West County Bank agrees to lend Wildhorse Co. $472000 on January 1. Wildhorse Co. signs a $472000, 6%, 6-month note. What entry will Wildhorse Co. make to pay off the note and interest at maturity assuming that interest has been accrued to June 30? Notes Payable 486160        Cash   486160 Interest Payable 7080   Notes Payable 472000   Interest Expense 7080        Cash   486160 Notes Payable 472000   Interest Payable 14160        Cash   486160 Interest Expense 14160   Notes Payable 472000        Cash   486160

Q: 1. Costco Wholesale Corporation borrows $640,000 on September 1, 2021. Costco signs a nine- month,…

A: Formula: Interest amount = Notes payable amount x Time period x Interest rate.

Q: Question 6 of 12 C.S. Sunland Company had the following transactions involving notes payable. July…

A: Note payable means the instrument which is issued by company acknowledging the debt due by company…

Q: Moss County Bank agrees to lend the Blossom Company $320000 on January 1. Blossom Company signs a…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: Lyon County bank agrees to lend the Grimmwood Brick Company $100,000 on January 1. Grimwood Brick…

A: Interest on Note Payable = $100,000 * 8% * 9/12 = $6,000

Q: Goldie Corporation takes out a $10,000 cash loan from its bank by signing a 15%, 9-month promissory…

A: A promissory note is a financial instrument that includes a written promise to pay a certain sum of…

Q: Taylor Bank lends Guarantee Company $112,834 on January 1. Guarantee Company signs a $112,834, 10%,…

A: Cash received  on issue of note = $112,834

Q: Martinez Co. borrowed $71,059 on March 1 of the current year by signing a 60-day, 5%, interest-…

A: Interest = $71,059 x 5% x 60/360 = $592

Q: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On…

A: Journal: Recording of a business transactions in a chronological order.

Q: ired 2B rest at turity ure? Required 2B General Journal

A: Answer : Note mature date = 12 October 15 May + 150 days = 12 Oct.  16 Days remaining from May + 30…

Q: Taylor Bank lends Guarantee Company $115,531 on January 1. Guarantee Company signs a $115,531, 12%,…

A: Notes Payable means a promissory note in which one party agrees to pay the other party a certain…

Q: Martinez Co. borrowed $56,952 on March 1 of the current year by signing a 60-day, 8%,…

A: Interest expense for 60 days  = Amount borrowed×interest rate × 60 days/360 days

Q: Denger

A: Detailed Explanation To record the journal entry for Sampson  Calculate the discount:  Discount =…

Q: Sylvestor Systems borrows $98,000 cash on May 15 by signing a 30-day, 7%, $98,000 note. 1. On what…

A: Notes Payable an instrument issued by the borrower to the lender. This act as a promissory note…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $560,000:…

A: As per the honor code, We’ll answer the first question and 3 subparts since the exact one wasn’t…

Q: On January 1, MM Company borrows $290,000 cash from a bank and in return signs an 4% installment…

A: Journal entry is the primary step to record the transaction in the books of accounts. Notes payable…

Q: is Cash 485000 Interest Expense Notes Payable 21825 506825 Cash Interest Expense Notes Payable…

A: Notes are a form of loan taken by the company on which company has to pay regular interest payment.…

Q: On 1/1/17, Carl Weathers Corp. purchases an asset and promises to make four annual payments of…

A: The discount to notes payable is the discount which has been occurred at the time when a fixed…

Q: On the first day of the fiscal year, a company issues $32,000, 11%, five-year installment notes that…

A: The journal is the book in which the company will record the transactions in chronological manner.…

Q: Admire County Bank agrees to lend Swifty Brick Company $591000 on January 1. Swifty Brick Company…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: On October 1, 2025, Concord, Inc. assigns $1,263,100 of its accounts receivable to Marigold National…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: West County Bank agrees to lend Cullumber Company $280000 on January 1. Cullumber Company signs a…

A: A liability of an individual or a firm that is recorded with proper legally written document to be…

Q: Martinez Co. borrowed $52,557 on March 1 of the current year by signing a 60-day, 12%,…

A: Notes payable is categorized as a negotiable instrument signed by the promisor who agreed to pay a…

Q: Martinez Co. borrowed $69,569 on March 1 of the current year by signing a 60-day, 7%,…

A: From March 1 to April 30 = 60 days Interest is paid on the funds used by the business to generate…

Q: Martinez Co. borrowed $58,220 on March 1 of the current year by signing a 60-day, 11%,…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: Mobile Co. issued a $47,563, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At…

A: Note: Discounted notes are issued at discount. The amount to be paid by the borrower at the time of…

Q: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day…

A:

Q: Martinez Co. borrowed $79,200 on March 1 of the current year by signing a 60-day, 9%,…

A: The interest expense  is calculated as  follows  $79200 × 9% × 60/360   = $1188

Q: Jasmine's Supply Co. has the following transactions related to notes receivable during the last 2…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Recording Entries for Long-Term Note Receivable: Effective Interest Method On January 1 of Year 1.…

A: A note receivable is a written agreement to pay a certain sum of money to another party on one or…

Q: On May 1, Knack Company signed a $80,000, 240-day, 6% note payable with Central Savings Bank. What…

A: Notes payable is current liabilities if it is due to pay able with one year. Interest is also…

Q: $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due…

A: Notes receivable are claims for which formal instruments of credit, such as a promissory note, are…

Q: Grayson Bank agrees to lend the Trust Company $98,759 on January 1. Trust Company signs a $98,759,…

A: Journal:- These are prepared by the companies with debit and credit sides in order to match the…

Q: Taylor Bank lends Guarantee Company $150,000 on January 1. Guarantee Company signs a $150,000, 8%,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Tamarisk, Inc. receives a $10500, 3-month, 8% promissory note from Nash's Trading Post, LLC in…

A: Note receivables means the instrument in which the outsider agree to pay certain sum with or without…

Q: Grayson Bank agrees to lend the Trust Company $109,296 on January 1. Trust Company signs a $109,296,…

A: Date Accounts Debit Credit January 1 Cash $109,296               Notes Payable   $109,296

Q: Illinois bank lends isle furniture company 70,000 on December 1. Isle furniture company signs as…

A: Interest for 4 months = $70,000 x 7% x 4/12 = $1,633

Q: E10.1 (LO 1), AP C.S. Lewis Company had the following transactions involving notes payable. July 1,…

A: Note payable: Note payable also called promissory note. It is a legal instrument in which one party…

Q: Admire County Bank agrees to lend Crane Brick Company $590000 on January 1. Crane Brick Company…

A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses,…