QUESTION 11On August 1, 2024, a company lends cash and accepts a $15,000 note receivable that offers 14% interest and is due in nine months. How wouldthe company record the year-end adjusting entry to accrue interest in 2024? (Do not round intermediate calculations. Round youranswer to the nearest dollar amount.)O Interest RevenueescO Interest Receivable.ptionInterest Receivable.O Interest ReceivablePIInterest RevenueInterest ReceivableInterest Revenue.O Interest Revenue1AInterest Revenue.Click Save and Submit to save and submit. Click Save All Answers to save all answers.NInterest Receivablep#12WSP12commandX#3ED8.0C$4aFARF07 205V2,1004FS875T945875945G0) >A6B&F68752,100Y945875MacBook Air945H&78F7UN*8JDIIFBIM(9KDOF9O<.OL4Save All AnswersF10PcommandI'V4IFILopt

JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

QUESTION 11 On August 1, 2024, a company lends cash and accepts a $15,000 note receivable that offers 14% interest and is due in nine months. How would the company record the year-end adjusting entry to accrue interest in 2024? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) O Interest Revenue esc Interest Receivable O Interest Receivable O Interest Receivable Interest Revenue Interest Receivable Interest Revenue. 1 O Interest Revenue A G Interest Revenue. Click Save and Submit to save and submit. Click Save All Answers to save all answers. N Interest Receivable 2 W S 34 12 1 ption command X 3 E D 80 C $ 4 a FA R F % 5 V 2,100 ♥ FS 875 T 945 875 945 G 0) > A 6 B & F6 875 2,100 Y 945 875 MacBook Air 945 H & 7 8 F7 U N * 8 J Dil FO I M ( 9 K DO F9 O < ) -O L 4 Save All Answers F10 P command 2 4 FIL opt

QUESTION 11 On August 1, 2024, a company lends cash and accepts a $15,000 note receivable that offers 14% interest and is due in nine months. How would the company record the year-end adjusting entry to accrue interest in 2024? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) O Interest Revenue esc Interest Receivable O Interest Receivable O Interest Receivable Interest Revenue Interest Receivable Interest Revenue. 1 O Interest Revenue A G Interest Revenue. Click Save and Submit to save and submit. Click Save All Answers to save all answers. N Interest Receivable 2 W S 34 12 1 ption command X 3 E D 80 C $ 4 a FA R F % 5 V 2,100 ♥ FS 875 T 945 875 945 G 0) > A 6 B & F6 875 2,100 Y 945 875 MacBook Air 945 H & 7 8 F7 U N * 8 J Dil FO I M ( 9 K DO F9 O < ) -O L 4 Save All Answers F10 P command 2 4 FIL opt

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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Question Content Area Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day, discounted note payable of $91,392 is a.$3,199 b.$91,392 c.$6,397 d.$1,599
NOTE DATED 11/24/2021 DUE IN 156 DAYS, FACE OF THE NOTE IS $ 75,000, INTEREST RATE IS 9 %% CALCULATE THE FOLLOWING THE DUE DATE THE INTEREST AMOUNT (PXRXT) MATURITY VALUE (face amount plus the interest amount) Prepare the journal entry for the following dates 1. 11/24/2021 2. The adjusting journal entry made on 12/31/2021 3. On the due date PAGE 2.OF 2 215 WORDS "
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Exercise 10-13 (Algo) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. Note: Round your intermediate calculations and final answers to the nearest dollar amount. 1 Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] View transaction list 2 On January 1, 2021, Eagle Company borrows $33,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. 3 4 Eagle borrows $33,000 cash by signing a four-year, 6% installment note. Record the issuance of the note on January 1, 2021. Record the payment of the first installment payment of interest and principal on December 31, 2021. Record the payment of the second installment payment of interest and principal on December 31, 2022. Record the payment of…
PART 1 Cucina Corp. signed a new installment note on January 1, 2018, and deposited the proceeds of $70,000 in its bank account. The note has a 3-year term, compounds 5 percent interest annually, and requires an annual installment payment on December 31. Cucina Corp. has a December 31 year-end and adjusts its accounts only at year-end. Required: Use an online application, such as the loan calculator with annual payments at mycalculators.com, to generate an amortization schedule. Enter that information into an amortization schedule with the following headings: Year, Beginning Notes Payable, Interest Expense, Repaid Principal on Notes Payable, and Ending Notes Payable. Prepare the journal entries on (a) January 1, 2018, and December 31 of (b) 2018, (c) 2019, and (d) 2020. If Cucina Corp.'s year-end were March 31, rather than December 31, prepare the adjusting journal entry would it make for this note on March 31, 2018? PART 1 REQUIRED 1 IN ATTACHED IMAGE Required 2 Prepare…
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Recording Accrued Interest Expense Alaska Inc. borrowed $16,000 by signing a one-year note payable on November 1, 2020. The note bears interest at 10% and interest is payable upon maturity of the note. a. Record this financing transaction on November 1, 2020. b. Record the year-end adjusting entry required on December 31, 2020. Hint: Prorate the annual interest of 10% for two months. c. Record the entry to repay the note on November 1, 2021. Note: Round your answers to the nearest dollar. For example, enter 50 for 50.49 and enter 51 for 50.5
Following are transactions of Leduc Company: 2023 Dec.11 Accepted a $16,000, 6%, 60-day note dated this day in granting Fred Calhoun a time extension on his past-due account. Made an adjusting entry to record the accrued interest on the Fred Calhoun note. Closed the Interest income account. 31 31 2021 Jan. 10 Feb. 10 Mar. 5 29 May 7 June 9 Aug. 8 11 31 Oct. 12 Nov.19 Discounted the Fred Calhoun note at the bank at 7%. The Fred Calhoun note was dishonoured. Paid the bank the maturity value of the note plus a $30 fee. Accepted a $5,500, 5.5%, 60-day note dated this day in granting a time extension on the past-due account of Donna Reed. Discounted the Donna Reed note at the bank at 7.5%. The Donna Reed note had been received by the bank and paid by Donna Reed. Accepted a $7,750, 60-day, 5% note dated this day in granting a time extension on the past-due account of Jack Miller. Received payment of the maturity value of the Jack Miller note. Accepted an $9,000, 60-day, 5% note dated this…
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Question Content Area On June 8, Williams Company issued an $82,076, 6%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? When required, round your answer to the nearest dollar. a. $4,925 b. $87,001 c. $83,718 d. $82,076