Swan Corporation received a four-month, 8%, $1,650 note receivable on March 1. Theadjusting entry on March 31 will includea. a debit to Interest Receivable for $44.b. a credit to Interest Revenue for $11.c. a debit to Cash for $132.d. a debit to Interest Receivable for $132.

Swan Corporation received a four-month, 8%, $1,650 note receivable on March 1. Theadjusting entry on March 31 will includea. a debit to Interest Receivable for $44.b. a credit to Interest Revenue for $11.c. a debit to Cash for $132.d. a debit to Interest Receivable for $132.

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

Copperfield and Company issued a 90-day, 6.00% note for $200,000 to a creditor on account. The previous clerk entered the following journal entries to record the note on July 10, and the payment of the note at maturity. 1 2 3 4 5 DATE 1 JUL 10 Accounts Payable Notes Payable 2 3 Notes Payable Accounts Payable Interest Expense DATE DESCRIPTION JOURNAL Jul 10 Accounts Payable POST. REF. DESCRIPTION Journalize the payment of the note at maturity as it should have been journalized. Don't forget to include the date. Assume a 360-day year. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. DEBIT 200,000.00 JOURNAL 212,000.00 POST. REF. CREDIT You notice that the journal entry for recording the note on July 10 is correct, but the entry for the payment of the note at maturity (including interest) did not have a date and was not correct. 200,000.00 200,000.00 12,000.00 DEBIT 20,000,000.00 Score: 4/37 CREDIT ASSETS 200,000.00…
Sylvestor Systems borrows $69,000 cash on May 15 by signing a 60-day, 8%, $69,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.
Wisconsin Bank lends Local Furniture Company $80,000 on November 1. Local Furniture Company signs a $80,000, 6%, 4 month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is: A. debit Interest Expense and credit Cash for $800 B. debit Interest Payable and credit Interest Expense for $800 C. debit Interest Expense and credit Interest Payable for $800 D. debit Interest Payable and credit Cash for $800 thanks for helpa hpelah
On August 1, 2021, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000 note receivable. Avonette's year-end is December 31. Which of the following accounts will Avonette credit in the journal entry at maturity on February 1, 2022, assuming collection in full? O A. Interest Receivable B. Cash OC. Interest Payable O D. Note Payable
On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a $17,800 account receivable. The note is due in six months. At December 31, Black should record interest revenue of a.$455 b.$442 c.$445 d.$452
3 les to the questions displayed below.] Rockland Shoe Company, prides itself as being the "world's leading marketer of U.S. branded non- athletic footwear." The following data (in millions) were reported for the second quarter of 2019: E6-18 (Algo) Part 2 appi Net Sales Income Tax Expense Dividends Salaries and Wages Expense Cost of Goods Sold Interest Expense 2-a. Gross Profit 2-b. Gross Profit Percentage 2-a. How much was the gross profit? (Enter your answer in millions.) 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.)
The following data relate to notes receivable and interest for CGH Cable Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.)Apr. 10. Received a $144,000, 5%, 60-day note on account.May 15. Received a $270,000, 7%, 120-day note on account.June 9. Received $145,200 on note of April 10.Aug. 22. Received a $150,000, 4%, 45-day note on account.Sept. 12. Received $276,300 on note of May 15.30. Received a $210,000, 8%, 60-day note on account.Oct. 6. Received $150,750 on note of August 22.18. Received a 120,000, 5%, 60-day note on account.Nov. 29. Received $212,800 on note of September 30.Dec. 17. Received $121,000 on note of October 18. Instructions Journalize the entries to record the transactions.
S On November 1, Bahama National Bank lends $3.9 million and accepts a six-month, 9% note receivable. Interest is due at maturity. Record the acceptance of the note and the appropriate adjustment for interest revenue at December 31, the end of the reporting period. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 2 Record the acceptance of the note. Note: Enter debits before credits. Date November 01 Record entry General Journal Clear entry Debit Crec View gener
A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day year for interest calculations. Required: Journalize the entries to record (a) the issuance of the note on April 30 and (b) the payment of the note at maturity, including interest. Refer to the Chart of Accounts for exact wording of account titles. Chart Of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income…
On January 1, $50,000 cash is borrowed from a bank in return for a 6% installment note with 24 monthly payments of $2,216 each. 1. Prepare the journal entry to record the issuance of the note.2. Prepare the journal entry to record the first monthly interest payment.
Sylvestor Systems borrows $51,000 cash on May 15 by signing a 120-day, 7%, $51,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 2B Interest at Maturity On what date does this note mature? Required 1 Required 2A On what date does this note mature? Required 2B General Journal
On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that have annual payments of $12,303. The first note payment consists of $3,900 of interest and $8,403 of principal repayment. Question Content Area a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank Feedback Area Feedback Question Content Area b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank