Yates Company borrowed $20,000 from Eastern Bank on November 1, 20X3 at an interest rate of 6 percent. No entries related to interest on loan were made prior to December 31, 20X3, when Yates Company prepared financial statements. On that date, Yates’ accountant debited interest expense and credited interest payable for $100. Which of the following is true of this transaction?

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abardeen corporation borrowed 58,000 from the bank on october 1, year 1. the note had a 4 percent annual rate of interest and matured on march 31, year 2.   interest and principal were paid in cash on the maturity date. d. what total amount of cash was paid to the bank on march 31, year 2, for principle and interest? e. what amount of interest expense was reported on the year 2 income statement?

abardeen corporation borrowed 58,000 from the bank on october 1, year 1.  The note had a 4 percent annual rate of interest and matured on march 31, year 2.  interest and principal were paid in cash on the maturity date. a. what amount of cash did abardeen pay for interest in year 1? b. what amount of interest expense was recognized on the year 1 income statement? c. what amount of total liabilities was reported on december 31, year 1, balance sheet?

On November 1, Lee Corporation borrowed 10,000 by signing a six-month 5% bank loan payable. On this date, hiw should the corporation have recorded this transaction in its accounting records?

On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of $15,000 and a maturity value (principal plus interest) of $15,400. The discount is calculated to be $385, and the accrued interest income is $100. The recourse liability is estimated to be $1,000. Required:   Prepare the journal entry of Phillips to record the sale of the note receivable.

In the process of your examination of the financial statements of the Malu-oy Company for the year ended December 31, 20X6, you obtained the following data on its current account. The bank statement on November 30, 20X6 showed a balance of P76,500. Among the bank credits in November was a customer’s note for P25,000 collected for the account of the company which the company recognized in December among its receipts. Included on the bank debits were cost of checkbooks amounting to P300 and a P10,000 check which was charged by the bank in error against Malu-oy Company account. Also in November, you ascertained that there were deposits in transit amounting to P20,000 and outstanding checks totaling P42,500. The bank statement for the month of December showed total credit of P104,000 and total charges of P51,000. The company’s books for December showed total receipts of P183,900, disbursements of P101,800 and a balance of P121,400. Bank debit memos for December were: No. 14334 for service…

On August 1, Sweetwater Ltd. accepted a $28,400 note from Borges Ltd. in settlement of an account receivable. The note bears interest of 6% and both principal and interest are due in two months, on October 1. Interest on the note was accrued on August 31 and on September 30. On October 1, Borges paid the note, including the accrued interest. Prepare the journal entries required to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

Peralta Company borrows $53,400 on July 1 from the bank by signing a $53,400, 8%, one-year note payable. (a)   Prepare the journal entry to record the proceeds of the note. (b)   Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit (a)                   (b)

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