Repaid a debt of $120 owing to R. Hill. taking advantage of a 10% discount. The debt was paid by a cheque. Record this transaction in the cash bokk
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Repaid a debt of $120 owing to R. Hill. taking advantage of a 10% discount. The debt was paid by a cheque. Record this transaction in the cash bokk
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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 ExpenseA customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?Which of the following accounts are used when a short-term note payable with 5% interest is honored (paid)? A. short-term notes payable, cash B. short-term notes payable, cash, interest expense C. interest expense, cash D. short-term notes payable, interest expense, interest payable
- 6. A cheque for RO 2,000 is presented in the clearing on the 20-01-2020 for payment when the balance in the account is RO 550. The customer has a fixed deposit account with a bank for a sum of RO 1500.Leek Company receives a $12,000, 3-month, 5% promissory note from Rey Company in settlement of an open accounts receivable. What entry will Leek Company make upon receiving the note? Select one: a. Notes Receivable.............................................. 12,150 Accounts Receivable—Rey Company................ 12,150 b. Notes Receivable............................................................12,000 Interest Receivable......................................... 150 Accounts Receivable—Rey Company............... 12,000 Interest Revenue........................................... 150 c. Notes Receivable.................................................... 12,000 Accounts Receivable—Rey Company............ 12,000 d. Notes Receivable............................................... 12,150 Accounts Receivable—Rey…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 thehonored note at maturity date?A. Interest Revenue, Interest Expense, CashB. Interest Receivable, Cash, Notes ReceivableC. Interest Revenue, Interest Receivable, Cash, Notes ReceivableD. Notes Receivable, Interest Revenue, Cash, Interest Expense
- Night Corp. receives a $4,000, 3-month, 8% note from Day Corp. in settlement of a past due account receivable. What entry will Night Corp. make upon receiving the note? Notes Receivable.. 4,080 Accounts Receivable. 4,080 ......*. Notes Receivable... 4,080 Accounts Receivable. Interest Revenue.. 4,000 80 ...... Notes Receivable.. 4,000 Accounts Receivable. 4,000 Notes Receivable.. 4,000 Interest Receivable. Accounts Receivable. Interest Revenue. 80 4,000 80 ......Prepare a balance sheet, assuming that the current portion of the note payable is $7,000Presented below are three receivables transactions.Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. (a) Advanced $10,000 to an employee. select an account title Accounts ReceivableNotes ReceivableOther Receivables (b) Received a promissory note of $34,000 for services performed. select an account title Accounts ReceivableNotes ReceivableOther Receivables (c) Sold merchandise on account for $60,000 to a customer.
- What will be the journal entry to record the issue of note of $30,000 to a creditor who has agreed to pay the amount on the specified terms as per the note agreement? а. Ref. Debit(in S) Credit(in S) 30,000 Date Description |Notes Payable Cash |To record the issue of note against the amount due) $ 30,000 b. Date Description Ref. Debit(in $) | Credit(in S) |Notes Payable Accounts Payable |To record the issue of note against the amount due) 30,000 $ 30,000 с. |Ref. Debit(in S) Credit(in S)_ 30,000 Date Description |Accounts Payable Notes Payable |To record the issue of note against the amount due) 30,000 d. |Ref. Debit(in $) Credit(in $) 30,000 Description Date Accounts Payable Cash |(To record the issue of note against the amount due) 30,000Give the journal entry for paying off the notes (RM3,000) and accrued interest (RM200).On May 1, Year 1, Benz's Sandwich Shop loaned $10,000 to Mark Henry for one year at 6 percent interest. Required a. What is Benz's interest income for Year 1? b. What is Benz's total amount of receivables at December 31, Year 1? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? g. What is the total amount of interest that Benz's earned on the loan to Mark Henry?
