Zorzi Corporation borrowed $60,000 on November 1, 2017 by signing a $61,350, 3-month, zero-interest bearing note.Prepare Zorzl s November 1, EntryCash$61,350Notes Payable$61,350O Notes Payable$61,350CashS61,350O CashDiscount on Notes PayableNotes PayableO Notes PayableCashDiscount on Notes PayableS60 000$1.350S61.350$61.350$60 000$1.350

Zorzi Corporation borrowed $60,000 on November 1, 2017 by signing a $61,350, 3-month, zero-interest bearing note. Prepare Zorzi's November 1, Entry O Cash Notes Payable O Notes Payable $61,350 $61,350 S61,350 Cash S61,350 Cash Discount on Notes Payable Notes Payable Notes Payable S60 000 $1,350 $61.350 $61.350 Cash S60 000 Discount on Notes Payable $1.350

Zorzi Corporation borrowed $60,000 on November 1, 2017 by signing a $61,350, 3-month, zero-interest bearing note. Prepare Zorzi's November 1, Entry O Cash Notes Payable O Notes Payable $61,350 $61,350 S61,350 Cash S61,350 Cash Discount on Notes Payable Notes Payable Notes Payable S60 000 $1,350 $61.350 $61.350 Cash S60 000 Discount on Notes Payable $1.350

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

Use the journals provided in the assignment file to journalize the notes receivable transactions below. Nov. 2 - Received cash for the maturity value of a notes receivable for $400.00 plus $15.00 interest. Receipt 49 Nov. 10 - Accepted a 60-day, 9% note from Paula Jones for an extension of time on her account, $2,000.00. Note NR13 Nov. 20 - Accepted a 90-day, 8% note from George Robbins for an extension of time on his account, $3,000.00. Note NR14 Nov. 27 - Received cash for the maturity value of a notes receivable for $1,000.00 plus $30.00 interest. Receipt 51
do 12 (Computing the Proceeds from Discounted Notes) Below are several customer notes. 1. An $8,000, 12%, 60-day, non-interest-bearing note discounted after 15 days at 12% 2. A $9,000, 12%, 60-day, note discounted after 30 days at 14%. 3. A $6,000, 10%, 90-day, note discounted after 30 days at 12%. 4. A $10,000, 12%, 120-day, note discounted after 45 days at 15%. Required Determine the Proceeds from each of the preceding discounted customer notes.
On May 22, Jarrett Company borrows 9, 200, signing a 90-day, 7% $9, 200 noteWhat is the journal entry made by Jarrett Company to record the payment of the note on the maturity date? Choice Notes Payable $9,200, credit interest Expense $161 credit Cash $9,039 Notes Payable 9.200 credit Cash $9.200 Debit Notes Payable $9,361, credit Cash $9.361
4. Jill Hamlin borrowed $40,000 from the bank on August 16, issuing the bank a 12% note. The entry to record accrued interest on the note on August 31 (15 days later) would include: a . debit Interest Expense for $197.26 b. debit Interest Payable for $197.26 c. credit Interest Expense for $407.67 d. credit Interest Payable for $407.67 d. debit Cash for $18,000
Vaughn Manufacturing lends Pina Colada industries $51600 on August 1, 2022, accepting a 9-month, 12% interest note. If Vaughn Manufacturing accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date? Cash 56244 Notes Receivable 51600 Interest Revenue 4644 Cash 56244 Notes Receivable 51600 Interest Receivable 2580 Interest Revenue 2064 Cash 56244 Notes Receivable 56244 Notes Receivable 51600 Interest Receivable 2580 Interest Revenue 2064 Cash 56244
i need the answer quickly
On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $42,000. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. $4 b. Determine the proceeds of the note, assuming the note is discounted at 7%.
Assume that part of accounts and other receivables on Thompson Toys' February 2, 2010, balance sheet is comprised of $43,225,000 of notes receivable. Two notes make up the amount. The first note has a face value of $30,000,000 and bears interest at 7 percent for 90 days. The second note has a face value of $13,225,000 and bears interest at 9 percent for 120 days. Record the journal entry for the collection of the 7 percent note on May 3 and the dishonor of the 9 percent note on June 2. (Omit explanations; assume no interest had been accrued; amounts rounded to nearest dollar.)
Sunset West issues a $90617, 60-day, 9% note to Memorial Point in exchange for an overdue account payable. For MEMORIAL POINT: What is the amount that is debited to cash when Sunset West pays the note? Ans_________________
Current Attempt in Progress C.S. Cullumber Company had the following transactions involving notes payable. July 1, 2025 Nov. 1, 2025 Dec. 31, 2025 Feb. 1. 2026 Apr. 1, 2026 Borrows $106,950 from First National Bank by signing a 9-month, 8% note. Borrows $110,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem.)
Tell me why this is the answer as opposed to the others
Cavalier Company provided the following information December 31, 2019: Accounts payable Notes payable - bank Interest payable Mortgage note payable - 10% Bonds payable 6,500,000 8,000,000 150,000 2,000,000 4,000,000 Bank notes payable include two separate notes payable to First Bank. A P3,000,000, 10% note issued March 1, 2018, payable on demand. Interest is payable every six months. A one-year, P5,000,000, 11% note issued January 2, 2019. On December 31, 2019, the entity negotiated a written agreement with First Bank to replace the note with a 2-year, P5,000,000, 10% note to be issued January 2, 2020. The 10% mortgage note was issued October 1, 2018 with a term of 10 years. Terms of the note give the holder the right to demand immediate payment if the entity fails to make a monthly interest payment within 10 days of the date the payment is due. On December 31, 2019, the entity is three months behind in paying the required interest payment. The bonds payable are 10-year, 8% bonds,…