C.S. Blossom Company had the following transactions involving notes payable. July 1, 2022 Borrows 101,000 from First National Bank by signing a 9-month, 8
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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 ExpenseOn 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.On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
- On 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.Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?On October 1, 2017 Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National bank as collateral for a $750,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 9% Prepare the Journal entry for Seneca National Bank Cash 730,000 O Interest Expense Notes Payable 20,000 750,000
- Prepare entries for interest-bearing notes. E10.1 (LO 1), AP C.S. Lewis Company had the following transactions involving notes payable. July 1, 2022 Nov. 1, 2022 Dec. 31, 2022 Feb. 1, 2023 Apr. 1, 2023 Instructions Borrows $50,000 from First National Bank by signing a 9-month, 8% note. Borrows $60,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares annual adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. Prepare entries for interest-bearing notes.Sombrero Inc. provided the following information on December 31, 2021: .P 6,500,000 Accounts payable.... Bank note payable-10%. Bank note payable-11%. Mortgage note payable-10%. Bonds payable... The P 3,000,000, 10% note was issued March 1, 2021 payable on demand. Interest is payable every 6 months. The one-year P 5,000,000, 11% note was issued on January 15, 2021. On December 31, 2021, the entity negotiated a written agreement with the bank to replace the note with a 2-year P 5,000,000, 10% note to be issued on January 15, 2022. The 10% mortgage note was issued on October 1, 2018 with a term of 10 years. Term of the note give the holder the right to demand immediate payment if the entity fails to make a monthly interest payment within 10 days from the date the payment is due. On December 31, 2021 the entity is three months behind in making the required interest 3,000,000 5,000,000 2,000,000 4,000,000 payment. Thhe bonds payable are 10-year 8% bonds, issued on June 30, 2012. Interest…On October 1, 2017 Chung, Inc. assigns S1,000,000 of its accounts receivable to Seneca National bank as collateral for a $750.000 note. The bank assesses a finance charge of 2% of the receivables assigned and intereest on the note of 9% Prepare the Journal entry for Chung Inc. Notes Payable 750,000 Interest Expense 20,000 Cash 730,000 Notes Payable O Interest Expense Cash 730,000 20,000 750,000 Cash 730,000 O Interest Expense 20,000 Notes Payable 750,000 Cash 750,000 Interest Expense 20,000 Notes Payable 730,000
- Sheffield Corp. had the following transactions involving notes payable. July 1, 2020 Borrows $58,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $69,600 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Feb. 1, 2021 Pays principal and interest to Lyon County State Bank. Apr. 1, 2021 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date…C.S.Sunland Company had the following transactions involving notes payable. July 1, 2025 Nov. 1, 2025 Dec. 31, 2025 Feb. 1, 2026 Apr. 1, 2026 Borrows $55,950 from First National Bank by signing a 9-month, 8% note. Borrows $59,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (List all debit entries before credit entries. Credit accC.S. Vaughn Company had the following transactions involving notes payable. July 1, 2020 Borrows $51,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2020 Borrows $64,400 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2020 Prepares adjusting entries. Feb. 1, 2021 Pays principal and interest to Lyon County State Bank. Apr. 1, 2021 Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions.
