Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.)ss attachedthanks 4y14 On August 1, 2022, The Cove at Mill Lake, Inc., purchased inventory costing $56,000 by signing a 9%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date.Read the requirements.Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.)Journal EntryAugDecDate20221Date202231FebInventoryNote Payable, Short-termRequirement 2. Make the adjusting entry for accrual of interest on the note payable on December 31, 2022. (Record debits first, then credits. Exclude explanations from journal entries.)Journal EntryInterest ExpenseInterest PayableCurrent liabilities:Date20231AccountsNote payable, short-termInterest payableAccounteDebitAmountAccounts56000560002100Requirement 3. At December 31, 2022, what is reported on the balance sheet related to this note payable? (If an input field is not used in the table, leave the field empty; do not select a label or enter a zero.)Balance Sheet (partial) on December 31, 2022AccountDebit2100Credit56000Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.)Journal EntryDebitCredit2100CreditRequirements1.2Journalize the company's purchase of inventory.Make the adjusting entry for accrual of interest on the note payable on December 31,2022.3.At December 31, 2022, what is reported on the balance sheet related to thisnote payable?4.Record the payment of the note payable (principal and interest) on its maturity date.PrintDone- X

The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.) ss attached thanks 4y1

Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.) ss attached thanks 4y1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Which of the following will increase the balance of accounts receivable? Group of answer choices Note discounted was dishonored by issuer at due date. Receipts of notes receivable as settlement of outstanding customer account. Sale of goods for cash. Collection of outstanding receivables.
ro.14 Defining common receivalles terms Metch the terms with their correct definition. Lear Definitions Terms a. The party to a credit transaction who takes on an obligation/payable. b. The party who receives a receivable and will collect cash in 1. Accounts receivable 2. Other receivables 3. Debtor the future. C. A written promise to pay a specified amount of money at a particular future date. 4. Notes receivable 5. Maturity date d. The date when the note receivable is due. e. A miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. 6. Creditor f. The right to receive cash in the future from customers for goods sold or for services performed.
On December 31, 2020, Flounder Company acquired a computer from Plato Corporation by issuing a $557,000 zero-interest-bearing note, payable in full on December 31, 2024. Flounder Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $63,000 salvage value.
You have been engaged to review the financial statements of Swifty Corporation. In the course of your examination, you conclude that the bookkeeper hired during the current year is not doing a good job. You notice a number of irregularities as follows. 1. 2. 3. 4. Year-end wages payable of $3,590 were not recorded because the bookkeeper thought that "they were immaterial." Accrued vacation pay for the year of $29,600 was not recorded because the bookkeeper "never heard that you had to do it." Insurance for a 12-month period purchased on November 1 of this year was charged to insurance expense in the amount of $2.664 because the amount of the check is about the same every year" Reported sales revenue for the year is $2,178,300. This includes all sales taxes collected for the year. The sales tax rate is 6%. Because the sales tax is forwarded to the state's Department of Revenue, the Sales Tax Expense account is debited. The bookkeeper thought that "the sales tax is a selling expense. At…
The following selected transactions are from Garcia Company. Year 1 Dec. 16 Accepted a $20,400, 60-day, 12% note in granting Rita Griffin a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Griffin note. Year 2 Feb. 14 Received Griffin's payment of principal and interest on the note dated December 16. 2 Accepted a $9,000, 6%, 90-day note in granting a time extension on the past-due account receivable from Wright Co. 17 Accepted a $7, 200, 30-day, 10% note in granting Wang Lee a time extension on her past-due account receivable. Mar. Apr. 16 May 31 Wright Co. dishonored its note. Aug. 7 Accepted a $22,000, 90-day, 10% note in granting a time extension on the past-due accourt receivable of Collins Co. Lee dishonored her note. 3 Accepted a $11,400, 60-day, 10% note in granting Maria Gonzalez a time extension on his past-due account receivable. 2 Received payment of principal plus interest from Gonzalez for the September 3…
View transaction list Journal entry worksheet 2 Record the first installment payment on October 31, 2021. Assume no reversing entries were prepared. Note: Enter debits before credits. Date October 31 General Journal Debit Credit View general journal Record entry Clear entry
and the last entry I need help with is "Record the repayment of the note at maturity." please
20 D8 E10-5 exercise FAB Company sells a wide range of merchandise, which are initially purchased on account. Short-term notes are frequently issued to obtain cash. a) On January 10, FAB purchased $200 of merchandise on credit on a perpetual system. b) On March 1, FAB borrowed $600 by issuing a promissory note at face with 8 percent interest accrued at the beginning of each month until paid at maturity in six months. c) On April 1, FAB accrued interest on the $600 note. NAME d) On September 1, FAB paid the note and accrued interest. REQUIRED: 1. On the spreadsheet below, record each event (a) to (d) above; name blank accounts. 2. As each event is recorded, indicate its effect on FAB's current ratio, debt-asset ratio, and times interest earned: Increase, Decrease, or No effect. FAB had $3000 liabilities and $5000 total assets prior to January 10. Event--FAB Co. Beginning Balanc a)buy merchandise b) receive on note c) accrue interest for March on Apr 1 d) pay note pay interest Ending…
Sandhill Company issued $2,400,000 of 10%, 10-year bonds on January 1, 2017, at 103. Interest is payable semiannually on July 1 and January 1. Sandhill Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.5281%. Prepare the journal entries to record the following. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (a) The issuance of the bonds. (b) The payment of interest and related amortization on July 1, 2017. (c) The accrual of interest and the related amortization on December 31, 2017.
Record the following journal entries: 1) Record issuance of note 2) Record the adjusting entry for interest 3) Record the repayment of the note and payment t of interest maturity
Date General Account Titles and Explanations Ref. Debit Credit
B. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. C. Record the entry for interest accrued on promissory note received from McCormick Industries. D. Record the entry for interest received , from McCormick Industries , on the note's maturity date. E. Record the entry for payment received from McCormick Industries the principal on the note's maturity date.