On October 1, Ramos Co. signed a $90,000, 60-day note at the bank to be paid on November 30. (Assume a 360-day year is used for interest computations.) a.  Journalize the entries for October 1 and November 30, assuming the note was discounted at 6%. If an amount box does not require an entry, leave it blank. Oct. 1   fill in the blank 9b46170d8ff6049_2 fill in the blank 9b46170d8ff6049_3     fill in the blank 9b46170d8ff6049_5 fill in the blank 9b46170d8ff6049_6     fill in the blank 9b46170d8ff6049_8 fill in the blank 9b46170d8ff6049_9 Nov. 30   fill in the blank 9b46170d8ff6049_11 fill in the blank 9b46170d8ff6049_12     fill in the blank 9b46170d8ff6049_14 fill in the blank 9b46170d8ff6049_15 b.  Journalize the entries for October 1 and November 30, assuming the note was interest-bearing at 6%. If an amount box does not require an entry, leave it blank. Oct. 1   fill in the blank 213f6401ef9900d_2 fill in the blank 213f6401ef9900d_3     fill in the blank 213f6401ef9900d_5 fill in the blank 213f6401ef9900d_6 Nov. 30   fill in the blank 213f6401ef9900d_8 fill in the blank 213f6401ef9900d_9     fill in the blank 213f6401ef9900d_11 fill in the blank 213f6401ef9900d_12     fill in the blank 213f6401ef9900d_14 fill in the blank 213f6401ef9900d_15

Q: On November 1, Jasper Company loaned another company $270,000 at a 8.0% interest rate. The note…

A: Interest revenue reported in first year = Amount of loan x rate of interest x No. of months / 12

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 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: прапу What formula should Hardy Company uses add-on interest? Gordon Company signed a note payable…

A: When a person or company borrows money, a formal agreement for repayment of money and stated rate of…

Q: Valley Designs issued a 90-day, 12% note for $36,000, dated April 15, to Bork Furniture Company on…

A: Maturity Value of Note will be Principal Amount and Interest on Note Interest = Principal * Interest…

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: Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture…

A: Answer a) Due date =August 11 17+31+30+31+11

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

A: Calculate the interest amount as follows: Interest = Face value * Interest rate*Periods

Q: On July 31, 20A, ABC company discounted at the bank, a customer's 1,200,000, 6-month 10% notes…

A: Notes payable are signed arrangements (promissory notes) between two parties whereby one offered to…

Q: On January 1, Pina Colada Corp. lent $38,000 to Kingbird, Inc., accepting Kingbird's $50,578,…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS   Account title and explanation  Debit  Credit…

Q: At December 31 year-end, Crate Company has an $8,700 note receivable from a customer. Interest of 8%…

A: All assets of a company are reported in the balance sheet. Since note receivable is an asset, it…

Q: How much is Llido’s equity in the assigned accounts receivable as of December 31?

A: a Cash  $723,000     Finance Charges ($900,000*3%) $27,000      To Notes Payable…

Q: Keesha Co. borrows $235,000 cash on November 1 of the current year by signing a 90-day, 11%.…

A: Mature date = 30 Jan

Q: Autumn Designs & Decorators issued a 120-day, 8% note for $78,000, dated April 13 to Zebra Furniture…

A: The note receivable is an asset for the business which is issued by the debtors of the business.

Q: Wildhorse Co. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.…

A: Interest accrued on dec 31 = face value of note x rate of interest x 6/12 = $64,800  x 8% x 6/12 =…

Q: Valley Designs issued a 120-day, 5% note for $82,600, dated April 20 to Bork Furniture Company on…

A: Given that, Valley designs issued note to Bork furniture company = $82600 Dated on = April 20 Note…

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: Keesha Company borrows $290,000 cash on December 1 of the current year by signing a 180-day, 8%,…

A: Solution: To borrow cash, business issues notes payable that contain principal amount of note,…

Q: On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was…

A: Req-a       Date Account Name Debit  Credit Oct. 1 Cash $89,100     Interest Expense ($90,000…

Q: Spring Designs & Decorators issued a 120-day, 6% note for $42,000, dated April 13 to Jaffe Furniture…

A: Interest on note = Face value of note x rate of interest x no. of days / 360 = $42000 x 6% x 120/360…

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

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

A: Notes payable are defined as the written promissory note or an agreement under which the borrower…

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: Sandhill Co. borrows $65,600 on July 1 from the bank by signing a $65,600, 8%, one-y (a) Prepare the…

A: From July 1 to December 31 = 6 months So interest is accrued for 6 months on December 31.

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: Hasty and Tasty Foodservice received a 120-day, 7% note for $84,000, dated June 12, from a customer…

A: In case of a credit sale, the customer is given an option to make payment for the sale within a…

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: On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was…

A: Discount on notes payable = Amount of note payable x discount rate = $90000 x 6% = $5400

Q: On November 1, 20X1, Morant Corp. borrowed $80,000 in cash by signing a nine-month, 12% note from a…

A: Notes payable is a form of debt for the business organisations for which it has to pay periodic…

Q: On January 1, Year 1, Luzak Company issued a $120,000, five-year, 6% installment note to McGee Bank.…

A:

Q: On March 1, 20x4, Popular Bank agrees to lend $100.00 to your company through a written contract for…

A: A note a legal document between two parties whereby one party agrees to pay the other a preagreed…

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: On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face…

A: Proceeds of the note = Face value value of the note - discount amount

Q: On November 1, Bahama National Bank lends $3.2 million and accepts a six-month, 6% note receivable.…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On November 1, Jasper Company loaned another company $230,000 at a 12.0% interest rate. The note…

A: Solution: Adjusting entries are journal entries usually made at the end of an accounting period to…

Q: On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank.  The discount rate was…

A: Part-A Amount which will be Discounted by Bank  = $ 90,000 x 6% x 60360…

Q: On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face…

A: We know that if a note is an interest-bearing note the borrower is obligated to pay the whole…

Q: On July 8, Jones Inc. issued an $72,300, 7%, 120-day note payable to Miller Company. Assume that the…

A: Solution:  Jones Inc should recognize the interest expense for 23 days. = From July 8 to July 31= 23…

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: Valley Designs issued a 120-day, 10% note for $90,200, dated April 20 to Bork Furniture Company on…

A: Maturity Value = Note Value + Interest

Q: Valley Designs issued a 120-day, 10% note for $90,200, dated April 15 to Bork Furniture Company on…

A: When a company has notes payable or bank loans outstanding on a given reporting date, there is an…

Q: Valley Designs issued a 90-day, 9% note for $96,000, dated April 19, to Bork Furniture Company on…

A: Notes receivable are made by Debtors as a promissory note that they will make the payment on due…

Q: Valley Designs issued a 90-day, 10% note for $48,000, dated April 22, to Bork Furniture Company on…

A: A journal entry is used to reflect a business deal in a company's accounting records. A journal…

Q: (a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and…

A: Journal: It refers to an account in which all the financial transactions pertaining to a business…

Q: Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day, 5%, $70,000 note. 1. On what…

A: Notes payable are the written agreement in which maker of the note promises to pay a certain amount…

Q: Valley Designs issued a 120-day, 6% note for $76,800, dated April 15 to Bork Furniture Company on…

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