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1 Find the new balance, assuming that the bank charges 2-% per month on the unpaid balance. 2 Previous New Balance Payment Purchases $592.88 $81.26 A. $575.61 B. $572.61 C. $576.51 O D. $574.41 $50.00

Goods returned by customer will be debited to which account? Return outward O Return inward O Customer's A/C O Purchases A/C O Creative Advertising obtained 12% 5-year loan of $20,000 from the bank. Which account is credited? Capital O Bank loan O Cash O Account receivable O

Prepare the journal entries for the following transactions: May 1 Sold $150,000 of goods to Georgia Co. on account. May 30 Collected $30,000 from Georgia Co. June 1 Accepted a $120,000, one-year, 10% note from Georgia Co. for the amount remaining on the account. July 30 After 60 days, discounted the note from Georgia Co. at First National Bank at a 12% interest rate.     Required:   Prepare the journal entries for the transactions listed. Assume a 360 day year.

On December 1, Williams Company borrowed $50,000 cash from Second National Bank by signing a 90-day, 5% note payable. a. Prepare Williams' journal entry to record the issuance of the note payable. b. Prepare Williams' journal entry to record the accrued interest due at December 31. C. Prepare Williams' journal entry to record the payment of the note on March 1 of the next year. Essay Toolbar navigation BIUS = 山 EE三、

19 Dec. Borrowed $28,000 from the bank for personal use. The loan carried an interest rate of 6% a year and the first payment was due on 19 January. Williamson signed a note payable to the bank in the name of the business. How would this be journaled, put on an income statment, balance sheet, and cash flow statment for december 31st?

Journal Entries (Note Issued, Renewed, and Paid)May 1 Purchased $5,000 worth of equipment from a supplier on account.June 1 Issued a $5,000, 30-day, 6% note in payment of the account payable.July 1 Paid $500 cash plus interest to the supplier, extending the note for 30 days from July 1.31 Paid the note in full.Aug. 10 Issued a $3,500, 60-day, 7% note to a supplier for purchase of merchandise.Prepare general journal entries for the transactions. Assume 360 days in a year.

Question 5.  The following transactions were carried out by Columbia Outfitting. Columbia has a December 31 year-end. You can round off interest to the nearest full month. July 31: Brookside Co. repaid their overdue account receivable by issuing us a $3,000, three-month, 6% note. August 31: Abbey Ltd. purchased merchandise for $4,500 and signed a 6 month, 8% note in payment. Our cost for the merchandise was $3,200. September 30: Cage Co. borrowed $8,000 cash from us and issued us a six-month, 8% note. October 31: Brookside repaid their note plus interest. December 31: Journalized the year-end interest adjustment for the Abbey Ltd. note. December 31: Journalized the year-end interest adjustment for the Cage Co. note. February 28: Abbey repaid their note plus interest. March 31. Cage Co. repaid their note plus interest. Instructions Journalize the above transactions.

journalize the following entries on the books of the borrower.  Assume a 360-day year.   January 1 Aggie Co. purchased merchandise on account from Low Co. for $40,000. January 30 Aggie Co. issued a 60-day, 6% note for $40,000 March 29 Aggie Co. paid the amount due at maturity Date Account Title Debit Credit Jan 1                       Jan 30                       March 29

Notes Receivable Crowne Cleaning provides cleaning services for Amber Inc., a business with four buildings. Crowne assigned different cleaning charges for each building based on the amount of square feet to be cleaned. The charges for the four buildings are $55,200, $49,800, $69,600, and $30,000. Amber secured this amount by signing a note bearing 10% Interest on June 1. Required: 1. Prepare the journal entry to record the sale on June 1. If an amount box does not require an entry, leave it blank. 188 2. Determine how much interest Crowne will receive if the note is repaid on December 1. 3. Prepare Crowne's journal entry to record the cash received to pay off the note and interest on December 1. If an amount box does not require an entry, leave it blank. ED

Current Attempt in Progress Carla Vista Distributors has the following transactions related to notes receivable during the last month of the year. Dec. 1 Loaned $11,520 cash to J. Cash on a 1-year, 5% note. 16 Sold goods to W. Jennings, receiving a $9,600, 60-day, 6% note. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Carla Vista Distributors. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

Notes Receivable Entries 1.  Record the transactions in a general journal. When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. J. K. Pratt Co. had the following transactions: 20-1   July 20 Received a $750, 30-day, 5% note from J. Akita in payment for sale of merchandise. Aug. 19 J. Akita paid note issued July 20 plus interest. 25 Sold merchandise on account to L. Beene, $1,100. Sept. 5 L. Beene paid $100 and gave a $1,000, 30-day, 6% note to extend time for payment. Oct. 5 L. Beene paid note issued September 5, plus interest. 10 Sold merchandise to R. Harris for $750: $50 plus a $700, 30-day, 6% note. Nov. 9 R. Harris paid $200 plus interest on note issued October 10 and extended the note ($500) for 30 days. Dec. 9 R. Harris paid note extended on November 9, plus interest. 10 Sold merchandise on account to B. Kraus, $1,500. 15 B. Kraus paid $150 on merchandise purchased on…

a. b. 6. A company issue a note to a bank to borrow money. They borrowed $10,000 for 4 months (120 days) at 12%. a. Prepare the journal entries for the issue of the note and the subsequent payment. b. Using the same information, prepare the same journal entries assuming the note was discounted. Accounts Debit Credit

Entries for discounted note payable A business issued a 30-day note for $57,000 to a bank. The note was discounted at 7%. Assume a 360 days in a year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. 88 Cash Interest Expense Notes Payable Feedback Check My Work a. Why is the company issuing the note? What type of note is being issued (interest-bearing or discounted)? How much will the company. owe on the maturity date? b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Notes Payable Cash

不 OA. debit Interest Expense and credit Cash for $800 OB. debit Interest Payable and credit Interest Expense for $800 OC. debit Interest Expense and credit Interest Payable for $800 OD. debit Interest Payable and credit Cash for $800 Wisconsin Bank lends Local Furniture Company $80,000 on November 1. Local Furniture Company signs a $80,000, 6%, 4-month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is:

Oswego Clay Pipe Company provides services of $50,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 12?   A. Accounts Receivable 49,500     Sales Revenue   49,500 B. Accounts Receivable 50,000     Sales Revenue   49,500   Sales Discounts   500 C. Accounts Receivable 50,000     Sales Revenue   50,000 D. Accounts Receivable 50,000     Sales Discounts 500     Sales Revenue   50,500

D. G. H. K. 3 During the last week of March, Siro Stereo's owner approaches the bank for a $125,000 loan to 4 be made on April 1 and repaid on June 30 with annual interest of 10%, for an interest cost of 5 $3,125. The owner plans to increase the store's inventory by $100,000 in April and needs the 6 loan to pay for inventory acquisitions. The bank's loan officer needs more information about 7 Siro Stereo's ability to repay the loan and asks the owner to forecast the store's June 30 cash 8 position. On April 1, Siro Stereo is expected to have a $12,000 cash balance, $121,500 of 9 accounts receivable, and $90,000 of accounts payable. Its budgeted sales, merchandise 10 purchases, and various cash disbursements for the next three months follows: 11 June April 350,000 12 May 13 Sales 500,000 550,000 14 Mdse purchases 15 Other cash disbursements: Рayroll Rent 250,000 200,000 190,000 16 22,500 30,000 37,500 17 12,000 12,000 12,000 18 Other cash expenses 9,000 13,500 16,500 125,000 19…

7. Raoul's credit card statement showed these transactions during May. May 1 May 6 May 10 May 15 May 26 Previous balance $304.29 Payment $100.00 Purchases $58.10 Payment $100.00 Purchases $114.73 18% per month on the average daily balance. Find the average daily balance, The interest rate is the finance charge for the month, and the new balance on June 1. [Hint: Remember that May has 31 days.]

A business borrowed $59,037 on March 1 of the current year by signing a 30 day, 11% interest bearing note. Assuming a 360-day year, when the note is paid on March 31, the entry to record the payment should include a debit to Interest Payable for $541 debit to Interest Expense for $541 credit to Cash for $59,037 credit to Cash for $65,531

Searth Summer 19/201 Sport Direct, a sport stuff shop. At the beginning of the current season, the ledger of Sport Direct shop showed cash $2,200, Inventory $1,800, and Share capital - Ordinary $4,000. The following transactions were completed during April NOTE: Answer questions from 1 - 25 by using these information. April 1) Purchased Truck costing $9,600 by signing $9,600, 12%, 6-month notes payable. April 4) Purchased racquets and balls from Jay-Mac Co. for $760, FOB Shipping point, terms 2/10,n/30. April 5) Purchased Building for $48,000 cash, April 6) Paid Freight on purchase from Jay-Mac Co. for $40 cash. April 7) Purchased Supplies for $2,500 cash. April 8) Sold Merchandise to members for $1,150 on account terms n/30. The merchandise sold had a cost of $790 April 9) Paid office rent $1,500 cash. April 10) Returned merchandise for Jay-Mac Co. for $60, for a racquets that were defective, April 11) Purchased tennis shoes from u Sports for $420 cash. April 13) Paid Jay-Mac Co. in…

Journal Entries (Note Issued for Bank Loan) July 15  Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 8% by the bank. Sept. 13  Paid the $5,000 note, recognizing the discount as interest expense. Prepare general journal entries for the transactions. Assume 360 days in a year  DATE ACCOUNT TITLE   DEBIT CREDIT 20--Jul. 15   __________                        _____       _____              __________                        _____       _____             __________                         _____       _____   Sept. 13 _________                        ______      _____              _________                         ______      _____             __________                        ______      ______              ________                          ______      ______

Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 21%. Complete the account activity table for Kathy. Previous Finance Purchases New Balance Payments and Credits Month Month's Charge and Cash End of Month Balance (in $) Advances (in $) March $680.00 $ $129.97 $95.00 2$

Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. Previous Month Month's Balance March $680.00 $ Need Help? Read It Finance Charge (in $) Purchases and Cash Advances $124.97 Payments and Credits $95.00 New Balance End of Month (in $) LA

Notes Receivable Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes:   Date of Note Face Amount Interest Rate Term 1. March 6 $75,000   4 % 60 days   2. April 7 40,000   6   45 days   3. August 12 36,000   5   120 days   4. October 22 27,000   8   30 days   5. November 19 48,000   3   90 days   6. December 15 72,000   5   45 days   Instructions Assume 360 days in a year. 1.  Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Note (a) Due Date (b) Interest Dueat Maturity 1.   $fill in the blank 2   2.   fill in the blank 4   3.   fill in the blank 6   4.   fill in the blank 8   5.   fill in the blank 10   6.   fill in the blank 12   2.  Illustrate the effects on the accounts and financial statements of the receipt of the amount due on Note 3 at its maturity. If no account or activity is…

On October 1, Eli's Carpet Service borrows $125,000 from First District Bank on a 3-month, $125,000, 8% note. What entry mnust Eli's Carpet Service make on December 31 before financial statements are prepared? Select one: a. Interest Expense........ 10,000 19,000 Interest Payable b. Interest Payable..... Interest Expense 2,500 2,500 2,500 C. Interest Expense..... Interest Payable... 2,500 d. Interest Expense.... 2,500 Notes Payable.. 2,500

Wisconsin Bank lends Local Furniture Company​ $80,000 on November 1. Local Furniture Company signs a​ $80,000, 6%, 4 - month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31​ is: A. debit Interest Expense and credit Cash for​ $800   B. debit Interest Payable and credit Interest Expense for​ $800   C. debit Interest Expense and credit Interest Payable for​ $800   D. debit Interest Payable and credit Cash for​ $800 thanks for help apapreciated

Knowledge Check 01 On January 1 Brooks Incorporated borrows $90,000 from a bank and signs a 5% installment note requiring four annual payments of $25,381. 4 Complete the necessary journal entry to record the first installment payment on December 31 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.