C.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 transactio

Q: Oriole Supply Co. has the following transactions related to notes receivable during the last 2…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: On January 1, 2022, Easy Company sold merchandise for 500,000 by accepting a note for 6 months with…

A:

Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…

A: Given information is: Selkirk Company obtained a $15,000 note receivable from a customer on January…

Q: Coronado Music Store borrowed $33600 from the bank signing a 10%, 3-month note on September 1.…

A: Working notes Monthly principal amount $33600 / 12 = 2800 Monthly interest  2800 * 10% = 280 When an…

Q: Whispering Winds Corp. had the following transactions involving notes payable. July 1, 2022 Borrows…

A: S No Account tittles and Explanation Amount Amount 01-Jul-19 cash  $       55,000        8%…

Q: Morton Company had the following select transactions. 1, 2021 Accepted Remington Company's 1-year,…

A: Journal entries by far are one of the most crucial skills to develop in an accounting profession.…

Q: On Septèmber 1, 2021, Trinoma Entertainment borrowed P24,000,000 cash to fund à new Fun Park. The…

A: Journal entry shows the recording of transactions during an accounting year and every transaction…

Q: Sunland Company had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Note payable is a kind of loan which is repaid after certain period of time with specific rate of…

Q: Martinez Co. borrowed $52,557 on March 1 of the current year by signing a 60-day, 12%,…

A: Notes payable is categorized as a negotiable instrument signed by the promisor who agreed to pay a…

Q: Waleed Company had the following transactions involving notes payable.   Aug. 1, 2020 Borrows…

A: Journal Entries along with the calculation if shown below:

Q: On August 31, 2021, XYZ Company received a 9%, nine-month note receivable from Hugo Company, one of…

A: Given information; Outstanding accounts receivable = $360,000 Note receivable for 9 months issued…

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 January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A: Interest accrued on December 31, 2018 = Amount borrowed x rate of interest x period = $18,000 x 5% x…

Q: Nelsie Corporation has an outstanding 60- day 6% note receivable armounting to P 15,000 dated…

A: Accrued interest on December 31 should be credited to the interest income and 9 should be debited.…

Q: On December 31, 2019, the Notes Payable account at Vanessa’s Boutique Shop had a balance of $62,800.…

A: Interest which has been accrued but which was not paid as on the balance sheet date is to recorded…

Q: During 2021, LeBron Corporation accepts the following notes receivable. 1. On April 1, LeBron…

A: Meaning of Notes Receivable: It is an asset of company that includes a promissory note from another…

Q: . Prepare the journal entries of Clear Glass to record the preceding information, the related…

A: Discounting the note implies, the realization of a note amount for a discount before the due date of…

Q: On January 1, 2018, a business borrowed $15,000 on a five-year, 6% note payable. At December 31,…

A: On December 31, 2018, entry will be passed for booking of interest accrued for the year 2018.…

Q: C.S. Lewis Company had the following transactions involving notes payable. July 1, 2012 Borrows…

A: Notes Payable: Notes Payable refers to a liability where a borrower records a written promise to…

Q: During 2021, Wildhorse Co. borrowed cash from Sandhill Co. by issuing notes payable as follows: June…

A: Formula: Interest expense = Loan amount x Time period x Interest rate

Q: Arvan Patel is a customer of Bank’s Hardware Store. For Mr. Patel’s latest purchase on January 1,…

A: Total interest on Note = face value of note x rate of interest x no. of years = $459,505 x 14% x 2…

Q: On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $600,000.…

A: Cash received = Total amount of promissory note - Finance charges = $450,000 - $600,000*1.8% =…

Q: Keesha Company borrows $290,000 cash on December 1 of the current year by signing a 180-day, 8%,…

A: Solution: To borrow cash, business issues notes payable that contain principal amount of note,…

Q: Weldon Corporation’s fiscal year ends December 31. The following is a list of transactions involving…

A: Provision to be created=920000*3%+3000-25000 =5600

Q: Skysong, Inc. had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Interest accrued on Dec. 31, 2022 = (52500*8%*6/12)+(63000*6%*2/12) = $2100 + 630  = $2730

Q: On September 1, 2018, Packaging Company. Borrowed OR 1,200,000 cash from Bank Muscat. The company…

A: The Notes payable or Accounts payable is a liability in which the borrower records a written promise…

Q: C.S.Vaughn Company had these transactions involving notes payable. July 1, 2022 Borrows $51,500 from…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

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

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

Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…

A: Discounting of receivables: It is a method of financing. In this method, a company can finance…

Q: On June 30, 2018, the High Five Surfboard Company had outstanding accounts receivable of $600,000.…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the…

A: Under such type of loan arrangement as in the given case, the borrower obtains certain amount of…

Q: C.S. Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows…

A: Interest accrued on Dec 31. 2019 = Amount borrowed x rate of interest x no. of months /12 Trident…

Q: C.S. Lewis Company had the following transactions involving notes payable. July 1, 2015   Borrows…

A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…

Q: Travis County Bank agrees to lend Brickyard Corporation $200,000 on January 1. Brickyard signs a…

A: Supporting calculation:

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: On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied…

A: Notes payable: It is an instrument where the borrower borrows the money from the lender and issues…

Q: LARA Company secured a bank loan of $ 90,000, on 1/4/2020. In return, it signed a 10 month, 6%, note…

A: The adjustment entries are made to adjust the revenues and expenses of the current year.

Q: Travel borrowed $33,000 on September ​1, 2018​, by signing a​ one-year note payable to State One…

A: Given that, loan amount = $33000 date of borrowal = 1 Sep 2018 Interest payment for 3 months = $355

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

Q: ds to Ralph Kremer, Inc., receiving a $ 36,000, 90-day, 6% note. 16 Received a $ 21,600, 180…

A: A journal entry is a record of a commercial transaction in an organization's accounting system.When…

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

Q: On October1, 2020 Sue's Carpet Service borrows $ 125.000from the Bank on a 3-month, $ 125.000, 8%…

A: Given: Amount borrowed = $125,000 Period = 3 months Rate = 8%

Q: Ayayai Supply Co. has the following transactions related to notes receivable during the last 2…

A: A journal entry is a record of a company's financial activities kept in its accounting books. The…

Q: Swifty Company had the following select transactions. Apr. 1, 2020   Accepted Goodwin Company’s…

A: Journal entries refers to the systematic documentation of the financial transactions of a company in…

Q: Cavalier Company provided the following information December 31, 2019: Accounts payable Notes…

A: Definition of current liabilities: Current liabilities also called as short term liabilities. These…

Q: . Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows…

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

Q: Bramble Supply Co. has the following transactions related to notes receivable during the last 2…

A: Calculation of Interest Revenue on December 31:   Notes Receivable - Manny Lopez ($13,200 * 10% *…

Q: During 2021, Wildhorse Co. borrowed cash from Sandhill Co. by issuing notes payable as follows: 1.…

A: Maintenance of books of account is very important for a business organisation. This process is known…