1, Year 1, Wedekind Company issued a $170,000, five-year, 8% installment note to Shannon Bank. The note requires annual payments of $42,578, beginning on December 31, Year 1. Journalize the entries to record the following transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which

Q: On the last day of October, Wright Company borrows $120,000 on a bank note for 60 days at 11 percent…

A: This question is asking about the Journal entries for 31 October of issue of notes, 30 November of…

Q: Valley Designs issued a 90-day, 12% note for $36,000, dated April 15, to Bork Furniture Company on…

A: Maturity Value of Note will be Principal Amount and Interest on Note Interest = Principal * Interest…

Q: The December Trial Balance of Jane Corporation includes among others, the following: Long term…

A: Current liabilities: Current liabilities are short-term financial obligations of a company that are…

Q: A business issued a 45-day note for $81,000 to a creditor on account. The note was discounted at 5%.…

A:

Q: January 1, Year 1, Luzak Company issued a $12,000, 4-year, 9% installment note to McGee Bank. The…

A: Journal Entry:  It is the first and foremost procedure in an accounting cycle. The transactions are…

Q: On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that…

A:

Q: On January 1, Gemstone Company obtained a $165,000, 7%, 10-year installment note from Guarantee…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On the first day of the fiscal year, a company issues $32,000, 11%, five-year installment notes that…

A: The journal is the book in which the company will record the transactions in chronological manner.…

Q: On the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes…

A: Issue price of note is given at $26,000 and annual payment is $10,825 ($3,120 interest and $7,705…

Q: On January 1, Year 1, Luzak Company issued a $47,000, 4-year, 9% installment note to McGee Bank. The…

A: Journal Entry: It is the first and foremost procedure in an accounting cycle. The transactions are…

Q: On October 1, Eli's Carpet Service borrows $125,000 from First National Bank on a 3-month, $125,000,…

A: Accrued Interest means the Interest which is already due but not paid with in the specific due date…

Q: On the first day of the fiscal year, a company issues $75,000, 4%, five-year installment notes that…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: On January 1, Yeargan Company obtained a $125,000, seven-year 5% installment note from Farmers Bank.…

A: Note​ payable: Note​ payable is an instrument through which borrower obtains money from a person…

Q: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…

A: Notes receivable:  Notes receivable is a agreement between lender and borrower for payment of…

Q: On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven-year, 7%…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account.…

A: Note receivable:  Note receivable refers to a written promise received by the creditor from the…

Q: Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account.…

A: Given: Number of days to maturity = 120 days Discount rate = 10% Maturity value = $96,000 Date 9th…

Q: Spring Designs & Decorators issued a 120-day, 6% note for $42,000, dated April 13 to Jaffe Furniture…

A: Interest on note = Face value of note x rate of interest x no. of days / 360 = $42000 x 6% x 120/360…

Q: )Determine the due date of the note. b)Determine the maturity value of the note. Assume 360 days in…

A: Given information is: Lundquist Company received a 60-day, 9% note for $21,500, dated July 23, from…

Q: On the first day of the fiscal year, Shiller Company borrowed $33,000 by giving a seven-year, 8%…

A: Journal entry

Q: On October 1, Eder Fabrication borrowed $74 million and issued a nine-month promissory note.…

A:

Q: On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to…

A: From November 1 to December 31 = 2 months Interest accrued on December 31 = $9,000 x 6% x 2/12 = $90…

Q: On July 8, Jones Inc. issued an $66,300, 11%, 120-day note payable to Miller Company. Assume that…

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period as…

Q: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…

A: Note: We’ll answer the first two questions since the exact one wasn’t specified. Please submit a new…

Q: Assume 360 days in a year. Do not round your intermediate calculations and round your final answer…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: On the first day of the fiscal year, Shiller Company borrowed $26,000 by giving a three-year, 12%…

A: Notes payable is a liability account to repay a particular amount in a given period of time, where a…

Q: On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven-year, 7%…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On January 1, MM Co. borrows $340,000 cash from a bank and in return signs an 8% installment note…

A: An installment note is an obligation or liability that requires the borrower to repay the principal…

Q: On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was…

A: Discount on notes payable = Amount of note payable x discount rate = $90000 x 6% = $5400

Q: On November 1, 20X1, Morant Corp. borrowed $80,000 in cash by signing a nine-month, 12% note from a…

A: Notes payable is a form of debt for the business organisations for which it has to pay periodic…

Q: On January 1, Year 1, Luzak Company issued a $120,000, five-year, 6% installment note to McGee Bank.…

A:

Q: On the first day of the fiscal year, a company issues $69,000, 9%, seven-year installment notes that…

A: Note​ : Note is an instrument through which borrower obtains money from a person called lender and…

Q: n April 12, Hong Company agrees to accept a 60-day, 8%, $7,800 note from Indigo Company to extend…

A: Notes payable is debited by $7,800 since notes payable is a liability and a decrease in liability is…

Q: On October 1, 2020, Ayayai, Inc. assigns $1,263,100 of its accounts receivable to Pina National Bank…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: 33. On August 1, 2011, Hampton Construction received a 9 percent, six-month note receivable from…

A: Answer: Assuming that Dusty Roads pays the note plus accrued interest in full. Entry for Collection…

Q: On the first day of the fiscal year, a company issues $60,000, 7%, five-year installment notes that…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

A: Notes payable is a negotiable instrument used for differing payments. In this one-party agree to pay…

Q: (a) Determine the due date of the note. (b) Determine the maturity value of the note. (c) Journalize…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: On July 8, Jones Inc. issued an $72,300, 7%, 120-day note payable to Miller Company. Assume that the…

A: Solution:  Jones Inc should recognize the interest expense for 23 days. = From July 8 to July 31= 23…

Q: On the first day of the fiscal year, a company issues $35,000, 5%, eight-year installment notes that…

A: Introduction: Journals: Recording of a business transactions in a chronological order. first step in…

Q: On October 1, 2020, Shamrock, Inc. assigns $1,160,700 of its accounts receivable to Bridgeport…

A:

Q: On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee…

A: An installment note can be defined as a promissory note that is a type of debt financing that…

Q: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Required:…

A: a.  Following are the journal entry when note is issued with a 45-day term:

Q: On October 1, Eder Fabrication borrowed $79 million and issued a nine-month promissory note.…

A: Liabilities: Liabilities are referred to as the obligations of the business towards the creditors…

Q: Valley Designs issued a 120-day, 10% note for $90,200, dated April 15 to Bork Furniture Company on…

A: When a company has notes payable or bank loans outstanding on a given reporting date, there is an…

Q: Valley Designs issued a 90-day, 9% note for $96,000, dated April 19, to Bork Furniture Company on…

A: Notes receivable are made by Debtors as a promissory note that they will make the payment on due…

Q: Valley Designs issued a 120-day, 6% note for $76,800, dated April 15 to Bork Furniture Company on…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.