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- 26. Subject : - AccountinOn November 1, 2018, an entity borrowed P1,000,000 from Universe Global Bank and issued a promissory note for the same. The term of the loan is one year and discounted at 12%. The entity pledged accounts receivable of P2,000,000 to secure the loan. On November 1, 2018, what is the entry to record the pledge of accounts receivable? a. No entry needed b. Credit to accounts receivable, P880,000 c. Credit to accounts receivable, P1,000,000 d. Credit to accounts receivable, P2,000,0001.Suppose, on September1, 2019 Fido Corporation borrows $30,000 from its bank for a period of 8 months at an annual interest rate of 5%. Please do the following journal entries. a) September 1, 2019 Fido corporation borrows $30,000 at an interest rate of 5% for 8 months Date Debit Credit Db Cr b) Adjustment entry at year end on December 31. 2019 to record for the interest owed. Date Debit Credit Db Cr c) Payment of the note on May 1, 2020. Date Debit Credit Db Cr
- On January 1, 20x1, Next Co. obtains a P4,000,000 bank loan due on December 31, 20x4. Interest of 12% is due annually. The bank charges Next Co. an 11.19% nonrefundable loan origination fee. The effective interest rate on the loan is approximately equal to a. 11.19% b. 12% c . 16 % d. 17.37%Having an issue with this problem. Thank You14.On August 31, 2014, Rognak Company discounted with recourse a customer's note at its bank at discount rate of 15%. The note was received from the customer on August 1, is for 90 days, has a face value of P9,000,000, and carries an interest rate of 12%. The discounting transaction is accounted for as secured borrowing. The customer paid the note to the bank on October 30, 2014, the date, of maturity. If the discounting is accounted for as a secured borrowing, what is the interest expense to be recognized on August 31, 2014? a. 90,000 b. 51,750 c. 231,750 d. 270,000 the entry on October 30,2914 will include: a. debit to notes receivable discounted 9,000,000 b. Debit to loans payable 9,038,250 c. Credit cash 9,000,000 d. Debit to loans payable 9,000,000
- 22. Subject :- Accounting On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $120,300 onDecember 31, 2022. The proceeds of the note were $116,100.b. Calculate the effective interest rate (APR) on the loan.Note: Enter your answer as a percentage rounded to 1 decimal place (i.e., 32.1).Effective interest rateAsapShow Solution: On February 10, 2012, after issuance of its financial statements for 2011, House Company entered intoa financing agreement with Lebo Bank, allowing House Company to borrow up to $6,000,000 at anytime through 2014. Amounts borrowed under the agreement bear interest at 2% above the bank's primeinterest rate and mature two years from the date of loan. House Company presently has $2,250,000 ofnotes payable with First National Bank maturing March 15, 2012. The company intends to borrow$3,750,000 under the agreement with Lebo and liquidate the notes payable to First National. Theagreement with Lebo also requires House to maintain a working capital level of $9,000,000 andprohibits the payment of dividends on common stock without prior approval by Lebo Bank. From theabove information only, the total short-term debt of House Company as of the December 31, 2012balance sheet date isa. $0.b. $2,250,000.c. $3,000,000.d. $6,000,000.
- RahulKMC Inc. provided a loan to Jim Ltd on January 1st, 2016 and received in exchange a 4-year, $120,000 note bearing interest at 8% to be paid annually on December 31. The market rate of interest for financial instruments of similar risk is 2%. KMC Inc. financial year ends December 31 and the company uses the effective interest method to amortize discount and recognize interest revenue. Required: Round to the nearest whole number a) what is the face value of the note? b) Calculate the present value of the note. c) Is this note issued at par, discount or premium? d) Prepare the journal entry in KMC’s books to record the issuance of the note on January 1, 2016. e) Prepare KMC’s 4-year Note Amortization schedule. f) Prepare the journal entry KMC records on December 31, 2017.5 The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2016 Jan 13Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $26.0 million at the bank's prime rate. Feb.1 Arranged a three-month bank loan.of $9.0 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 7% was payable at maturity. May 1 Paid the 7% note at maturity. Dec.1 Supported by the credit line, issued $13.0 million of commercial paper on a nine- month note. Interest was discounted at issuance at a 6% discount rate. 31 Recorded any necessary adjusting entry(s). 2017 Sept.1 Paid the commercial paper at maturity. Required: Prepare the appropriate journal entries through the maturity of each liability 2016 and 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the…