On October 1, Brighton Tech Ltd. issued a $250,000, 12%, 6- month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is: A) December 31? B) November 30? wwwwwww
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- Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Handler Cleaning Operations for the following transactions. A. Entry for note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019On October 1, 2022, Bramble Company issued an $828000, 9%, 9-month interest-bearing note. If the Bramble Company is preparing financial statements at December 31, 2022, the adjusting entry for accrued interest will include a: O credit to Notes Payable of $18630. O credit to Interest Payable of $37260. O debit to Interest Expense of $27945. O debit to Interest Expense of $18630
- Journalize the following, assuming a 360-day year is used for interest computations: Apr. 30 Issued a $126,000, 30-day, 6% note dated April 30 to Misner Co. on account. May 30 Paid Misner Co. the amount owed on the note dated April 30. If an amount box does not require an entry, leave it blank. Apr. 30 May 30 3 3 000 ?A company purchased a certificate of deposit (a short-term investment that pays interest to the purchaser when it matures) on March 1 that will pay $120 of interest 3 months from that date when it matures. On March 31, which of the following adjusting journal entries would be made? Account Debit Credit A. Interest receivable 120 Interest revenue 120 B. Interest receivable 40 Interest revenue 40 C. Interest receivable 120 Unearned revenue 120 D. No entry is recorded on March 31. Group of answer choices A. B. C. D.on June 8th Alton Co issued in 62700 8% 120 Day note payable to seller Co. Assume that the fiscal year of seller co ends june 30. using a 360 day year in your calculations, what is the amount of interest revenue recognized by seller in the following year? When required, round your answer to the nearest dollar.
- On July 1, Orcas Lab issued a $100,000, 12%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30?On July 1, Orcas Lab issued an $180,000, 13%, 8- month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is A) December 31? B) September 30?On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year? When required, round your answer to the nearest dollar. $450 $1,469 $900 $5,397