|-The following selected transactions occurred during 2024 and 2025 for Arabian Importers. The company ends its accountingyear on September 30.i (Click the icon to view the transactions.)Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select theexplanation on the last line of the journal entry table.)*/H7/1*7/*/Jul. 1: Loaned $11,000 cash to Bill McCabe on a one-year, 8% note.Date2024Jul. 1Help meGet more helpAccounts and ExplanationMore infoDebitCredit-2024Jul, 1Loaned $11,000 cash to Bill McCabe on a one-year, 8% note.Sep. 6Sold goods to Park Pro, receiving a 90-day, 9% note for $9,000. IgnoreCost of Goods Sold.Sep. 30Made a single entry to accrue interest revenue on both notes.?Collected the maturity value of the Park Pro note.2025Jul. 1Collected the maturity value of the McCabe note.PrintDoneeck answer

Notes are also known as promissory notes which are a sort of debt instrument stating a promise to…

The following selected transactions occurred during 2024 and 2025 for Arabian Importers. The company ends its accounting year on September 30. (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jul. 1: Loaned $11,000 cash to Bill McCabe on a one-year, 8% note. Date 2024 Jul. 1 Accounts and Explanation More info Debit Credit 2024 Jul. 1 Sep. 6 Loaned $11,000 cash to Bill McCabe on a one-year, 8% note. Sold goods to Park Pro, receiving a 90-day, 9% note for $9,000. Ignore Cost of Goods Sold. Sep. 30 Made a single entry to accrue interest revenue on both notes. Collected the maturity value of the Park Pro note. ? 2025 Jul. 1 Collected the maturity value of the McCabe note.

The following selected transactions occurred during 2024 and 2025 for Arabian Importers. The company ends its accounting year on September 30. (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jul. 1: Loaned $11,000 cash to Bill McCabe on a one-year, 8% note. Date 2024 Jul. 1 Accounts and Explanation More info Debit Credit 2024 Jul. 1 Sep. 6 Loaned $11,000 cash to Bill McCabe on a one-year, 8% note. Sold goods to Park Pro, receiving a 90-day, 9% note for $9,000. Ignore Cost of Goods Sold. Sep. 30 Made a single entry to accrue interest revenue on both notes. Collected the maturity value of the Park Pro note. ? 2025 Jul. 1 Collected the maturity value of the McCabe note.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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View transaction list Journal entry worksheet 2 Transaction f-2 3 Record entry 5 Notes payable Interest expense Interest payable Cash In March, paid the entire amount of the note on its March 1 due date, using proceeds from a February issuance of $17.5 million of 10-year bonds at face value, along with other available cash. Record the payment of the notes payable. Note: Enter debits before credits. General Journal 6 Clear entry 7 8 Debit 20,000,000 Credit View general journal
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A company borrowed P100,000 on September 30, 2019 by signing a six-month note that specifies interest at an annual percentage rate of 12%. No interest or principal payment is due until the note matures on March 31, 2020. 6. Prepare the initial entries to record the loan. 7. What date should be used to record the December adjusting entry? 8. What are the accounts involved in the adjusting entries? 9. Prepare the adjusting entries.
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Record the following journal entries: 1) Record issuance of note 2) Record the adjusting entry for interest 3) Record the repayment of the note and payment t of interest maturity
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
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