Shamrock Industries borrows $21600 at 5% annual interest for six months on October 1, 2022. Which is the appropriate entry to accrue interest if Shamrock employs a December 31, 2022, fiscal year? Dr Interest Expense $270            Cr Interest Payable $270 Dr Interest Expense $270            Cr Notes Payable $270 Dr Interest Expense $1080            Cr Interest Payable $1080 Dr Notes Payable $1080            Cr Interest Payable $1080

Q: 1. Costco Wholesale Corporation borrows $640,000 on September 1, 2021. Costco signs a nine- month,…

A: Formula: Interest amount = Notes payable amount x Time period x Interest rate.

Q: Consider the following note payable transactions of Caleb Video Productions. 2018   Oct. 1…

A: Definition:   Liabilities: The claims creditors have over assets or resources of a company are…

Q: Mermaid Bank granted a loan to a borrower on January 1, 2020. The interest on the loan is 12%…

A: CARRYING VALUE It refers to the worth of an asset or a debt at the time it was purchased. Carrying…

Q: PDR Bank granted a loan to a borrower on January 1, 2020. The interest on the loan is 10% payable…

A:

Q: al Mountain Industries borrows $23200 at 9% annual interest for six months on October 1, 2025. Which…

A: Accrued Interest Means Interest Generated On An Outstanding Debt During a Loan Period But Not The…

Q: On January 1, 2021, Cullumber Corp. borrows $9,000 by signing a 3-year, 3% note payable. The note is…

A: Period Cash payment Interest expense at 3% Reduction of principal Principal balance Jan 1, 2021…

Q: Alaska Inc. borrowed $16,000 by signing a one-year note payable on November 1, 2020. The note bears…

A: Formula: Interest expense = Notes amount x Interest rate x Time period

Q: Sheffield Corp. borrows $21200 at 7% annual interest for six months on October 1st, 2017. Which is…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: On 31 May, 2020, the business borrowed $30,000 on a four year, 5% per annum loan that calls for…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

Q: Midshipmen Company borrows $19,000 from Falcon Company on July 1, 2024. Midshipmen repays the amount…

A: The journal entries are prepared to record the transactions on regular basis. The interest revenue…

Q: On November 1, 2018, A-1 Products borrowed $64,000 on a 5%, 5-year note with annual installment…

A: Loan Installment is that amount which is paid by the borrower to lender. It includes the interest…

Q: Prepare journal entry for Windsor, Inc. to record the receipt of the proceeds of the note.  Prepare…

A: Solution:- Given, Windsor, Inc. borrows $67,200 from Wildhorse Co.  Signing a 4%, one-year note…

Q: Midshipmen Company borrows $15,000 from Falcon Company on July 1, 2024. Midshipmen repays the amount…

A: Interest expense is the cost incurred for borrowing the fund. Interest is calculated on the…

Q: akota Company received a $25,000, one year, 9 percent bank loan on October 31, 2018. Interest is…

A: Interest expense is to be treated as the expense of the current year if it is due during the year…

Q: on June 8th Alton Co issued in 62700 8% 120 Day note payable to seller Co. Assume that the fiscal…

A: Notes payable is a negotiable instrument issued by a promisor that includes a promise to pay a…

Q: note and interest at its maturity date? Cash 45144 Notes Receivable 43200 Interest Revenue 1944 O…

A: calculation Interest Revenue = 43,200 x 6% x 9 /12 = 1,944 Cash = Notes receivable + Interest…

Q: On November 1, 2014, EZ Products borrowed $48,000 on a 5%, 10-year note with annual installment…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Delta took out a one year, 8% $100,000 loan on March 31, 2021. Interest is due upon maturity of the…

A: The adjustment entries are prepared to adjust the revenues and expenses of the current period.

Q: XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued…

A: Formula: Interest amount = Loan amount x Interest rate x Time period

Q: What is the carrying amount of the loan receivable on December 31, 2021? National Bank granted a…

A: The carrying amount of loan is calculated by preparing the amortization schedule and considering the…

Q: Windsor, Inc. lends Flint industries $43200 on August 1, 2022, accepting a 9-month, 6% interest…

A: The note receivable is prepared for the amount due from the debtors.

Q: Alaska Inc. borrowed $16,000 by signing a one-year note payable on November 1, 2020. The note bears…

A: Journal: Recording of a business transactions in a chronological order.

Q: Midshipmen Company borrows $16,500 from Falcon Company on July 1, 2021. Midshipmen repays the amount…

A: Solution: Introduction: Journal entry is an accounting entry to record every transaction takes place…

Q: Midshipmen Company borrows $11,500 from Falcon Company on July 1, 2021. Midshipmen repays the amount…

A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…

Q: On August 15, 2022, Pharoah Company signs a $248000, 7%, twelve-month note payable. Which of the…

A: Accrued Interest: The unpaid interest amount that has incurred on the financial obligation till a…

Q: Ellsworth Enterprises borrowed $486,000 on an 12%, interest-bearing note on September 30, 2020.…

A: Since the fiscal year-end on December 31, so adjusting entry for the interest for three months from…

Q: Brooks Inc. issued a $220,000, six-month, 6% note to purchase equipment on August 1, 2022. Brooks…

A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…

Q: Midshipmen Company borrows $18,000 from Falcon Company on July 1, 2024. Midshipmen repays the amount…

A: The notes are used to borrow money, it is a type of agreement where the borrower makes a promise to…

Q: On June 30, 2020, Amoro Company takes out a $5,000 loan documented through a note payable. Interest…

A: Interest is amount of return which is paid on the loan, bonds and debentures. It is paid as a return…

Q: How much interest expense should be accrued

A: Interest charged on the principal amount at a fixed rate for a fixed period of time is known as…

Q: Jane's Donut Co. borrowed OMR 50,000 on March 1, 2018, and signed a one-year note bearing interest…

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

Q: National Bank granted a loan to borrower on January 1, 2021. The interest on the loan is 10% payable…

A: Origination  fees will not form part of loan receivable