Skysong Supply Co. has the following transactions related to Notes Receivable during the last 2 months of the year. Nov. 1 Loaned $90,000 cash to K. Perry on a 1-year, 8% note. Dec. 11 16 31 Sold goods to Acme, Inc., receiving a $11,700, 90-day, 8% note. Received a $29,100, 6-month, 8% note to settle an open account from L. Richie. Accrued interest revenue on all notes receivable.
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- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
- A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?Ace Distributors has the following transactions related to notes receivable during the last month of the year. Dec. 1 Loaned $15,000 cash to K. Hogan on a 1-year, 6% note. 16 Sold goods to F. Manning, receiving a $4,800, 60-day. 7% note. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Ace Distributors. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round intermediate calculations to 2 decimal places, eg. 52.75 and final answers to O decimal places e.g. 5,125.) Date Account Titles and Explanation (To record loan made to K. Hogan) (To record sale to F. Manning) (To record accrued interest) Debit CreditDynatech Supply Corp. has the following selected transactions for notes receivable. Nov. 1 Lent $141,100 cash to A. Bouchard on a one-year, 9% note. Sold goods to Wright Inc., receiving a two-month, 6%, $31,000 note. Interest is due at maturity. The goods cost $19,344. 1 Dec. Received a six-month, 6%, $34,080 note in exchange for an account from Aquilina Corporation. Interest is due at maturity. 15 Feb. 1 Collected the amount owing on the Wright note. 28 Accrued interest on all notes receivable at year end. Assume that interest is calculated to the nearest half month. 28 Analyzed each note and estimated that uncollectible notes at year end totalled $25,544. Record the above transactions for Dynatech Supply Corp. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to the nearest whole…
- Brown Distributors has the following transactions related to notes receivable during the last two months of the year. Dec. 1 Loaned $18,000 cash to K. Perry on a 1-year, 5% note. 16 Sold goods to L. Bryan, receiving a $4,800, 60-day, 7% note. 31 Accrued interest revenue on all notes receivable. D Journalize the transactions for Brown Distributors. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit CreditAssume Takham dishonors its note at its maturity in 2023; Oriole expects to eventually collect the note. Record the dishonor of the Takham note. (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 O for the amounts. List all debit entries before credit entries) Date 2023 Account Titles and Explanation Debit CreditOriole Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $54,600 cash to C. Bohr on a 12-month, 7% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $1,800, 90-day, 7% note. 16 Received a $14,400, 180-day, 6% note to settle an open account from A. Murdock. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Oriole Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation.) Date Account Titles and Explanation Debit Credit Choose a transaction date Nov. 1Dec. 11Dec. 16Dec. 31 Enter an account title Enter a debit amount Enter a credit…
- Presley Supply Co. has the following transaction related to notes receivable during the last 2 months of 2020. Nov. 1 Loaned $30,000 cash to Logan Ransey on a 1-year, 10% note. Dec. 11 Sold goods to be Joe Noland, Inc., receiving a $9,000, 90-day, 8% note. 16 Received a $4,000, 6-month, 9% note in exchange for Jane Brock's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a) Your Answer Correct Answer (Used) Your answer is partially correct. Journalize the above transactions for Presley Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round interest to the nearest dollar.) (b) Date Account Titles and Explanation Nov. 1 Notes Receivable Cash Dec. 11 Notes Receivable Sales Revenue 16 Notes Receivable Accounts Receivable 31 Interest Receivable Interest Revenue eTextbook and Media Solution List of Accounts Debit 30000 9000 4000 667 Credit 30000 9000 4000 667 Attempts: 3 of 3 used Record the…Moses Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $60,000 cash to C. Bohr on a 12-month, 7% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 8% note. 16 Received a $12,000, 180-day, 9% note to settle an open account from A. Murdock. 31 Accrued interest revenue on all notes receivable. - Journalize the transactions for Moses Supply Co. (Omit cost of goods sold entries.)Crane Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $52,800 cash to C. Bohr on a 12-month, 8% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 9% note. 16 Received a $7,200, 180-day, 9% note to settle an open account from A. Murdock. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Crane Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation.) Date Account Titles and Explanation Debit Credit > >