Horngren's Accounting, The Financial Chapters (11th Edition) - Standalone Book
11th Edition
ISBN: 9780133866889
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 9, Problem S9.10SE
Accounting for a note receivable
On June 6, Southside Bank & Trust lent $90,000 to Samantha Michael on a 60-day, 6% note.
Requirements
- Journalize for Southside the lending of the money on June 6.
- Journalize the collection of the principal and interest at maturity. Specif he •
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Accounting for a note receivable
On June 6, Lakeland Bank & Trust lent $80,000 to Stephan Stow on a 30-dav, 9% note.
Requirements
Journalize for Lakeland the lending of the money on June 6.
Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar.
Need answer the financial accounting question please answer do fast
Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.(a)Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
July 1
enter an account title to record the proceeds of the note on July 1
enter a debit amount
enter a credit amount
enter an account title to record the proceeds of the note on July 1
enter a debit amount
enter a credit amount
(b)Prepare the journal entry to record the 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.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
enter an account title to record the accrued interest on December 31
enter a debit amount
enter a credit…
Chapter 9 Solutions
Horngren's Accounting, The Financial Chapters (11th Edition) - Standalone Book
Ch. 9 - 1. With good internal controls, the person who...Ch. 9 - Prob. 2QCCh. 9 - Which of the following is a limitation of the...Ch. 9 - 3. The entry to record a write-off of an...Ch. 9 - Brickman Company uses the allowance method to...Ch. 9 - Brickman’s ending balance of accounts Receivable...Ch. 9 - At December 31 year-end, Crain Company has an...Ch. 9 - Using the data in the preceding question, what...Ch. 9 - At year-end, Schultz Company has cash of $11,600,...Ch. 9 - Using the data in the preceding question, assume...
Ch. 9 - What is the difference between accounts receivable...Ch. 9 - List some common examples of other receivables,...Ch. 9 - Prob. 3RQCh. 9 - When dealing with receivables, give an example of...Ch. 9 - What type of account must the sum of all...Ch. 9 - Prob. 6RQCh. 9 - What occurs when a business factors its...Ch. 9 - What occurs when a business pledges its...Ch. 9 - What is the expense account associated with the...Ch. 9 - When is bad debts expense recorded when using the...Ch. 9 - What are some limitations of using the direct...Ch. 9 - Prob. 12RQCh. 9 - Prob. 13RQCh. 9 - When using the allowance method, what account is...Ch. 9 - Prob. 15RQCh. 9 - Prob. 16RQCh. 9 - How do the percent-of-receivables and...Ch. 9 - What is the difference between the...Ch. 9 - In accounting for bad debts, how do the income...Ch. 9 - What is the formula to compute interest on a note...Ch. 9 - Prob. 21RQCh. 9 - Prob. 22RQCh. 9 - Prob. 23RQCh. 9 - Prob. 24RQCh. 9 - Prob. S9.1SECh. 9 - Prob. S9.2SECh. 9 - Applying the direct write-off method to account...Ch. 9 - Collecting a receivable previously written...Ch. 9 - Applying die allowance method to account for...Ch. 9 - Applying the allowance method (percent-of-sales)...Ch. 9 - Applying the allowance method...Ch. 9 - Applying the allowance method...Ch. 9 - Computing interest amounts on notes receivable A...Ch. 9 - Accounting for a note receivable On June 6,...Ch. 9 - Accruing interest revenue and recording collection...Ch. 9 - Recording a dishonored note receivable Midway...Ch. 9 - Using the acid-test ratio, accounts receivable...Ch. 9 - Defining common receivables terms Learning...Ch. 9 - E9-15 Identifying and correcting internal control...Ch. 9 - Journalizing transactions using the direct...Ch. 9 - Prob. E9.17ECh. 9 - Prob. E9.18ECh. 9 - Accounting for uncollectible accounts using the...Ch. 9 - Prob. E9.20ECh. 9 - Prob. E9.21ECh. 9 - Journalizing note receivable transactions...Ch. 9 - Journalizing note receivable transactions The...Ch. 9 - Journalizing note receivable transactions Like New...Ch. 9 - Evaluating ratio data Chippewa Carpets reported...Ch. 9 - Prob. E9.26ECh. 9 - Accounting for uncollectible accounts using the...Ch. 9 - Accounting for uncollectible accounts using the...Ch. 9 - Accounting for uncollectible accounts using the...Ch. 9 - Prob. P9.30APGACh. 9 - Accounting for notes receivable and accruing...Ch. 9 - Accounting for notes receivable, dishonored notes,...Ch. 9 - Prob. P9.33APGACh. 9 - Prob. P9.34BPGBCh. 9 - Prob. P9.35BPGBCh. 9 - Prob. P9.36BPGBCh. 9 - Prob. P9.37BPGBCh. 9 - Prob. P9.38BPGBCh. 9 - Prob. P9.39BPGBCh. 9 - Prob. P9.40BPGBCh. 9 - Prob. P9.41CPCh. 9 - Accounting for uncollectible accounts using the...Ch. 9 - Decision Case 9-1 Weddings on Demand sells on...Ch. 9 - Decision Case 9-2 Pauline’s Pottery has always...Ch. 9 - Prob. 9.1FCCh. 9 - > Financial Statement Case 9-1 Use Starbucks...
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- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expensearrow_forwardJOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN) Prepare general journal entries for the following transactions: Sept. 15 Borrowed 7,000 cash from the bank, giving a 60-day non- interest- bearing note. The note is discounted 8 % by the bank. Nov. 14 Paid the 7,000 note, recognizing the discount as interest expense.arrow_forwardOn Octobe 1, Eli's Carpet Service borrows $125,000 from First National Bank on a 3-month, $125,000, 8% note. The entry by Eli's Carpet Service to record payment of the note and accrued interest on January 1 is a. Cash. 127,500 C. Notes Payable. 125,000 Interest Payable. 10,000 Cash... 135,000 d. Notes Payable...... 125,000 Interest Expense.. 2,500 Cash.... 127,500arrow_forward
- Need help for questions B & Carrow_forwardRecord the following transactions in general journal form: Issued a $6,000 note to Shelter, Inc for 72 days at 10% on account. 2. Discounted a $6,000, 36-day, 6% note payable at the bank. 3.Paid the note due its due date in (b)arrow_forwardA company collects an honored note with a maturity date of 24 months from establishment, a 10%interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of thehonored note at maturity date?A. Interest Revenue, Interest Expense, CashB. Interest Receivable, Cash, Notes ReceivableC. Interest Revenue, Interest Receivable, Cash, Notes ReceivableD. Notes Receivable, Interest Revenue, Cash, Interest Expensearrow_forward
- Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Northland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.) Date of Note Maker Maple November 21 Wyman December 13 Nahn December 19 Maple: $ Wyman: Nahn: Principal $25,000 21,000 28,000 Interest Rate 3% 4% 5% Term. 120 days 90 days 60 daysarrow_forwardComputing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Southland, Inc., on December 31: (Round your answer to the nearest dollar.)arrow_forwardComputing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Kierland, Inc, on December 31: (Round to the nearest dollar.) Date of Interest Principal RateTerm Maker Abel November 21 $36,000 12% 120 days Baker December 13 32,000 996 90 days! Charlie December 19 42,000 6% 60 days! Note Abel Baker $ Charliearrow_forward
- Entries for notes receivable Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe furniture company on account. Assume a 360 day year when calculating interest. A. Determine the due date of the note. _______ B. Determine the maturity level of the note. $ _______ C1. Journalizing entry to record the receipt of the note by Jaffe furniture. ____________ ____________ c2.journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. __________ __________ __________arrow_forwardMackenzie Insurance Company collected a premium of $15,000 for a 1-year insurance policy on May 1. What amount should Mackenzie report as a current liability for Unearned Insurance Revenue at December 31? Select one: a. $5,000. b. $0. C. $10,000. d. $15,000. e. The answer does not exist BAarrow_forwardjective 4 S9-10 Accounting for a note receivable On June 6, Lakeland Bank & Trust lent $80,000 to Stephan Stow on a 30-day, 9% note. Requirements 1. Journalize for Lakeland the lending of the money on June 6. 2. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar.arrow_forward
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