20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $60,000, 60-day, 7% note dated December 7. Dec. 31. Recorded an adjusting entry for acorued interest on the note of December 7. Dec. 31. Recorded the dosing entry for interest revenue. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave t biank. Assume February has 28 days in 2018 tf required, round the interest to the nearest cent. 20Y7, Dec. 7 Dec. 31 Dec. 31 20Y8, Feb. 5
Q: Rose's VISA balance is $1,880 . She may pay it off in 10 equal end-of- month payments of $200 each. ...
A: Interest Rate: It is possible to calculate the interest rate by comparing the cost of borrowing agai...
Q: On January 1, 2020, Oriole Company purchased 6% bonds, having a maturity value of $620,000 for $535,...
A: Solution A Bond represents a loan to company or government in return of this company pay a fixed rat...
Q: not traded th
A: Capital Gain Tax = 15% Capital Gain on Real Property situated in Philippines = 6% higher of the Sell...
Q: st of P3,000,000 for trading, e at year end. 12/31/21 Trading 4.000.000
A: Trading investment refers to the process when one firm or entity holds stocks or shares of a company...
Q: Sydney Ltd repaired a customers' washing machine and charged the customer $500 which the custome pai...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: Compute the taxable compensation income. a. 1,305,000 b. 1,325,000 c. 1,150,000 d. 1,285,000
A: The question is related to the taxation. The detailed are given. The 13th month pay is taxable up to...
Q: One of the following compensation income of an individual taxpayer is not an exclusion from gross in...
A: Exclusion from gross income of a taxpayer is the amount of income which has been excluded means not ...
Q: 2. Alarm. Co recently reported $15.000 of sales, $5.500 of operating costs other than depreciation, ...
A: Net Income Net income refers to the earnings of the business after deducting all the losses and expe...
Q: X derived the following income in 2020, choose A if the income is subject to regular income tax, B i...
A: Capital Gain on the Sale of stocks directly to Buyer : p 30000 Ordinary gain on sale of old of...
Q: Calculate the amount that must be invested at the end of each year at 9.3% compounded annually in or...
A: 1) Amount invested is calculated using PMT formula in excel A)
Q: Find the Ac
A: Here, in this question ,we have to find out the Actual and approximate time
Q: Question #2 Gloria's a food manufacturer is trying to make an assessment of its operations for the p...
A: As Given in the question, Gloria's, a food company, is attempting to review its activities over the ...
Q: The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of ...
A: Journal is the book of original entry in which all the transactions relating to business are recorde...
Q: Cash dividends are paid based on the number of shares to. outstanding. b. issued (issued). C. author...
A: Dividends is paid to the share holders for the money which is being invested in the company as share...
Q: Required:1. Prepare a bank reconciliation as of February 28.2. Prepare adjusting entries for Valenti...
A: Bank reconciliation statement is prepared with a view to reconcile the cash balance as per entity's ...
Q: What is Current ratio & Net Profit Margin? Prepare Closing entry and Post Closing Trial Balance
A: Net Profit Margin=Net Profit after taxService Revenue×100 Current ratio=Total Current AssetsTotal Cu...
Q: laremore Industries uses a weighted-average process-costing system. All materials are added at ne be...
A: Solution: Ending work in process refers to the costs which have been added to the production but the...
Q: Staley Inc. reported the following data:Net income $396,200Depreciation expense 61,250Loss on dispos...
A: Statement of cash flows forms a part of financial statements and is prepared with a view to show the...
Q: On June 30, 2021, when ABC Co. stock was selling for $65 each, the equity accounts had the following...
A: Stock dividend is the amount of dividend which is distributed in the form of shares or stock. It inc...
Q: Pebble Beach Company buys a piece of equipment for $51,000. The equipment has a useful life of six y...
A: Depreciation expense refers to the fall in the value of the asset due to time usage, wear and tear, ...
Q: On January 1, 2023, Baker Company purchased, as an investment, 5% bonds, having a maturity value of ...
A: The Baker Co. purchased 5% bonds at discount of 11,600 [150,000-138,400]. The bo...
Q: The corporation records included the following shareholders equity accounts: Preference share par150...
A: Issued and outstanding shares is equal to total shares issued and whit are outstanding till year end...
Q: Globalization rule in determining the taxable income of the taxpayer means that
A: c. The regular income of taxpayer from employment and business or profession, including other income...
Q: The accrued interest of 8% p.a coupon Rp1 billion bond paid semi-annually (on Feb and August 1) on t...
A: Accrued Interest = Periodic Coupon Payment x No. of Days since last Coupon Payment / No. of Days in ...
Q: The Assistant Manager of Ridley Corporation is seeking your advice as the accountant, in dealing wit...
A: Answer:-1 Report indicating the appropriate accounting treatment:- Journal entry:- Date Particu...
Q: On January 1, 2016, Denver Inc. issued its 10% bonds in the face amount of P400,000, which mature on...
A: Please see Step 2 for required information.
Q: ABC Company issued 10,000 common stocks with a par value of $5 and a fair value of $25 per share alo...
A: Fair value of common stock = Number of common stock issued × Fair value of each stock = 10,000×$25 =...
Q: Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on Janu...
A: Disclaimer: As posted multiple sub parts questions we are answering first three sub parts only kindl...
Q: Suppose Columbia Sportswear Company (USA) had accounts receivable of $205.025,000 at the beginning o...
A: When goods are sold on credit, the customer's account is debited to the account called accounts rece...
Q: Upriver Parts manufactures two products, V-1 and V-2, at its River Plant. Selected data for an avera...
A: The question is based on the concept of Cost Accounting.
Q: Gilmore Electronics had the following data for a recent year:Cash sales ...
A: I am answering the first 3 sub-parts of the question as per bartleby guidelines. Please re-submit th...
Q: ABC put up a qualified retirement plan approved by the BIR. It appointed B Corp. to administer the p...
A: 1. The first-year pension expenditure is equal to the total of previous years plus the current years...
Q: Nevada Corporation has 68,200 shares of $25 par stock outstanding that has a current market value of...
A: Note: On stock split, no. of shares will increase of the company. Stock split does not impact the ov...
Q: Which is correct? a) The de minimis benefits not exceeding their thresholds are exempt from income ...
A: Solution Explanation -Amounts exceeding their threshold are added to the 90000 threshold and amounts...
Q: 1. ABC Company had a bank loan obtained on December 1. Accrued interest on the loan at December 31 a...
A: The journal entries are prepared to keep the record of day to day transactions of the business. The...
Q: Explain the following terms. Include the definition, how they are calculated, treated in the account...
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for...
Q: On May 1, 2016, Bench Co. issued 11% bonds in the face amount of P 1,000,000 that mature on May 1, 2...
A: Solution: Face amount of bond= P1,000,000 Premium on issue of bond = P62,000 Issue price of bond = P...
Q: Blossom Leasing Company agrees to lease equipment to Blue Corporation on January 1, 2020. The follow...
A: For lessor a lease can be recorded as finance lease in two ways as direct lease or sale type lease. ...
Q: ABC Corporation has an investment of 4,000,000 shares in XYZ Corporation. On December 31, 2021, ABC ...
A: Dividend in form of shares given to stockholders is called as Stock Dividend Stock Dividend is usual...
Q: Blossom Corp.’s sales slumped badly in 2020. For the first time in its history, it operated at a los...
A: The question is based on the concept of Cost Accounting.
Q: PROBLEM 3–7 (LO1,2,3,4,5,6) Comprehensive Accounting Cycle Review Problem The unadjusted trial balan...
A: T-Account The purpose of preparing the T-Account is to know the actual balance which are incurred at...
Q: Crossfire Company segments its business into two regions-East and West. The company prepared a contr...
A: Breakeven point/ Breakeven Sales Revenue: It is the point of sales where no profit and no loss are o...
Q: derived the following income in 2020: Business income of P400,000 Compensation income of P200,000 I...
A: Capital gains are taxed differently than ordinary income and capital gains generally arise when gain...
Q: Problem 10-1 On January 1, 2019 Crampton Company acquired land on which to construct a new distribut...
A: PPE ie. Property, Plant, and equipment is the name changed for assets by IFRS 16. As per this IFRS a...
Q: CengageNOWv2 | Online teachirn X ow.com/ilrn/takeAssignment/takeAssignmentMan.uo?invoker=&takeAssign...
A: Operating income/(loss) percentage=Operating income/(loss)Sales×100
Q: Garcia disposed of his principal residence for P2,000,000 and immediately acquired a new one for P1,...
A: In Phillipines capital gain tax is charged at 6% on the sale value or fa...
Q: Instructions The prepaid insurance account had a beginning balance of $3,755 and was debited for $6,...
A: Answer) Adjustment Journal Entry Account Titles and Explanation Debit Credit Insuran...
Q: d to deduct a share of head office costs in its operating statement before arriving at ‘net profit’,...
A: Budgeted operating statement Businesses can use an operational budget to help them plan and achiev...
Q: 4. Discount Note On December 31, 2020, your firm provided the services to the high-end clientele an...
A: In case of multiple question 1st question is solved and incase of question with multiple subpart 1st...
Q: On January 1, 2022, Bumili Co, purchased 10,000 shares of Nabill, Inc. for P1,000,000 Commission and...
A: On January 1, 2022, Bumili Co, purchased 10,000 shares of Nabill, Inc. for P1,000,000 Commission and...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- oft WE ivable/Notes Payable X b JOURNAL ENTRIES (NOTE ISSUEL X + moodle.cw.edu/mod/quiz/attempt.php?attempt3=56737&cmid%3733537 Graphics has the following notes payable transactions. Record these transactions in eneral journal. July 5lssued a $3,500 note to Roma Ceramic Inc. The 10%, 60-day note is in full payment of an account payable. 9Borrowed $5,000 from the bank sighing a 6%, 90-day note. 11Paid $500 cash and issued a $2,000, 8% 30-day note to Design Center in payment of an account payable. Aug. 5Borrowed $3,600 for 30 days from the bank on a non-interest-bearing note. The discount rate is 10%. Sept. 3Paid the principal and interest due on the $3,500 note to Roma Ceramic Inc. Oct. 3Paid the interest due on the $5,000 note to the bank and renewed the principal for 30 days at 7%. GENERAL JOURNAL Page 1 Post Date Description Ref. Debit Credit because we are The Colle 10mdio playyasJournalize and post note P11-2C The following are selected transactions of Glazer Company. Glazer prepares financial transactions and show balance statements quarterly. sheet presentation. (SO 2) 2 Purchased merchandise on account from Alicea Company, $18,000, terms 2/10, n/30. Issued a 10%,2-month, $18,000 note to Alicea in payment of account. Jan. Feb. 1 Mar. 31 Accrued interest for 2 months on Alicea note. Apг. 1 July Paid face value and interest on Alicea note. Purchased equipment from Vincent Equipment paying $11,000 in cash and signing a 10%, 3-month, $36,000 note. 1 Sept. 30 Oct. Accrued interest for 3 months on Vincent note. 1 Paid face value and interest on Vincent note. Borrowed $20,000 from the Associated Bank by issuing a 3-month, 12%-interest-bearing note with a face value of $20,000. Dec. 1 Dec. 31 Recognized interest expense for 1 month on Associated Bank note. Instructions (a) Prepare journal entries for the above transactions and events. (b) Post to the accounts, Notes…Given the following transaction of entrepreneur ark, what journal entries would you make as its accountant, to book the followig transaction? a June 23. Received a 52,000, 90 day, 8% note date 23 from BEDA express account sept 11 the note is dishonoed by BEDA Oct 2 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to BEDA express on september 21
- TB MC Qu. 07-134 (Algo) On July 9, Mifflin Company receives... On July 9, Mifflin Company receives a $10,200, 90-day, 6% note from customer Payton Summers to replace an account receivable. What entry should be made by Mifflin on July 9 to record receipt of the note? Multiple Choice Debit Notes Receivable $10,402; credit Interest Revenue $202; credit Accounts Receivable-P. Summers $10,200. Debit Accounts Receivable-P. Summers $10,200; credit Sales $10,200. Debit Notes Receivable $10,200; credit Sales $10,200. Debit Notes Receivable $10,200; credit Accounts Receivable-P. Summers $10,200. ( Prev 10 of 20 Next > 1069 MAR 15 éty MacBook Air F2 F3 F4 ES F6 F7 F8 %23 24 3 4 6 7 8.An involce for $10,000 dated September 10 with terms 3/10, 12/20, n/30, EOM is recelved in the mail on September 25. A payment of $4000 is sent on October 11. What is the outstanding balance? Multiple Choice $5940.00 $5939.09 $6000.00 $5920.00 $5918.37On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
- Entries for notes receivable, including year-end entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 December 7. Received from Unitarian Clothing and Bags Co., on account, a $48,000, 60-day, 7% note dated December 7. December 31. Recorded an adjusting entry for accrued interest on the note of December 7. December 31. Recorded the closing entry for interest revenue. 20Y8 February 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. If required, round the interest to the nearest cent. 20Y7, Dec. 7 Dec. 31 Dec. 31 20Y8, Feb. 5Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Υ7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $60,000, 60-day, 6% note dated December 7. Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 7. Dec. 31. Recorded the closing entry for interest revenue. 20Υ8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent. 20Y7, Dec. 7 Notes Receivable - 60,000 Accounts Receivable-Unitarian Clothing and Bags Co. ► 60,000 Dec. 31 Interest Receivable - v Interest Revenue ▪ Dec. 31 Interest Revenue ♥ V Retained Earnings - 20Y8, Feb. 5 Cash - V Notes Receivable - Interest…Entries for notes receivable, including year-end entries The following selected transactions were completed by Fasterners Inc. Go., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Go., on account a $96,000, 60-days, 3% note dated november 21 in settlement of a past due account Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 3. 20Y4 Jan. 20. Received payment of note and interest from Mckenna Outer Wear Go. journalize the entries to record the transaction.
- Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $48,000, 60-day, 9% note dated December 7. Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 7. Dec. 31. Recorded the closing entry for interest revenue. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent. 20Y7, Dec. 7 Notes ReceivableNotes Receivable Accounts Receivable-Unitarian Clothing and Bags Co.Accounts Receivable-Unitarian Clothing and Bags Co.Dec. 31 Interest ReceivableInterest Receivable Interest…Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $66,000, 60-day, 7% note dated December 7. Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 7. Dec. 31. Recorded the closing entry for interest revenue. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent. 20Y7, Dec. 7 Notes Receivable Accounts Receivable-Unitarian Clothing and Bags Co. Dec. 31 Interest Receivable Interest Revenue Dec. 31 Interest Revenue Retained Earnings 20Y8, Feb. 5 Cash Notes…Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $72,000, 60-day, 10% note dated December 7. Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 7. Dec. 31. Recorded the closing entry for interest revenue. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent.