Requlred Informatlon[The following information applies to the questions displayed below.]Following are transactions of The Company.Dec. 13 Accepted a $28,000, 45-day, 7% note in granting M. Lee a time extension on her past-due account receivable.31 Prepared an adjusting entry to record the accrued interest on the Lee note.Jan. 27 Received Lee's payment for principal and interest on the note dated December 13.3 Accepted a $22,000, 8%, 9e-day note in granting a time extension on the past-due account receivable of Tomas Company.Mar.17 Accepted a $20,000, 30-day, 18% note in granting H. Cheng a time extension on his past-due account receivable.Apr. 16 H. Cheng dishonored his note.May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts.June 1 Received the Tomas payment for principal and interest on the note dated March 3.Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not roundIntermedlate calculations. Use 360 days a year.)Complete this question by entering your answers in the tabs below.M Lee Note Tomas Co Note H Cheng NoteGeneralJournalComplete the table to calculate the interest amounts.AmountAccrued atDecember 31InterestTotal ThroughMaturityRecognizedJanuary 27PrincipalRate (%)TimeTotal interest< M Lee NoteTomas Co Note > Requlred Informatlon[The following information applies to the questions displayed below.]Following are transactions of The Company.Dec. 13 Accepted a $28,000, 45-day, 7% note in granting M. Lee a time extension on her past-due account receivable.31 Prepared an adjusting entry to record the accrued interest on the Lee note.Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries.(Do not round your Intermedlate calculatlons. Use 360 days a year.)Complete this question by entering your answers in the tabs below.GeneralJournalInterestAmountsComplete the table to calculate the interest amounts at December 31".InterestTotal Through RecognizedMaturityDecember 31PrincipalRate (%)TimeTotal interestInterest AmountsGeneral Journal >

Total interest is the overall amount of interest paid on a loan or charging load for the life of the…

TThe following rmation appiles to the questions displayed belo Following are transactions of The Company. Dec. 13 Accepted a $28,e0e, 45-day, 7% note in granting M. Lee a time extension on her past-due account re 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 27 Received Lee's payment for principal and interest on the note dated December 13. 3 Accepted a $22,000, 8%, 98-day note in granting a time extension on the past-due account receivable of 17 Accepted a $20,0ee, 30-day, 10% note in granting H. Cheng a time extension on his past-due account rece 16 H. Cheng dishonored his note. 1 wrote off the H. Cheng account against the Allowance for Doubtful Accounts. e 1 Received the Tomas payment for principal and interest on the note dated March 3. mplete the table to calculate the interest amounts and use those calculated values to prepare your journal entr ermedlate calculatlons. Use 360 days a year.)

TThe following rmation appiles to the questions displayed belo Following are transactions of The Company. Dec. 13 Accepted a $28,e0e, 45-day, 7% note in granting M. Lee a time extension on her past-due account re 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 27 Received Lee's payment for principal and interest on the note dated December 13. 3 Accepted a $22,000, 8%, 98-day note in granting a time extension on the past-due account receivable of 17 Accepted a $20,0ee, 30-day, 10% note in granting H. Cheng a time extension on his past-due account rece 16 H. Cheng dishonored his note. 1 wrote off the H. Cheng account against the Allowance for Doubtful Accounts. e 1 Received the Tomas payment for principal and interest on the note dated March 3. mplete the table to calculate the interest amounts and use those calculated values to prepare your journal entr ermedlate calculatlons. Use 360 days a year.)

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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On July 8, Jones Inc. issued an $69,300, 6%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar. )a. $798 b. $266 Oc. $4,158 Od. $532
December 13 Accepted a $16,000, 45-day, 6% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Exercise 7-18 (Algo) Notes recelvable transactions LO C2 Complete the table to calculate the interest amounts at December 31St and use the calculated value to prepare your journal entr (Do not round your intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. Irterest General Amounts Journal Complete the table to calculate the interest amounts at December 31st. Total Through Maturity Interest Recognized December 31 Principal Rate (%) Time Total interest
Prepare the necessary journal entries (include journal entry descriptions) for the selected transactions of Nester Company whose fiscal year end is December 31, You MUST show the details of any calculations either in parenthesis or as a footnote. Date Transaction Description 7/1/20Y5 Accepted a 5-month, 6% note in settlement of a past due customer account, Barns Company, with a $9,000 balance. 11/1/20Y5 Accepted a promissory note from a Nester Company executive in exchange for providing the executive with S20,000 to be used for relocation costs. The note carries interest of 9% and is due in 8 months. 12/1/20Y5 Received the amount due on the note from Barns Company. 12/31/20Y5 Accrued interest on the 8-month note received from the Nester Company executive. 7/1/20Y6 Received full payment from the Nester Company executive.
ces Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $20,000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. Note: Do not round your intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st, Interest Recognized December 31 20,000 4% 18/360 Principal Rate (%) Time Total interest Total Through Maturity $ 20,000 $ 4% 45/360 Check my work
On July 8, Jones Inc. issued an $67,200, 9%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends July 31. Using a 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? When required, round your answer to the nearest dollar. a. $6,048 b. $1,158 c. $386 d. $772
Calculating Interest Using 360 days as the denominator, calculate interest for the following notes using the formula I = P x Rx T. Round your answers to the nearest cent. Principal Rate Time Interest $4,100 6.00% 30 days 1,000 7.50 60 3,500 8.00 120 950 6.80 95 1,250 7.25 102 2,600 7.00 90 W3 B
How did 80 and 160 come from? Please explain, thank you.
8
Do a journal entry based on this transections, round interest amounts to the nearest dollar,
Following are transactions of Danica Company. Dec. 13 Accepted a $18,000, 45-day, 10% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note.
December 13 Accepted a $22, 000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $16, 000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $18,000, 30-day, 6% note in granting H. Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round Intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the…
Journalize the following, assuming a 360-day year is used for interest computations: Apr. 30 Issued a $1,080,000, 120-day, 9% note dated April 30 to Misner Co. on account. Paid Misner Co. the amount owed on the note dated April 30. Aug. 30 If an amount box does not require an entry, leave it blank. Apr. 30 Aug. 30