On September 1, 20X1, Chabon Corp. purchased machinery costing $20,000 by issuing a 12-month, 12%, promissory note to the seller. The note's principal plus interest will be paid when the note matures on September 1, 20X2. Interest calculations are rounded to the nearest whole month. Required: Record the September 1, 20X1 transaction, the year-end adjustment for interest, and the loan repayment on September 1, 20X2.

Q: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a…

A: Interest Expense = Note payable amount * Interest Rate * Period

Q: On January 1, Year 1, Mahoney Company borrowed $165,000 cash from Sun Bank by issuing a 5-year, 8%…

A: Loan means the amount taken from another person to be repaid back with interest. Equal annual…

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: Campus Flights takes out a bank loan in the amount of $200,500 on March 1. The terms of the loan…

A: To calculate the interest recognized in year 1, we need to multiply the loan amount by the interest…

Q: Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On…

A: Req : a       Computation of Present Value of Notes receivable:       Table Value are Based on:…

Q: Leach Company borrowed $95,000 cash by issuing a note payable on June 1, Year 1. The note had an 6…

A: The company can issue notes to borrow funds. The note can be issued either for the long term or the…

Q: On January 1, $38,000 cash is borrowed from a bank in return for a 12% installment note with 36…

A: Given information Notes payable = $38,000 Monthly payment = $1262 Duration = 36 months Interest =…

Q: On January 1, Year 1, Beatie Company borrowed $400,000 cash from Central Bank by issuing a…

A: Amortization schedule of interest and principal payment for 5 periods is as under:

Q: On March 1, Smith Company purchased equipment costing $14,792 by signing a 3-year, 6% note requiring…

A: When we made a payment against a note Payable as liability decreases notes Payable account will be…

Q: Keesha Company borrows $270,000 cash on November 1 of the current year by signing a 180-day, 11%,…

A: The note payable is reported as the liabilities in the balance sheet. The accrued interest is the…

Q: On January 1, Year 1, Mahoney Company borrowed $172,000 cash from Sun Bank by issuing a 5-year, 8%…

A: Please see the answer below ? Notes Payable: Long-term debt instruments issued by businesses as…

Q: Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the…

A: Given in the question:Borrowed Amount = $60,000,000Issued Period = 09 MonthsRate of Interest =…

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: Note receivable Prefix Supply Company received a 120-day, 7% note for $84,000, dated April 12 from a…

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

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: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day…

A:

Q: Good Day Service Center received  a 120-day, 6% note for $250,000, dated April 12 from a customer on…

A: Calculation of due date of the Note Due Date of Note will be 120 days form the date on which it is…

Q: . Prepare the journal entries of Clear Glass to record the preceding information, the related…

A: Discounting the note implies, the realization of a note amount for a discount before the due date of…

Q: On September 1, 2022, Accounts receivable in the amount of $900,000 were assigned as collateral to…

A: Answer:- Journal entry meaning:- The act of maintaining or creating records of any transactions,…

Q: Amenadiel Co. has an 8% note receivable dated June 30, year 1, in the original amount of 150,000.…

A: A written promise to receive a sum of money at the pre determined future date is referred to as note…

Q: On June 8, Williams Company issued an $73,207, 7%, 120-day note payable to Brown Industries.…

A: Formula: Interest amount = Principal amount x Interest rate x Time period.

Q: On October 1, Eder Fabrication borrowed $84 million and issued a nine-month, 15% promissory note.…

A: Prepare the journal entry for the issuance of the note:

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: On January 1, the first day of the fiscal year, Shiller Company borrowed $120,000 by giving a…

A: Notes payable represent a promissory note issued by the borrower to repay the principal amount…

Q: How do I find the carrying amout for each year?

A: Requirement a:   Prepare an amortization table.

Q: On May 16, 20X1, Safeway Company received a 90-day, 10 percent, $7,000 interest-bearing note from…

A: Bills Receivable:These are the note or a document that given by the debtor formally agree for the…

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 90-day, 8%, $50,000 note. 1. On what…

A: The note payable is treated as liability in the business. The note that matures in less than one…

Q: Martinez Co. borrowed $54,000 on March 1 of the current year by signing a 60-day, 7%,…

A:

Q: ne 8, Alton Co. issued an $79,432, 10%, 120-day note payable to Seller Co. Assuming a 360-day year…

A: Solution: Maturity value of the note is amount that is arrived by adding total amount of interest…

Q: Dan Dayle started a business by issuing an $98,000 face value note to First State Bank on January 1,…

A: a)  Interest Expense = Principal Amount x Interest Rate = $98,000 x 8% = $7,840a)  Principal…

Q: On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to…

A: From November 1 to December 31 = 2 months Interest accrued on December 31 = $9,000 x 6% x 2/12 = $90…

Q: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…

A: Note: We’ll answer the first two questions since the exact one wasn’t specified. Please submit a new…

Q: Sylvestor Systems borrows $174,000 cash on May 15 by signing a 90-day, 6%, $174,000 note. 1. On what…

A: Lets understand the basics.Notes payable an instrument issued by the borrower to the lender. This…

Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms…

A: NOTES PAYABLE Notes Payable is a Short Term Loan. Notes Payable are reported under the Non Current…

Q: On December 1, 2021, abc  Ltd. borrowed $180,000 from a local bank by signing a four-month, 5%…

A: Since amount was borrowed on December 1 , interest will be accrued for 1 month from December 1 to…

Q: On February 20th, a 5 month note for $2,900 was received by Lucky Company to settle an amount owing…

A: A you have asked multiple sub-parts we can solve only first three part for you please repost the…

Q: Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1. On…

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

Q: A company isues a note receivable in place of an outstanding accounts receivable balance. The note…

A: Notes Receivables Issued: It is possible to get a note receivable by writing a promise to receive a…

Q: prepare a three-year (monthly) amortization schedule to classify the notes payable into its current…

A: Company has bought the office equipment for $15,000 but that purchase has been made through the…

Q: On May 31, Baker Co. issued an $35,679, 8%, 120-day note payable to Samunck Co. Assume Baker's…

A: Solution a:  Interest EXPENSE recognized by Baker in the current fiscal year = $35,679*8%*30/360 =…