. We need to find the…

Q: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…

A: Note: We’ll answer the first two questions since the exact one wasn’t specified. Please submit a new…

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…