On October 1, Black Company receives a 4% interest bearing note from Reese Company to settle a $19,400 account receivable. The note is due in six months. At December 31, Black should record interest revenue of the value listed below. Select the correct answer. a-$201 b-$194 c-$204 d-$191

Q: Inc. issued ar а Cerest revenu

A: Answer : Interest revenue recognized in the following year = $89,300 * 8% * 91/360 Interest revenue…

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 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: adjusting entry should be made

A: Interest revenue = Amount of note receivable * Rate of interest * Number of months expired/12 months…

Q: On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu…

A: Lets understand the basics. When transaction happen between parties and in consideration of that…

Q: On October 1, Black Company receives a 6% interest-bearing note from Reese Company to settle a…

A: Interest revenue = Accounts receivable * Rate of interest * Month / 12

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: 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: On December 1, Williams Company borrowed $50,000 cash from Second National Bank by signing a 90-day.…

A: Note payable is a form of debt taken by the company on which business has to pay interest on…

Q: On November 7, Mura Company borrows $150,000 cash by signing a 90-day, 10%, $150,000 note payable. -…

A: The accrued interest is the interest due but not paid yet. It is recorded as current liabilities.

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: Sylvestor Systems borrows $75,000 cash on May 15 by signing a 60-day, 7%, $75,000 note. 1. On what…

A: In most cases, companies issue notes in order get financing. The notes do have a maturity period…

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 July 1, Year 1, the Barley Company loaned $50,000 to the Jackson Co. The note has a stated…

A: Given:Principal loaned - $50,000Interest rate – 10%Date of note issued – July 1, Year 1Maturity date…

Q: Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account.…

A: Note receivable:  Note receivable refers to a written promise received by the creditor from the…

Q: Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account.…

A: Given: Number of days to maturity = 120 days Discount rate = 10% Maturity value = $96,000 Date 9th…

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

A:

Q: Prefix Supply Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on…

A: Journal: Recording of a business transactions in a chronological order.

Q: XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued…

A: Formula: Interest amount = Loan amount x Interest rate x Time period

Q: On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu…

A: Working Note: Interest on the Note = Face value of the note x rate of interest x no. of days / 360…

Q: Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account.…

A: Journal Entry is the primary entry of business transactions. Every transaction has a dual effect…

Q: Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on…

A: Notes receivable is a negotiable instrument that indicates the claims to be paid at a specific date…

Q: Harper Company lends Hewell Company $10,800 on March 1, accepting a four-month, 6% interest note.…

A: Annual interest=Note value×6%=$10,800×6%=$648

Q: On August 1, 2021, Avonette, Inc., sold equipment and accepted a six-mont 9%, $50,000 note…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Journalize the following transactiIons for the Scott Company. Assume 360 days per year. November 4:…

A: Solution: Date Account title Debit Credit 04-Nov Note Receivable  6500.00           Accounts…

Q: On June 1, Davis Inc. issued an $64,900, 7%, 120-day note payable to Garcia Company Assume that the…

A: Interest to be received is calculated by multiplying the principal with rate of interest and time .…

Q: Bramble Corp. lends Sheffield Corp. $50400 on April 1, accepting a four-month, 9% interest note.…

A: Adjusting entry is the entry passed in the books of account on reporting date to record the…

Q: (a) Determine the due date of the note. (b) Determine the maturity value of the note. (c) Journalize…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a…

A: The interest revenue is the interest earned for the period on the note receivable, etc.

Q: On September 1, Year 1, West Company borrowed $34,000 from Valley Bank. West agreed to pay interest…

A: Interest Expense  An entity's interest expense is the cost of borrowing money. On the income…

Q: Lundquist Company received a 60-day, 9% note for $28,000, dated July 23, from a customer on…

A: Note receivable: Note receivable refers to a written promise received by the creditor from the…

Q: a. Determine the due date of the note.   b. Determine the maturity value of the note. Assume 360…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…