Chapter 11, Problem 1E

Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?

Non-Interest-Bearing Notes Payable On November 16, 2019, Clear Glass Company borrowed 20,000 from First American Bank by issuing a 90-day, non-interest-bearing note. The bank discounted this note at 12% and remitted the difference to Clear Glass. Required: 1. Prepare the journal entries of Clear Glass to record the preceding information, the related calendar year-end adjusting entry, and payment of the note at maturity. 2. Show how the preceding items Would be reported on the December 31, 2019, balance sheet. 3. Next Level What is Clear Glass Companys effective interest rate?

Bramble Corp. had the following transactions involving notes payable. July 1, 2019 Borrows 56,500 from First National Bank by signing at 9-month, 8% note. Nov. 1 2019 Borrows 67,800 from Lyon County State Bank by signing a 3 month, 6% note Dec. 31 2019 Prepares adjusting entries  Feb. 1 2020 Pays principal and interest to Lyon County State Bank. Apr 1 2020 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions.

C.S. Crane Company had these transactions involving notes payable. July 1, 2022 Nov. 1, 2022 Dec. 31, 2022 Feb. 1, 2023 Apr. 1, 2023 Borrows $50,500 from First National Bank by signing a 9-month, 8% note. Borrows $62,600 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.

Wellington Company had the following transactions involving notes payable. Nov. 1, 2020   Borrows $180,000 from Olathe State Bank by signing a 3-month, 10% note. Dec. 31, 2020   Prepares the adjusting entry. Feb. 1, 2021   Pays principal and interest to Olathe State Bank. Prepare journal entries for each of the transactions.

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Presley Supply Co. has the following transaction related to notes receivable during the last 2 months of 2020. Nov. 1 Loaned $30,000 cash to Logan Ransey on a 1-year, 10% note. Dec. 11 Sold goods to be Joe Noland, Inc., receiving a $9,000, 90-day, 8% note. 16 Received a $4,000, 6-month, 9% note in exchange for Jane Brock's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a) Your Answer Correct Answer (Used) Your answer is partially correct. Journalize the above transactions for Presley Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round interest to the nearest dollar.) (b) Date Account Titles and Explanation Nov. 1 Notes Receivable Cash Dec. 11 Notes Receivable Sales Revenue 16 Notes Receivable Accounts Receivable 31 Interest Receivable Interest Revenue eTextbook and Media Solution List of Accounts Debit 30000 9000 4000 667 Credit 30000 9000 4000 667 Attempts: 3 of 3 used Record the…

please prepare the journal entries for the following info. Morton Company had the following select transactions. Apr. 1,2021 Accepted Remington Company's 1-year, 12% note in settlement of a $25,000 account receivable. July 1, 2021 Loaned $15,000 cash to Jenny Green on a 9-month, 10% note. Dec. 31, 2021 Accrued interest on all notes receivable. Apr. 1, 2022 Received principal plus interest on the Remington note. Apr. 1, 2022 Jenny Green dishonored its note: Morton expects it will eventually collect. Debit Credit Date Account Titles and Explanation 4/1/21 7/1/21 12/31/21 (To record interest accrued on Remington note) 12/31/21 (To record interest accrued on Jenny Green note) 12/31/21 (To record interest accrued on Jenny Green note) 4/1/22 (To record collection of Remington note and interest) 4/1/22 (To record the dishonor of Jenny Green note)