Pilsbury Co. bought machines on January 1, 2013. The company signed a note to pay $32,000 for the machines on December 31, 2014. The market interest rate is 10%. Record the journal entries for this transaction.
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- The Oriole Company makes a sale on account for $880. The market rate of interest is 12%, and the terms of the sale indicate that$880 cash is to be received at the end of four months.What amount should The Oriole Company record regarding this sale and the related account receivable?Cullumber & Co. sold goods with a market price of $195,000 on April 1. They accepted a note from Marin Inc. for $195,000 due in two rears, with interest paid each year on April 1, bearing 8% interest. If 8% interest approximates the market rate of interest for this transaction, how much interest should be accrued at the company's December 31 year-end? $31,200 $7,800 $15,600 $11,700On April 1, Online Travel issues $12.5 million of commercial paper with a maturity on December 31 and a 7% interest rate. Record the issuance of the commercial paper and its repayment at maturity. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 2 Record the issuance of the commercial paper. Note: Enter debits before credits.
- provide correct answerAlfred Company lends $40,000 with 9% interest to a customer on August 1, 2015, in exchange for a nine month note. The principal and interest will be paid when the note matures. Alfred’s journal entry on December 31, 2015 will credit Interest Revenue for:Need help with this question
- Roswell Company purchasesinventory from Clear Pool Supplies on June 1. The sales terms on the invoice from Clear PoolSupplies are 3/10, n/30. What does this mean? What is Roswell’s potential savings, if any? Howmuch time does the company have to take advantage of these savings?Quick Tire and Lube received a 120-day, 9% note for $60,000, dated June 12, from a customer on account. Assume 360 days in a year. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note. Question Content Area c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.The company Young Furniture" has the following business transactions in the year 01. Always assume the standard VAT rate of 19% The business year is the same as the calendar year. Form the posting records for the following business transactions. 1. The company buys a company car worth € 65.000 (net) on credit. 2 The company pays its outstanding invoice of € 2.380 by bank transfer. 3 The company buys raw material with the value of € 11.900 (gross amount). Payment is made directly by bank. 4 The company returns unusable merchandise due to defects to the supplier and receives a price reduction of € 500 (net). The purchase of the merchandise on credit was already booked. 5. The company buys merchandise with a value of 30.000 € (net) on credit and receives a rebate by the supplier of 15%.
- 1. On June 8, Williams Company issued an $70,894, 9%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. 2. On November 10, JumpStart Co. provides $2,030 in services to clients. At the time of service, the clients paid $570 in cash and put the balance on account. a. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 10 fill in the blank 8863d605efe7f9a_2 fill in the blank 8863d605efe7f9a_3 fill in the blank 8863d605efe7f9a_5 fill in the blank 8863d605efe7f9a_6 fill in the blank 8863d605efe7f9a_8 fill in the blank 8863d605efe7f9a_9 b. On November 20, JumpStart Co. clients paid an additional $300 on their accounts due. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 20 fill in the blank 845e0704004307d_2 fill in the blank…(Pro forma accounts receivable balance calculation) The accounts receivable for Pastors Brewing Company on March 31, 2016 was $24,100. Firm sales are roughly evenly split between credit and cash sales, with 40 percent of the credit sales collected in the month after the sale and the remainder 2 months after the sale. Historical and projected sales for the brewing company are given here: a. Under these circumstances, what should the balance in accounts receivable be at the end of April? b. How much cash did Pastors' realize during April from sales and collections? a. Under these circumstances, what should the balance in accounts receivable be at the end of April? (Round to the nearest dollar.) $ Data table SALES $32,000 $38,000 April (projected) (Click on the icon located on the top-right corner of the data table above in order to copy its contents into a spreadsheet.) MONTH January February SALES $22,000 $27,000 MONTH March XWildhorse Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The goods have a sales price of $569,900 (cost of $500,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $9,900. Past history indicates that the cash discount will be taken. On January 28, 2017, Danone makes payment to Wildhorse for the full sales price.Prepare the journal entry(ies) to record the sale and related cost of goods sold for Wildhorse Company on January 2, 2017, and the payment on January 28, 2017. Assume that Wildhorse Company records the January 2, 2017, transaction using the net method.