Journalize the entries to record (a) the issuance of the note on March 1 and (b) the payment of the note at maturity. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles.

Q: business issued a 60-day note for $99,000 to a creditor on account. The note was discounted at 7%.…

A: Solution: Issuance of note to a creditor on accounts means a note payable issued to the creditor for…

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 following notes receivable transactions occurred for Harris Company during the last three months…

A: Notes receivable: It is a written document by which the other person promises to pay a certain…

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

A:

Q: On April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend…

A: For Indigo Company: Accounts payable has been decreased. Notes payable have been increased by the…

Q: On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the…

A: Interest:   An interest is the cost of the funds loaned to the business by any lender.

Q: A business issued a 60-day note for $99,000 to a bank. The note was discounted at 7%. Journalize the…

A: Businesses may issue short-term discount notes in consideration for goods, services, or cash.…

Q: On January 5, Daisy Co., which follows a calendar year accounting, issued $1,000,000 of notes…

A: Long term debt = Total notes payable - current portion = $1000000 - 250000 = $750,000

Q: On November 19, Nicholson Company receives a $24,000, 60-day, 6% note from a customer as payment on…

A: Note receivable is recognized as a negotiable instrument. It represents the claim amount due on the…

Q: On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu…

A: Calculate the interest amount as follows: Interest = Face value * Interest rate*Periods

Q: A business issued a 60-day, 10% note for $80,000 to a creditor on account. Journalize the entries to…

A: In the above question we have asked to pass journal entries at the time of issuance of notes payable…

Q: Prefix Supply Company received a 60-day, 4% note for $46,000 dated July 12 from a customer on…

A: Journal: Recording of a business transaction in a chronological order.

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: Swan Corporation received a four-month, 8%, $1,650 note receivable on March 1. Theadjusting entry on…

A: Given information is: Value of Note Receivable = $1650 Interest rate = 8% Period = 4 months

Q: Watson Company issued a 60-day, 8% note for $18,000, dated April 5, to Laker Company on account.…

A: Notes receivable indicates the asset raised by the company by issuing a note which contains a…

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 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 November 1, Bahama National Bank lends $4 million and accepts a six-month, 6% note receivable.…

A: Notes receivables: Notes receivables is a written promise to receive money in the future time. The…

Q: ) Included in Gonzalez Company’s December 31 trial balance is a note receivable of $12,000. The note…

A: Date Account Titles and Explanation Debit Credit December 31 Interest receivable…

Q: At December 31 year-end, Crate Company has an $8,700 note receivable from a customer. Interest of 8%…

A: All assets of a company are reported in the balance sheet. Since note receivable is an asset, it…

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: A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day…

A: Total Interest = face value of notes x interest rate x no. of days/360 days = $24000*5%*90/360 =…

Q: A business borrowed $59,037 on March 1 of the current year by signing a 30 day, 11% interest bearing…

A: The entry to record the payment should include Debit to Interest Expenses for $541.

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: Spring Designs & Decorators issued a 180-day, 9% note for $88,400, dated April 13 to Jaffe Furniture…

A: A. due date of the note = Date of issue of note + Life of note in days

Q: business issued a 45-day, 4% note for $240,000 to a creditor on account. Journalize the entries to…

A: A journal entry is prepared by the company to record the non-economic & economic transactions of…

Q: sued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for…

A: Solution: Issuance of note to a creditor on accounts means note is issued to a creditor for their…

Q: On December 31 year-end, Crain Corporation has an $8,400 note receivable from a customer. The…

A: A note receivable is a document which is written promise made which indicates an amount to be…

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: On March 1, Felton Company borrows $90,000 from Ottawa State Bank by signing a 6-month, 8%,…

A: Working note: Computation of interest expense: Interest expense=Amount borrowed×rate of…

Q: A company is holding a $6,000, 90-day, 6% note receivable, dated December 1.  The entry to record…

A: The entry to record accrued interest at the end of its fiscal year is as follows:- Accrued Interest…

Q: Spring Designs & Decorators issued a 180-day, 6% note for $76,800, dated April 13 to Jaffe…

A: A. Following are the calculation of due date of the note:

Q: A business issued a 45-day, 6% note for $210,000 to a creditor on account. Journalize the entries to…

A: a. Prepare journal entry to record the issuance of the note.

Q: A business issued a 120-day, 6% note for $10,000 to a creditor on account. The company  uses a…

A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…

Q: A company collects an honored note with a maturity date of 24 months from establishment, a…

A: Note receivable is one of the current asset of the business. It means business has to receive some…

Q: Spring Designs & Decorators issued a 120-day, 4% note for $60,000, dated April 13 to Jaffe…

A: a.Due date of the note = August 11

Q: On November 1, Bahama National Bank lends $3.2 million and accepts a six-month, 6% note receivable.…

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

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: Entries for notes payable A business issued a 45-day, 6% note for $210,000 to a creditor on…

A: Note payable is a form of loan or debt taken by the business on which it has to pay interest amounts…

Q: In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note ,…

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

Q: During Year 1, a company accepts the following notes receivable. 1. On April 1, the company provides…

A: Journals are the books of primary entries. The business transactions are recorded at the initial…

Q: In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note,…

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

Q: Prefix Supply Company received 120-day, 8% note for $450,000, dated April 9, from a customer on…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

Q: 1, Year 1, Wedekind Company issued a $170,000, five-year, 8% installment note to Shannon Bank. The…

A: Journal Entries Date Particulars Dr. Amount Cr Amount Jan 1 Cash A/C    Dr. 170000…

Q: A business issued a 45-day, 6% note for $210,000 to a creditor on account. Required:   Journalize…

A: Interest on notes = Notes payable x rate of interest x days/360 = $210,000*6%*45/360 = $1,575

Q: Spring Designs & Decorators issued a 180-day, 7% note for $65,400, dated April 13 to Jaffe…

A: Given:Face Value - $65,400Rate of Interest -  7%Time Period – 180 daysIssue Date – April 13Due date…

Q: A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day…

A: Note Payable are a form of liability for the business, on which regular interest payments needs to…

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: Honeycomb Company issued a note receivable to a customer on September 1.  The face value of the note…

A: Accrued interest on December 31 = Face Value of note receivable x interest rate x no. of months/12 =…

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: b)