Chapter 7, Problem 7.19E

Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Handler Cleaning Operations for the following transactions. A. Entry for note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019

Accounting for notes receivable and accruing interest Carley Realty loaned money and received the following notes during 2018. Determine the maturity date and maturity value of each note. Journalize the entries to establish each Note Receivable and to record collection of principal and interest at maturity. Include a single adjusting entry on December 31, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar.

On December 11, 2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign a $27,000, 60-day note.   Required:   Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2019, and the customer’s repayment on February 9, 2020, assuming: 1. Interest of 9% was assessed in addition to the face value of the note. 2. The note was issued as a $27,000 non-interest-bearing note with a present value of $26,598. The implicit interest rate on the note receivable was 9%. Assume a 360-day year.   CHART OF ACCOUNTS Hooper Inc. General Ledger   ASSETS 111 Cash 121 Accounts Receivable 125 Notes Receivable 126 Discount on Notes Receivable 127 Interest Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 198 Accumulated Depreciation   LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Income 261 Income Taxes…

hi based on the above question would item  h)    $250,000 of the notes payable is due for payment on December 31st, 2021, would this be reflected in the jounal entry? if so how do I enter it on the journal entry?

On November 1, 2023, Tommy Tunes accepted a $15,200, 6-month, 4% note from customer Tammy Notune. Required: Prepare the journal entry for the receipt of the note receivable in 2023. Prepare the necessary year-end adjusting journal entry (assume a December 31 year end).  Prepare collection of the note receivable at maturity in 2024.

Compute for the total interest income to be recognized in 2020 in relation to the four note receivables. Round off final answer to the nearest whole number. *

Record in journal form the following transaction: Bought goods on credit for $4,500 from Andrew 23 December 2019, terms 10/10, n/30. Paid for them 31 December 2019.

Please help me

Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2020. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020