On October 1, Eli's Carpet Service borrows $125,000 from First National Bank on a 3-month, $125,000, 8% note. The entry by Eli's Carpet Service to record payment of the note and accrued interest on January 1 is a.
Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note. 1. On what…
A: The note payable is the liability for the business which is to be paid on due date with interest.
Q: On November 7, Mura Company borrows $350,000 cash by signing a 90-day, 8%, $350,000 note payable.…
A: Note means an instrument issued by company acknowledging the debt due from company to bond holder.…
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: Goldie Corporation takes out a $10,000 cash loan from its bank by signing a 15%, 9-month promissory…
A: A promissory note is a financial instrument that includes a written promise to pay a certain sum of…
Q: Mike Co. borrowed $90,000 on July 1 of the current year by signing a 90-day, 6%, interest-bearing…
A: The financial transactions are initially recorded in the form of journal entry.
Q: Keesha Company borrows $260,000 cash on November 1 of the current year by signing a 120-day, 11%,…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: Martinez Co. borrowed $71,059 on March 1 of the current year by signing a 60-day, 5%, interest-…
A: Interest = $71,059 x 5% x 60/360 = $592
Q: Sylvestor Systems borrows $103,000 cash on May 15 by signing a 150-day, 4%, $103,000 note. 1. On…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On…
A: Journal: Recording of a business transactions in a chronological order.
Q: ired 2B rest at turity ure? Required 2B General Journal
A: Answer : Note mature date = 12 October 15 May + 150 days = 12 Oct. 16 Days remaining from May + 30…
Q: Martinez Co. borrowed $56,952 on March 1 of the current year by signing a 60-day, 8%,…
A: Interest expense for 60 days = Amount borrowed×interest rate × 60 days/360 days
Q: Moss County Bank agrees to lend the Blossom Company $320000 on January 1. Blossom Company signs a…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Firs step in…
Q: A business issued a 60-day note for $87,000 to a bank. The note was discounted at 7%. Journalize the…
A: Businesses may issue short-term discount notes in consideration of goods, services, or cash.These…
Q: On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount…
A: A promissory note can be described as a legal document that documents a loan between the lender and…
Q: Sylvestor Systems borrows $98,000 cash on May 15 by signing a 30-day, 7%, $98,000 note. 1. On what…
A: Notes Payable an instrument issued by the borrower to the lender. This act as a promissory note…
Q: Keesha Company borrows $125,000 cash on November 1 of the current year by signing a 180-day, 7%,…
A: Funds can be borrowed by issuing notes. The not can be issued for long term or short term. The note…
Q: On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 8%, $160,000 note payable.…
A:
Q: On January 1, MM Company borrows $290,000 cash from a bank and in return signs an 4% installment…
A: Journal entry is the primary step to record the transaction in the books of accounts. Notes payable…
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: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note. 1. On what…
A: Note payable is one form of liability for the business, which needs to be paid or settled within a…
Q: On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount…
A: Approach to solving the question:For better clarity of the solution, I have provided the calculation…
Q: Admire County Bank agrees to lend Swifty Brick Company $591000 on January 1. Swifty Brick Company…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
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: On October 1, Eli's Carpet Service borrows $300,000 from First National Bank on a 5-month, $120,000,…
A: Accrued Interest means the Interest which is already due but not paid with in the specific due…
Q: Madison Company issued an interest-bearing note payable with a face value of $24,000 and a stated…
A: Note payable refers to the amount for which the individual or the company has written to pay the…
Q: Martinez Co. borrowed $58,220 on March 1 of the current year by signing a 60-day, 11%,…
A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…
Q: Keesha Company borrows $260,000 cash on November 1 of the current year by signing a 120-day, 11%,…
A: Lets understand the basics. Entity issues note in order to obtain finance from the outside. In notes…
Q: 1) On October 1, 20x1, Metro Bank loaned $8,000,000 and received a 5-month promissory note with 10%…
A: Note is kind of instrument which are commonly used by the lender and borrower at the time of giving…
Q: Martinez Co. borrowed $79,200 on March 1 of the current year by signing a 60-day, 9%,…
A: The interest expense is calculated as follows $79200 × 9% × 60/360 = $1188
Q: Martinez Co. borrowed $74,240 on March 1 of the current year by signing a 60-day, 12%,…
A: Given, Face value of the note = $74,240 Interest rate = 12% Period = 60 days
Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…
A: The 150 days from November 1 will expire on March 31. Thetefore, Note will expire on March 31 next…
Q: Havier Corporation borrows $1 million from a bank on September 1, Year 1, by signing a 6 percent,…
A: The journal entry for the above is Note payable A/C dr. $10,00,000 Interest expense A/c dr.…
Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…
A: Formula: Interest amount = Notes amount x Interest rate x Time period
Q: On May 1, Knack Company signed a $80,000, 240-day, 6% note payable with Central Savings Bank. What…
A: Notes payable is current liabilities if it is due to pay able with one year. Interest is also…
Q: Grayson Bank agrees to lend the Trust Company $98,759 on January 1. Trust Company signs a $98,759,…
A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…
Q: On December 1, Williams Company borrowed $45,000 cash from Second National Bank by signing a 90-day,…
A: >Notes Payables are the note issued by the borrower, agreeing to pay the amount of note, along…
Q: Sylvestor Systems borrows $183,000 cash on May 15 by signing a 90-day, 6%, $183,000 note. 1. On what…
A: Notes payable are issued to raise the long-term or short-term funds. If the notes payable are to be…
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: Keesha Company borrows $280,000 cash on November 1 of the current year by signing a 150-day, 8%,…
A: Lets understand the basics.Company issues notes payable which describe notes payable at specific…
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- On January 1, the first day of the fiscal year, Shiller Company borrowed $120,000 by giving a seven-year, 9% installment note to Soros Bank. The note requires annual payments of $23,843, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $10,800 and principal repayment of $13,043. Required: A. Journalize the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account titles. 1. Issued the installment note for cash on the first day of the fiscal year. 2. Paid the first annual payment on the note. B. Explain how the notes payable would be reported on the balance sheet at the end of the first year.On May 16, 20X1, Safeway Company received a 90-day, 10 percent, $7,000 interest-bearing note from Black Company in settlement of Black's past-due account. On June 30, Safeway discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 15 percent. On August 14, Safeway received a notice that Black had paid the note and the interest on the due date. Required: Prepare the entries in general journal form to record these transactions. Analyze: If the company prepared a balance sheet on July 31, 20X1, how should Notes Receivable-Discounted be presented on the statement? Complete this question by entering your answers in the tabs below. General Journal Prepare the entries in general journal form to record these transactions. (Use 360 days a year. Round your intermediate calculations and final answers to 2 decimal places.) Analyze View transaction list Journal entry worksheet 1 Date May 16, 20X1 2 Record entry for a 90-day, 10% note accepted for past-due account. 3 Note:…Sylvestor Systems borrows $50,000 cash on May 15 by signing a 90-day, 8%, $50,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 2B Interest at Maturity On what date does this note mature? Required 1 Required 2A On what date does this note mature? Required 2B General Journal
- Martinez Co. borrowed $62,310 on March 1 of the current year by signing a 60-day, 8%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include a a.debit to Interest Payable for $831. b.debit to Interest Expense for $831. c.credit to Cash for $62,310. d.credit to Cash for $67,295.Dan Dayle started a business by issuing an $98,000 face value note to First State Bank on January 1, Year 1. The note had a 8 percent annual rate of interest and a five-year term. Payments of $24,545 are to be made each December 31 for five years. Required: a. What portion of the December 31, Year 1, payment is applied to interest expense and principal? b. What is the principal balance on January 1, Year 2? c. What portion of the December 31, Year 2, payment is applied to interest expense and principal? Note: Round your answers to the nearest dollar amount. a. Interest expense a. Principal b. Principal balance c. Interest expense c. PrincipalOn the first day of the fiscal year, Shiller Company borrowed $33,000 by giving a seven-year, 8% installment note to Soros Bank. The note requires annual payments of $6,404, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $2,640 and principal repayment of $3,764. Journalize the entries to record the following: a1. Issued the installment note for cash on the first day of the fiscal year. If an amount box does not require an entry, leave it blank. Cash fill in the blank 9d174cf85026fb7_2 fill in the blank 9d174cf85026fb7_3 Notes Payable fill in the blank 9d174cf85026fb7_5 fill in the blank 9d174cf85026fb7_6 a2. Paid the first annual payment on the note. If an amount box does not require an entry, leave it blank. Interest Expense fill in the blank 6e673f01702302e_2 fill in the blank 6e673f01702302e_3 Notes Payable fill in the blank 6e673f01702302e_5 fill in the blank…
- A business issued a 120-day, 6% note for $9,000 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. When required, round your answers to the nearest dollar. a. b.On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3 month, non-interest-bearing note. THe note is discounted on a 12% basis. Make a journal entry to record the issurance of the note.Sylvestor Systems borrows $96,000 cash on May 15 by signing a 60-day, 7%, $96,000 note. 1. On what date does this note mature?2-a. Prepare the entry to record issuance of the note.2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.
- On July 18, Aui accepted a $15,000, 7¾%, 180-day note from Ryan. On October 5, Aui discounted the note at Brome Bank at 8¼%. What proceeds did Aui receive? Use ordinary interest.On March 1, Felton Company borrows $90,000 from Ottawa State Bank by signing a 6-month, 8%, interest-bearing note. Instructions Prepare the necessary entries below associated with the note payable on the books of Felton Company. (a) Prepare the entry on March 1 when the note was issued. (b) Prepare the entry to record payment of the note at maturity. Essay Toolbar navigation B I U S E E = v ASylvestor Systems borrows $174,000 cash on May 15 by signing a 90-day, 6%, $174,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 1 Required 2A View transaction list Use those calculated values to prepare your entry to record payment of the note at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. Required 2B Required 2B Interest at Maturity Journal entry worksheet A General Journal Record the payment of the note at maturity. Note: Enter debits before credits. Date Maturity General Journal Debit Credit