Sc-QUESTION 13On February 1, 2024, a company lends cash and accepts a $8,000 note receivable that offers 18% interest and is due in six months. What wouldthe company record on August 1, 2024, when the borrower pays the correct amount owed? (Do not round intermediate calculations.)O CashInterest RevenueO CashNotes ReceivableOAO CashNotes Receivable.Interest RevenueNotes ReceivableCashNotes Receivable.O None of the aboveClick Save and Submit to save and submit. Click Save All Answers. save all answers.!1F1A2NIF2WS#380F3XED$4aF4RC%5F515T8,000Tv720MacBook Air< 68,0008,7208,720F6Y&78,7208,000B7208,7208,000F7H+008UFBN(DD9KSave All A0M0F10 QUESTION 12Kansas Enterprises purchased equipment for $79,500 on January 1, 2024. The equipment is expected to have a five-year service life, with aresidual value of $7,950 at the end of five years.Using the double-declining balance method, depreciation expense for 2025 would be: (Do not round your intermediatecalculations)O $19,080.O $28,620.O $31,800.$17,172.O None of the above

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

Sc - QUESTION 13 On February 1, 2024, a company lends cash and accepts a $8,000 note receivable that offers 18% interest and is due in six months. What would the company record on August 1, 2024, when the borrower pays the correct amount owed? (Do not round intermediate calculations.) O Cash Interest Revenue. Notes Receivable O Cash O Notes Receivable. O Cash. Interest Revenue Notes Receivable Cash Notes Receivable O None of the above Click Save and Submit to save and submit. Click Save All Answers save all answers. ! 1 0 F1 Q A @ 2 N 1 F2 W S #3 80 F3 X E H D $ 4 a F4 R C olo LO % 5 2: F5 13 T 8,000 720 8,000 8,720 MacBook Air ^ 8,720 6 F6 D Y & 7 8,720 8,000 B 720 8,720 8,000 F7 H *00 8 U DII FB N ( 9 F9 K Save All A 0 M 0 F10

Sc - QUESTION 13 On February 1, 2024, a company lends cash and accepts a $8,000 note receivable that offers 18% interest and is due in six months. What would the company record on August 1, 2024, when the borrower pays the correct amount owed? (Do not round intermediate calculations.) O Cash Interest Revenue. Notes Receivable O Cash O Notes Receivable. O Cash. Interest Revenue Notes Receivable Cash Notes Receivable O None of the above Click Save and Submit to save and submit. Click Save All Answers save all answers. ! 1 0 F1 Q A @ 2 N 1 F2 W S #3 80 F3 X E H D $ 4 a F4 R C olo LO % 5 2: F5 13 T 8,000 720 8,000 8,720 MacBook Air ^ 8,720 6 F6 D Y & 7 8,720 8,000 B 720 8,720 8,000 F7 H *00 8 U DII FB N ( 9 F9 K Save All A 0 M 0 F10

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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LO 8-3 E8-10 Recording Notes Receivable Transactions, Including Accrual Adjustment for Interest domic The following transactions took place for Smart Solutions Inc. 2020 a. July 1 b. Dec. 31 2021 c. July 1 250 06 Loaned $70,000 to employees of the company and received back one-year, 10 percent notes. shunt at las Accrued interest on the notes. d. July 1 berupa wollReceived interest on the notes. (No interest has been recorded since December 31.) ele St Received principal on the notes. noxidoa bed to Jouons tedW oli ni songly Bubanu adi 11 sqx mis bs& lo tuoms isrw Required: Prepare the journal entries that Smart Solutions Inc. would record for the above transactions.
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K. Company B on October 1, 2020? What is the carrying value of the note received from 2-2 Notes Receivables The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000 for Notes Receivables broken as follows: Notes receivable from Company A Notes receivable from Company B 3,000,000 1,000,000 Total 4,000,000 Additional information: The notes receivable from Company A is a three-year non- interest bearing note, with face value of P3,000,000. The note was received in exchange for a piece of land sold by BLUE on May 1, 2020. The land was carried in the books at the date of sale at P2,600,000. The difference between the face amount of the note and the carrying value of the land was credited to gain on sale of land. The market interest rate for a note of this type is 10%. The notes receivable from Company B bears interest at 10%. The note was received from sale of goods in the normal course of business. The note is dated October 1, 2020 and matures on…
Required information Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $255,400. The interest rate charged by the bank was 5.00%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part a Required:a-1. Calculate the loan proceeds made available to Powell.
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★ Problem 1-6 (IAA) Cavalier Company provided the following information on December 31, 2021: Accounts payable Notes payable-bank Interest payable Mortgage note payable -10% Bonds payable ✰ 6,600,000 8,000,000 Bank notes payable include two separate notes payable to First Bank 150,000 2,000,000 4,000,000 A P3,000,000, 10% note issued March 1, 2020, payable on demand. Interest is payable every six months. A one-year, P5,000,000, 11% note issued January 2, 2021. On December 31, 2021, the entity negotiated a written agreement with First Bank to replace the note with a 2-year, P5,000,000, 10% note to be issued January 2, 2022. The 10% mortgage note was issued October 1, 2020 with a term of 10 years. Terms of the note give the holder the right to demand immediate payment if the entity fails to make a monthly interest payment within 10 days of the date the payment is due. On December 31, 2021, the entity is three months behind in paying the required interest payment. Required: Compute total…
Problem 6 Luna Company discounted its own 2-year P500,000 12% interest bearing note at the bank onSeptember 1, 2020. The note was dated August 1, 2020. The discount rate was 15%. Preparethe journal entries relating to the said note starting September 1, 2020 until its payment.
430 Chapter 8 Receivables Obi * EX 8-19 Determine due date and interest on notes Determine the due date and the amount of interest due at maturity on the following notes Va. May 4, $1,800 Interest Rate Term of Note Date of Note Face Amount 120 days 30 days 45 days 90 days 90 days $90,000 6% January 5* February 15 May 19 August 20 October 19 a. (0) 4 21,000 68,000 b. SHOW ME HOW EXCEL TEMPLATE C. 8. d. 34,400 50,000 e. Assume a leap year in which February has 29 days. Obj. 6
Exercise 7-5 (Algo) Notes payable—discount basis LO 2 Skip to question [The following information applies to the questions displayed below.] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $255,400. The interest rate charged by the bank was 5.00%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part c c. What is the amount of the current liability related to this loan to be shown in the June 30, 2019, balance sheet?
Question 2 Morton Company had the following select transactions. Apr. 1, 2020 Accepted Remington Company's 1-year, 12% note in settlement of a $25,000 account receivable. July 1, 2020 Loaned $15,000 cash to Jenny Green on a 9-month, 10% note. Dec. 31, 2020 Accrued interest on all notes receivable. Apr. 1, 2021 Received principal plus interest on the Remington note. Apr. 1, 2021 Jenny Green dishonored its note: Morton does not expect collection Instructions Prepare journal entries to record the transactions. Morton prepares adjusting entries once a year on December 31.