On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $30,500, 8% 90 day note receivable in granting a time extension on Ping's past due account receivable. Golf Co. has a December 31 year end. Ping Co. honoured the note at maturity. Prepare the entries for the issuance of the note, the end of year interest adjustment and the collection of the note at maturity. Short Answer Toolbar navigation

On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $30,500, 8% 90 day note receivable in granting a time extension on Ping's past due account receivable. Golf Co. has a December 31 year end. Ping Co. honoured the note at maturity. Prepare the entries for the issuance of the note, the end of year interest adjustment and the collection of the note at maturity. Short Answer Toolbar navigation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A business issued a 60-day, 15% note for $92,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360 days in a year. If an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar. Transaction Account Debit Credit a. b.
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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%. Wha is the accumulated interest entry if 9 months have passed since note establishment? $1 $2,000,000 $9,360 $2,992.50
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Record the following transactions for Sheridan Company in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) .2020 May 1 Dec. 31 Dec. 31 2021 May Received a $27,450, 12-months, 8% note in exchange for Mark Chamber's outstanding accounts receivable. Date Accrued interest on the Chamber note. Closed the interest revenue account. 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) V > Account Titles and Explanation (To record accrued interest on note.) (To close the interest revenue account.) Debit Credit I
Accounting for notes receivable and accruing interest Carley Realty loaned money and received the following notes during 2018. Determine the maturity date and maturity value of each note. Journalize the entries to establish each Note Receivable and to record collection of principal and interest at maturity. Include a single adjusting entry on December 31, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar.
Please see below. I need help with the part a2.
Please help me with show all calculation thanku
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Hi there, I'm not sure how to write this journal entry
On November 1, 2024, New Morning Bakery signed a $204,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2025. New Morning Bakery should record which of the following adjusting entries at December 31, 2024? Multiple Choice Debit Interest Expense and credit Interest Payable, $2,040 Debit Interest Expense and credit Cash, $6,120 Debit Interest Expense and credit Cash, $2,040 Debit Interest Expense and credit Interest Payable, $6,120
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