okThe following transactions took place for Smart Solutions Incorporated.ces2020a. July 1Loaned $70,000 to employees of the company and received back one-year, 10 percent notes.b. December 31 Accrued interest on the notes.2021c. July 1d. July 1Required:Prepare the journal entries that Smart Solutions Incorporated would record for the above transactions. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field.)View transaction listReceived interest on the notes. (No interest has been recorded since December 31.)Received principal on the notes.Journal entry worksheet1Loaned $70,000 to employees of the company and received back one-year, 10percent notes. Record the transaction.2Note: Enter debits before credits.<DateJuly 01, 2020<Journal entry worksheet1DateNote: Enter debits before credits.December 31, 2020Record entry1Accrued interest on the notes. Record the transaction.2Journal entry worksheet2DateJuly 01, 2021Record entryGeneral Journal33Note: Enter debits before credits.DateJuly 01, 2021Record entry34Note: Enter debits before credits.4Received interest on the notes. (No interest has been recorded sinceDecember 31.) Record the transaction.Journal entry worksheet< 1 2Clear entry4General JournalDebitClear entryGeneral JournalReceived principal on the notes. Record the transaction.CreditGeneral JournalClear entryDebitView general journalDebitCreditDebitCreditView general journalCreditView general journal

The following transactions took place for Smart Solutions Incorporated. 2020 a. July 1 b. December 2021 c. July 1 d. July 1 Loaned $70,000 to employees of the company and received back one-year, 10 percent notes. 31 Accrued interest on the notes. Received interest on the notes. (No interest has been recorded since December 31.) Received principal on the notes. Required: Prepare the journal entries that Smart Solutions Incorporated would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list

The following transactions took place for Smart Solutions Incorporated. 2020 a. July 1 b. December 2021 c. July 1 d. July 1 Loaned $70,000 to employees of the company and received back one-year, 10 percent notes. 31 Accrued interest on the notes. Received interest on the notes. (No interest has been recorded since December 31.) Received principal on the notes. Required: Prepare the journal entries that Smart Solutions Incorporated would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list

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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Galubhai
Ab. 114.
On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $277,500. The interest rate charged by the bank was 4.50%. The bank made the loan on a discount basis. Exercise 7-5 (Algo) Part a Required: a-1. Calculate the loan proceeds made available to Powell. Loan proceeds
On May 15, 2022, Powell Incorporated obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $478,700. The interest rate charged by the bank was 6.75%. The bank made the loan on a discount basis. Exercise 7-7 (Algo) Part a - Journal entry a-3. Record the journal entry to show the effect of signing the note and the receipt of the cash proceeds on May 15, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
How to do this, please explain. Thank you.
On May 10, 20X1, Washington Company received a 90-day, 8 percent, $8,400 interest-bearing note from Whitehead Company in settlement of Whitehead's past-due account. On June 30, Washington discounted this note at City Bank and Trust. The bank charged a discount rate of 13 percent. On August 8, Washington received a notice that Whitehead had paid the note and the interest on the due date. Required: Prepare the entries in general journal form to record these transactions. Analyze: If the company prepared a balance sheet on July 31, 20X1, how should Notes Receivable-Discounted be presented on the statement?
Entries for Installment Note Transactions On January 1, Year 1, Wedekind Company issued a $66,000, 4-year, 8% installment note to Shannon Bank. The note requires annual payments of $19,927, beginning on December 31, Year 1. Journalize the entries to record the following: Year 1 Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which consisted of interest of $5,280 and principal of $14,647. Year 4 Dec. 31 Paid the annual payment on the note, including $1,476 of interest. The remainder of the payment reduced the principal balance on the note. Issued the note for cash at its face amount. If an amount box does not require an entry, leave it blank. Year 1, Jan. 1 Paid the annual payment on the note, which consisted of interest of $5,280 and principal of $14,647. If an amount box does not require an entry, leave it blank. Year 1, Dec. 31 12:09
The transaction below pertains to Boyer Coe Company, whose fiscal year ends December 31. On November 1, 2019 Coe borrowed $25,000 at 6 percent for 6 months. The entry to record the November 1 borrowing transaction would include a: A. Credit to notes payable for $750 B. Credit to notes payable for $24,250 C. Debit to cash for $24,250 D. Debit to cash for $25,000
Blue Corporation borrowed $62,000 on November 1, 2025, by signing a $63,395, 3-month, zero-interest-bearing note. Prepare Blue's November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
4. You are preparing the monthly bank reconciliation of Core Company for the month ending December 31, 2020. You discovered an erroneous credit to Core's account, representing proceeds of loan granted to another company amounting to P300,000. Prepare the adjusting journal entry.
WHAT IS THE TOTAL AMOUNT INCLUDED IN THE "TRADE AND OTHER RECEIVABLE"