Skyline Ventures took out an $8,500 loan on July 1, 2022 at an annual interest rate of 12%. The company needs to record an adjusting entry on September 30, 2022 for the accrued interest. What is the adjusting journal entry on September 30, 2022?
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- 4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.Bill's Barber shop signed a one-year 7% bak loan payable in the amount of 5,000 on April 1, 2022.Interest is due at maturity.The adjusting journal entry on December 31, 2022, assuming adjusting entries were not previously made, would consist ofMidshipmen Company borrows $11,500 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2022. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of Interest Receivable and Interest Revenue (assuming the balance of Interest Receivable at the beginning of the year is $0).
- Delta took out a one year, 8% $100,000 loan on March 31, 2021. Interest is due upon maturity of the loan. What adjusting entry, if any, should Delta record on December 31, 2021? A. No adjusting entry is necessary. B. Debit interest expense and credit interest payable for $6,000 C. Debit interest expense and credit interest payable for $8,000 D. Debit interest expense and credit interest payable for $2,000On March 1, 2021, the company lent $20,400. The note required principal and interest at 9% be paid on February 28, 2022. What is the journal entry and the amount to enter into the journal?May you help me find the correct entry ABC would make on the maturity date?
- On October 1, 2022, Bramble Company issued an $828000, 9%, 9-month interest-bearing note. If the Bramble Company is preparing financial statements at December 31, 2022, the adjusting entry for accrued interest will include a: O credit to Notes Payable of $18630. O credit to Interest Payable of $37260. O debit to Interest Expense of $27945. O debit to Interest Expense of $18630On November 1, 2024, New Morning Bakery signed a $204,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2025. New Morning Bakery should record which of the following adjusting entries at December 31, 2024? Multiple Choice Debit Interest Expense and credit Interest Payable, $2,040 Debit Interest Expense and credit Cash, $6,120 Debit Interest Expense and credit Cash, $2,040 Debit Interest Expense and credit Interest Payable, $6,120Midshipmen Company borrows $19,000 from Falcon Company on July 1, 2024. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2025. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below for Falcon Company. 3. Calculate the 2024 year-end adjusted balances of Interest Receivable and Interest Revenue (assuming the balance of Interest Receivable at the beginning of the year is $0).
- XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued will be collected after 1 year. At the end of December, which of the following journal entry is required to take up the interest income? Select one: a. Debit Cash $900; Credit Interest Revenue $900 b. Debit Interest Revenue $75; Credit Interest Receivable $75 c. Debit Interest Receivable $900; Credit Unearned Revenue $900 d. Debit Interest Receivable $75; Credit Interest Revenue $75On September 1, 2020, Vicovaro SpA borrows €450,000 from Unidebit Bank, to be repaid one year later, on August 31, 2021, plus 7% interest. Journalize all the entries related to the loan, from the date in which it is incurred to its repayment, including all the adjusting and closing entries at the end of 2020. The entries should be presented first by applying present value accounting, and then using future value accounting. Determine the present value of the loan at December 31, 2020, and the interest expense related to the loan for 2020 and 2021, under both present and future value accounting.How do I do this?