Record the following transactions, in general journal for, for the ABC Company (Payee) and the XYZ Company (Maker). Make all the necessary entries for the 90-day period on both sets of books. November 1: ABC received a $5,000, 8%, 90 day note dated November 1 from XYZ Company ON ACCOUNT.
Q: Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 7 note from…
A: Journal Entry is the primary step to record the transaction in the books of accounts. Accounts…
Q: The following transactions are from Ohlm Company. Note: Use 360 days a year. Year 1 December 16…
A: Notes Receivable are the written documents issued by the borrower to the payee. This is a promissory…
Q: On Aug 1, ABC received a 60 day, 10% note for 12,000 from McAnn’s Auto in settlement of an existing…
A: Date Accounts and Explanation Debit Credit Aug. 1 Notes Receivable 12,000…
Q: Samberg Incorporated had the following transactions. October 1 - Sold $20, 500 of merchandise on…
A: The journal entries are prepared to record the transactions on regular basis. The note receivable is…
Q: Complete the table to calculate the interest amounts at December 31st and April 30th and use those…
A: Note receivable It is a written promise. The Promise is to receive money at a future date. Note…
Q: Prepare journal entries to record these transactions (round the answer to two decimal places):…
A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…
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: Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500,…
A: Notes receivable is a negotiable instrument. In this one-party agree to pay a certain amount to…
Q: Following are transactions for Vitalo Company. November 1 Accepted a $7,000, 180-day, 7% note from…
A: The accrued interest is the amount of interest due but not received in cash. The maturity amount is…
Q: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…
A: Maturity value of the note = Face value of bonds + Interest
Q: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…
A: Notes receivable: Notes receivable is a agreement between lender and borrower for payment of…
Q: Quick Tire and Lube received a 120-day, 9% note for $60,000, dated June 12, from a customer on…
A: Maturity value of the note=Face value of note+Interest revenue
Q: Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account.…
A: Note receivable: Note receivable refers to a written promise received by the creditor from the…
Q: Following are transactions for Veilstone Jewelers. November 1 Accepted a $15,000, 180-day, 5% note…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: )Determine the due date of the note. b)Determine the maturity value of the note. Assume 360 days in…
A: Given information is: Lundquist Company received a 60-day, 9% note for $21,500, dated July 23, from…
Q: Spring Designs & Decorators issued a 180-day, 9% note for $88,400, dated April 13 to Jaffe Furniture…
A: A. due date of the note = Date of issue of note + Life of note in days
Q: During 2018, LeBron Corporation accepts the following notes receivable. a. On April 1, LeBron…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: On January 1, Year 1, Wedekind Company issued a $213,000, five-year, 4% installment note to Shannon…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: sued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for…
A: Solution: Issuance of note to a creditor on accounts means note is issued to a creditor for their…
Q: The following selected transactions are from Ohlm Company. Year 1 December 16 Accepted a $10,800,…
A: Notes Receivables is an asset that is reported in the current assets of the company according to the…
Q: ournal Entries for Accounts and Notes Receivable Dallmus, Inc., began business on January 1. Several…
A: Journal entries are regarded as the first stage of the accounting process which records all the…
Q: On april 12 hong company agrees to accept a 60 day, 10% note from Indigo to extend the overdue…
A: Increase in liabilities should be credited and decrease in liabilities should be debited.
Q: A business issued a 60-day, 15% note for $92,000 to a creditor on account. Journalize the entries to…
A: (a) the issuance of the noteAccount Titles and ExplanationDebitCreditAccounts payable$92,000 Notes…
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: Assume 360 days in a year. Do not round your intermediate calculations and round your final answer…
A: Note receivable: Note receivable refers to a written promise received by the creditor from the…
Q: Jenkins Inc. had the following transactions. U Sep 1 Loaned $20,000 to an employee, who signed a…
A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: Following are transactions for Vitalo Company. 1 Accepted a $3,000, 180-day, 5% note from Kelly…
A: The accrued interest the amount of interest due for receipt but not received yet.
Q: Norton Company received a 90-day, 6% note for $300,000, dated May 12 from a customer on account.…
A: Norton Company A 90-day, 6% note for $300,000, dated May 12 from a customer on account (A) the…
Q: Journal Entries for Accounts and Notes ReceivableLancaster, Inc., began business on January 1.…
A: Note receivable refers to a written promise for the amounts to be received within a stipulated…
Q: journal entry made by Indigo Company to record the transaction?
A: As accounts payable are decreasing, so we need to debit the accounts payable and notes payable are…
Q: On May 22, Jarrett Company borrows $8,800, signing a 90-day, 8%, $8,800 note. What is the journal…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Spring Designs & Decorators issued a 180-day, 6% note for $76,800, dated April 13 to Jaffe…
A: A. Following are the calculation of due date of the note:
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: Copperfield and Company issued a 90-day, 6.00% note for $200,000 to a creditor on account. The…
A: Notes Payable - Notes are instruments that are issued by the payer to the collector. It is a…
Q: the due date of the note. the maturity value of the note. Assume 360 days in a year. the entry to…
A: Maturity value is principal value of the note plus interest
Q: Journalize the following transactiIons for the Scott Company. Assume 360 days per year. November 4:…
A: Solution: Date Account title Debit Credit 04-Nov Note Receivable 6500.00 Accounts…
Q: On December 1, Watson Enterprises signed a $24,000, 60-day, 4% note payable as replacement of an…
A: Notes payable are a kind of long-term liability that show the money that a firm owes its financiers,…
Q: On September 1, 2021, Allied Moving Corp. borrows $110,000 cash from First National Bank. Allied…
A: DateGeneral JournalDebitCreditSept. 1, 2021Cash110,000 Notes Payable 110,000 Issuance of notes…
Q: Compute the maturity date for the above note. multiple choice October 29 October 30 October 31…
A: Maturity date: The maturity date is the date on which a bill or instrument became payable. Journal…
Q: The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a…
A: The interest revenue is the interest earned for the period on the note receivable, etc.
Q: Pomona, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received…
A: 1. Interest income received in 60 day note from R.Elliot Interest rate: 6% $30,000* 6%* 60/360 =…
Q: A business issued a 120-day, 10% note for $255,000 to a creditor on account. Journalize the entries…
A: Notes payable: Note Payable is a financial instrument issued by an entity, often in the form of a…
Q: On May 10, 20X1, Washington Company received a 90-day, 8 percent, $8,400 interest-bearing note from…
A: Journal entries refer to identification, analysis, evaluation, and recording of business related…
Record the following transactions, in general journal for, for the ABC Company (Payee) and the XYZ Company (Maker). Make all the necessary entries for the 90-day period on both sets of books.
November 1: ABC received a $5,000, 8%, 90 day note dated November 1 from XYZ Company ON ACCOUNT.
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Journal Entries for Accounts and Notes ReceivablePittsburgh, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $33,000, 60 day, eight percent note on account from J. Albert. Aug.7 Received payment from J. Albert on her note (principal plus interest). Sep.1 Received an $39,000, 120 day, nine percent note from R.T. Matthews Company on account. Dec.16 Received a $31,800, 45 day, ten percent note from D. Leroy on account. Dec.30 R.T. Matthews Company failed to pay its note. Dec.31 Wrote off R.T. Matthews account as uncollectible. Pittsburgh, Inc. uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $48,200. An analysis of aged receivables indicates that the desired balance of the allowance account should be $43,000.…Following are transactions for Vitalo Company. November 1 Accepted a $10,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. General Journal Interest Amounts Complete the table to calculate the interest amounts at December 31st and April 30th Total Through Maturity November 1 Through December 31 January 1 Through April 30 Principal Rate (%) Time Total interest Amounts General Journal > ere to search 68°F 40 4. ort se deleteA business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day year for interest calculations. Required: Journalize the entries to record (a) the issuance of the note on April 30 and (b) the payment of the note at maturity, including interest. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income…Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 5% note from Kelly White in granting a tine extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note.. April 30 white honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your Journal entries. Note: Do not round intermediate calculations. Use 360 days a year.journalize the following entries on the books of the borrower. Assume a 360-day year. January 1 Aggie Co. purchased merchandise on account from Low Co. for $40,000. January 30 Aggie Co. issued a 60-day, 6% note for $40,000 March 29 Aggie Co. paid the amount due at maturity Date Account Title Debit Credit Jan 1 Jan 30 March 29Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…Following are transactions of Danica Company. Dec. 13 Accepted a $18,000, 45-day, 10% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note.Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) June 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000. 30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that have annual payments of $12,303. The first note payment consists of $3,900 of interest and $8,403 of principal repayment. Question Content Area a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Feedback Area Feedback Question Content Area b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blankThe following transactions are from Ohlm Company. Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd’s payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $6,100, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co. 17 Accepted a $2,400, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr. 16 Privet dishonored her note. May 31 Midnight Co. dishonored its note. Aug. 7 Accepted a $7,440, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Sep. 3 Accepted a $2,100, 60-day, 10% note in granting Noah Carson a time extension on his past-due account receivable. Nov. 2 Received payment of principal plus interest from Carson for the September 3 note. Nov. 5…Valley Designs issued a 90-day, 10% note for $48,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. Question Content Area a. Determine the due date of the note. b. Determine the maturity value of the note.$___ Question Content Area c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. notes receivable - Select - 0 accounts receivable - valley designs 0 - Select - Question Content Area c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. cash - Select - 0 notes receivable 0 - Select - interest revenue 0 - Select -Wisconsin Bank lends Local Furniture Company $80,000 on November 1. Local Furniture Company signs a $80,000, 6%, 4 - month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is: A. debit Interest Expense and credit Cash for $800 B. debit Interest Payable and credit Interest Expense for $800 C. debit Interest Expense and credit Interest Payable for $800 D. debit Interest Payable and credit Cash for $800 thanks for help apapreciated
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)