What is the Adjusting Entry for December 31, 2018. Manning Corporation issued a one-year, 9%, P200,000 note on April 30, 2018.
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Manning Corporation issued a one-year, 9%, P200,000 note on April 30, 2018.
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- On April 1, 2019, Flamengo Co. signed a one-year, 8% interest-bearing note payable for $50,000. Assuming that Flamengo Co. maintains its books on a calendar year basis, how much interest expense should be reported in the 2020 income statement? a.$1,000. B.$2,000. C.$4,000. D.$3,000. Which of the alternatives results from the accrual of interest: A.Increase in liabilities and decrease in stockholders' equity. B.Increase in assets and stockholders' equity. C.Increase in assets and liabilities. D.Increase in liabilities and increase in stockholders' equity. Unfortunately, Flamengo Co. is involved in a lawsuit. When would the lawsuit be recorded as a liability on the balance sheet? A.When the loss is probable and the amount can be reasonably estimated. B.When the loss probability is reasonably possible and the amount can be reasonably estimated. C.When the loss is probable regardless of whether the loss can be reasonably estimated. D.When the loss…On June 18, 2020, Woods Co. received from one of its customers, Webb Co., a 90 day, 11%, $6,000 note receivable, in exchange for contract services provided. Woods Co. has a March 31 year end. Webb Co. honoured the note at maturity. Prepare the entries for the issuance and the maturity of the note. Short Answer Toolbar navigation BIUSGg.103.
- PART - E Toner Limited (“Toner") borrows $180,000 on 1 July 2020 from Lighthouse Bank and signs a $180,000, 5%, 1-year promissory note. Assuming yearly accounting periods and a financial year end balance date of 31 December. Required: (i) Prepare the general journal entries to record the issuance of the promissory note. (ii) Prepare the general journal entries to record the adjusting journal entries as at 31 December 2020. (iii) Prepare the general journal entries to record the repayment on 1 July of 2021.Please answer both. This is part A and B18. Melanie Corp. borrowed $101,000 cash on September 1, 2019, and signed a one-year 6%, interest-bearing note payable. The interest and principal are both due on August 31, 2020. Assume that the appropriate adjusting entry was made on December 31, 2019 and that no adjusting entries have been made during 2020. Which of the following would be the required journal entry to pay the note on August 31, 2020? Multiple Choice Interest payable2,020 Notes payable101,000 Cash 103,020 Notes payable101,000 Interest expense6,060 Cash 107,060 Interest expense6,060 Cash 6,060 Interest expense4,040 Interest payable2,020 Notes payable101,000 Cash 107,060
- At December 31, 2021, Sheridan Company had a five-month, 5%, $79,200 note receivable that was issued on October 1, 2021. Interest and principal are payable at maturity on March 1, 2022. Prepare the December 31, 2021, adjusting entry for accrued interest. Prepare the January 1, 2022, reversing entry.Global Enterprises, Inc. signed a one-year $42,000 note payable at 8% inerest on April 1, 2025. If Global only adjusts it's accounts once a year at year end, how much interest expense was accrued on December 31, 2025?On January 1, 2021, Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $21,500 annually for five years. The first payment was made on January 1, 2021. The prevailing rate of interest for this type of note at date of issuance was 10%. Glanville should record sales revenue in January 2021 of: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Multiple Choice $107,500 $81,502 $89,652 None of these answer choices are correct.