A business issued a 90-day, 8% note for $34,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of recording (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a.  Illustrate the effects on the accounts and financial statements of recording the issuance of the note. b.  Illustrate the effects on the accounts and financial statements of recording the payment of the note at maturity, including interest. Assume a 360-day year. If required, round interest expense to the nearest whole number.

A company has the following information related to its cash balance at the end of the period.1. Cash on hand at the company and not yet deposited at the bank. $ 3,6002. EFT for monthly utility bill not yet recorded by the company. 1,2003. Note collected by the bank and not yet recorded by the company. 10,0004. Interest collected by the bank from note in #3 not yet recorded by the company. 1,0005. Debit card used to purchase supplies not yet recorded by the company. 8006. Checks written by the company but not yet processed by the bank. 3,1007. Service fee charged by bank but not yet recorded by the company. 1008. Customer checks determined by the bank to have nonsufficient funds. 2,7009. Bank balance at the end of the period. 17,30010. Company balance at the end of the period (prior to reconciliation). 11,600Required:(a) Reconcile the bank’s balance and the company’s balance, (b) verify that the two balances per reconciliation are equal, (c) record the entries to update the company’s…

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The cash account of SWITZER ltd. reported a balance of $2,500 at August 31,2020. Included were the outstanding cheques totalling $900 and on August 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from HSBC bank, listed on August 31,2020, balance of $3,405. Included in the bank balance was on August 30 collection of $550 on account from a customer who pays the bank directly. The bank statement also shows a $20 service charge, $10 of interest revenue that SWITZER earned on its bank balance and an NSF cheque for $35. Make the company’s journal entries for transactions that arise from the bank reconciliation. Include an explanation with each entry.

Given the following information for Teal Mountain Restaurant Supply Company, prepare the adjusting entries needed for its April bank reconciliation: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Cash balance per books, 4/30 Deposits in transit Notes receivable collected by bank (including interest of $280) Outstanding checks NSF check from Sandhill Company Date Account Titles and Explanation April 30 April 30 $20,000 (To record NSF check) 2,250 9,400 6,100 2,200 (To record collection of note receivable and interest by the bank) Debit Credit