XYZ Company lends KLM Company $60,000 on April 1, accepting a three month, 9% interest note. XYZ Company prepares financial statements on April 30. What adjusting entry should be made ? * Debit Note Receivable and credit cash for 60,000 Debit Interest Receivable and credit Interest Revenue for 450 O Debit cash and credit Interest Revenue for 540 O Debit Interest Receivable and credit Interest Revenue for 1,350 Other:

XYZ Company lends KLM Company $60,000 on April 1, accepting a three month, 9% interest note. XYZ Company prepares financial statements on April 30. What adjusting entry should be made ? * Debit Note Receivable and credit cash for 60,000 Debit Interest Receivable and credit Interest Revenue for 450 O Debit cash and credit Interest Revenue for 540 O Debit Interest Receivable and credit Interest Revenue for 1,350 Other:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A. Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include the $6,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. B. Accrue one month of interest on the note receivable from Myers Manufacturing. C. Prepare a partial balance sheet showing the net accounts receivable section.
I could use some help with filling this out
The following information is available for Martin Services for the year ended December 31, 2019. Accounts receivable Bal. Jan. 1, 2019 $20, 500 Allowance for doubtful accounts, Jan 1, 2019 1,000 Cr. Sales Revenue for 2019 (40% on credit) 600,000 Bad debt write-offs during 2019 1,500 Bad debt recoveries during 2019 600 Collections on account during 2019 230,000 Assume that Martin Services uses the percent-of-accounts-receivable method of estimating bad debts, at the rate of 4%. Calculate the amount of the bad-debt expense for Martin Services for the year ended December 31, 2019.
Sylvestor Systems borrows $174,000 cash on May 15 by signing a 90-day, 6%, $174,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 1 Required 2A View transaction list Use those calculated values to prepare your entry to record payment of the note at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. Required 2B Required 2B Interest at Maturity Journal entry worksheet A General Journal Record the payment of the note at maturity. Note: Enter debits before credits. Date Maturity General Journal Debit Credit
Cop
Sheridan Company lends Marigold Company $48000 on January 1 and, accepts a 4-month, 3% promissory note in exchange. Sheridan Company prepares financial statements on January 31. What adjusting entry should be made before preparing the financial statements? Interest Receivable Interest Revenue Cash Interest Revenue Notes Receivable-Marigold Company Cash Interest Receivable Interest Revenue 480 120 48000 120 480 120 48000 120
Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.
4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the receipt. Account Debit Credit 5. Prepare the journal entry to accrue interest on the above note at 12/31/20. Account Debit Credit 6. Prepare the entry to record payment of the above note in full on it's due date of 5/1/21. Account Debit Credit 7. AB Company purchases a truck in the amount of $15,000. Additional costs include sales tax of $1500, painting of $2500, license of $150 and a 1 year auto insurance policy of $1200. Complete the journal entry for the auto purchase. Account Debit Credit
A credit card balance at the beginning of November is $4,000. On Nov. 3 a $300 charge is made. On Nov. 8 a $1000 charge is made. On Nov. 15 a $900 payment is made. On Nov. 17 a $200 charge is made. On Nov. 21 a $800 charge is made. using the average daily balance method, Caculate the interest charged if the account has a 17.5% rate and the billing period is 30 days.
Harper Company lends Hewell Company $10,800 on March 1, accepting a four-month, 6% interest note. Harper Company prepares financial statements on March 31. What adjusting entry should be made before the financial statements can be prepared? a. Cash 54 Interest Revenue 54 b. Interest Receivable 216 Interest Revenue 216 c. Interest Receivable 54 Interest Revenue 54 d. Note Receivable 10,800 Cash 10,800
Round answers to nearest dollar
Wisconsin Bank lends Local Furniture Company $80,000 on November 1. Local Furniture Company signs a $80,000, 6%, 4 month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is: A. debit Interest Expense and credit Cash for $800 B. debit Interest Payable and credit Interest Expense for $800 C. debit Interest Expense and credit Interest Payable for $800 D. debit Interest Payable and credit Cash for $800 thanks for helpa hpelah