vith a note payable of 14% in pany uses the accounting pe 7 basis
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- The Company issued a short-term debt of $65,000 on July 1, 2021 for a period of 5 months with a note payable of 14% interest. The company uses the accounting period on a quarterly basis. Required: Prepare the journal entries needed to record the issuance of the debt, recognize interest expense, matures. and pay off the debt as it Note: Include the current method of processing and the excel formulas from start to finish!The Company issued a short-term debt of $65,000 on July 1, 2021 for a period of 5 months with a note payable of 14% interest. The company uses the accounting period on a quarterly basis. Required: Prepare the journal entries needed to record the issuance of the debt, recognize interest expense, and pay off the debt as it matures. Note: Include the current method of processing and the excel formulaOn November 1, 2021, Dual Systems borrows $290,000 to expand operations. Dual Systems signs a six-month, 9% promissory note. Interest is payable at maturity. Dual System's year-end is December 31. 1., 2. & 3. Record the following transactions for the note payable by Dual Systems. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Record the issuance of the note by Dual Systems. Date General Journal Debit Credit Nov 01, 2021 Record the appropriate adjusting entry for the note by Dual Systems on December 31, 2021. Date General Journal Debit Credit Dec 31, 2021 Record the payment of the note by Dual Systems at maturity on April 30,…
- On November 1, 2024, Dual Systems borrows $140,000 to expand operations. Dual Systems signs a six-month, 7% promissory note. Interest is payable at maturity. Dual System's year-end is December 31. Required: 1., 2. & 3. Record the following transactions for the note payable by Dual Systems. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet < 1 2 3 Record the issuance of the note on November 1, 2024, Note: Enter debits before credits. Date November 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal G 110 E1. Costco Wholesale Corporation borrows $640,000 on September 1, 2021. Costco signs a nine- month, 6% promissory note. Interest is payable at maturity. Costco's year-end is December 31. 1. Record the issuance of the note by Costco. 2. Record the appropriate adjusting entry for the note by Costco on December 31, 2021. 3. Record the payment of the note by Costco at maturity on May 31, 2022. Date Account Name Debit Credit 9/1 [no1] 12/31 [no1] [no1] 5/31 [no1] [no1] [no1] [no1]PART - E Toner Limited (“Toner") borrows $180,000 on 1 July 2020 from Lighthouse Bank and signs a $180,000, 5%, 1-year promissory note. Assuming yearly accounting periods and a financial year end balance date of 31 December. Required: (i) Prepare the general journal entries to record the issuance of the promissory note. (ii) Prepare the general journal entries to record the adjusting journal entries as at 31 December 2020. (iii) Prepare the general journal entries to record the repayment on 1 July of 2021.
- Windsor, Inc. borrows $67,200 from Wildhorse Co. on July 1, 2021 signing a 4%, one-year note payable. Interest is to be paid at maturity. Prepare journal entry for Windsor, Inc. to record the receipt of the proceeds of the note. Prepare journal entry for Windsor, Inc. to record the accrued interest at December 31, assuming adjusting entries are made only at year end. Prepare journal entry for Windsor, Inc. to record the payment of the note at maturity.Among the short-term obligations of Lance Company as of December 31, the balance sheet date, are notes payable totaling $250,000 with the Madison National Bank. These are 90-day notes, renewable for another 90-day period. These notes should be classified on the balance sheet of Lance Company as a. current liabilities. b. intermediate debt. c. long-term liabilities. d. deferred charges.Midshipmen Company borrows $11,500 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2022. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the 2021 year-end adjusted balances of Interest Receivable and Interest Revenue (assuming the balance of Interest Receivable at the beginning of the year is $0).
- Required Information [The following information applies to the questions displayed below.] Agrico Incorporated accepted a 10-month, 11% (annual rate), $5,650 note from one of its customers on July 15, 2022; Interest is payable with the principal at maturity. b-2. Prepare the journal entry to record collection of the note and Interest at maturity. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld. Do not round your Intermediate calculation. Round your answers to 2 decimal places. View transaction list View journal entry worksheet No A Event 1 Cash Interest payable Interest revenue Note receivable General Journal Debit Credit ⒸOn September 1, 2021, Allied Moving Corp. borrows $110,000 cash from First National Bank. Allied signs a six-month, 5% note payable. Interest is payable at maturity. Allied's year-end is December 31. 1., 2. & 3. Record the following transactions for the note payable by Allied Moving Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to nearest dollar amount.) View transaction list Journal entry worksheet < 1. 2 Record the issuance of notes payable. Date Sep 01, 2021 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general jourSport Enterprises have individual accounts for their debtors in a debtors subsidiary ledger and have a debtors control account in the general ledger. The balance of the debtors control account at 1 May 2021 is R169 200. The following information was provided for the month ending 31 May 2021: NB: Insert the amount of R4 500 for the credit note in additional amount 3.4 1. Journals provided the following totals for relevant transactions: For the month ended 31 May 2021: Sales journal: Dehtors column 762 000 Sales returns journal 6 300 Cash receipts journal: Debtors column 586 800 2 100 General Journal: Interest charged on overdue debtors' accounts General Journal: Debtors balances written off as irrecoverable 2 700 2. The debtors ledger clerk submitted the following: List of debtors balances as at 31 May 2021 – debit balances C Gale 31 500 Н Bot 132 300 G Hunt 182 700 I Khune 18 900 R Nadal 9 000 3. Additional information to be taken.into.account (not included in the above): 3.1 No entry…
