Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (11th Edition)
11th Edition
ISBN: 9780134078960
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 9, Problem E9.22E
Journalizing note receivable transactions including a dishonored note
On September 30, 2016, Regal Bank loaned $92,000 to Kim Warner on a one-year, 6°o note. Regal's fiscal year ends on December 31.
Requirements
Journalize all entries for Regal Bank related to the note for 2016 and 2017.- Which party has a
- note receivable?
- note payable?
- interest revenue?
- interest expense?
- Suppose that Kim Warner defaulted on the note. What entry would Regal record for the dishonored note?
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Journalizing note receivable transactions including a dishonored note
On September 30, 2018, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team’s fiscal year ends on December 31.
Requirements
Journalize all entries for Team Bank related to the note for 2018 and 2019.
Which party has a
a. note receivable?
b. note payable?
c. interest revenue?
d. interest expense?
3. Suppose that Kendall Warner defaulted on the note. What entry would Team record for the dishonored note?
1.
Journalize all entries for
Symphony
Bank related to the note for
2018
and
2019.
2.
Which party has a
a. note receivable?
b. note payable?
c. interest revenue?
d. interest expense?
3.
Suppose that
Kara
Perry
defaulted on the note. What entry would
Symphony
record for the dishonored note?
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.
Chapter 9 Solutions
Horngren's Accounting, The Financial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (11th Edition)
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