Entries for notes payable Bennett Enterprises issues a $504,000, 30-day, 8%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. Question Content Area a. Journalize Bennett Enterprises' entries to record: the issuance of the note. the payment of the note at maturity. 1. 2. Question Content Area b. Journalize Spectrum Industries' entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. 2.
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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 ExpenseAnderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Handler Cleaning Operations for the following transactions. A. Entry for note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the journal entry to recognize payment of the short-term note on December 4.
- Entries for notes payable Bennett Enterprises issues a $432,000, 60-day, 8%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity.Entries for notes payable Bennett Enterprises issues a $708,000, 45-day, 8%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. Question Content Area a. Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. 1. - Select - - Select - - Select - - Select - 2. - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. - Select - - Select - - Select - - Select - 2. - Select - - Select - - Select - - Select - - Select -Entries for notes payable Bennett Enterprises issues a $372,000, 60-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. 1. fill in the blank e3bb2afd802100b_2 fill in the blank e3bb2afd802100b_3 fill in the blank e3bb2afd802100b_5 fill in the blank e3bb2afd802100b_6 2. fill in the blank e3bb2afd802100b_8 fill in the blank e3bb2afd802100b_9 fill in the blank e3bb2afd802100b_11 fill in the blank e3bb2afd802100b_12 fill in the blank e3bb2afd802100b_14 fill in the blank e3bb2afd802100b_15 b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. fill in the blank 87e29d09a068002_2 fill in the…
- Entries for Notes Payable Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory. Assume a 360-day year. If an amount box does not require an entry, leave it blank. a. Journalize Laughlin Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. 1. Merchandise Inventory Notes Payable 2. Notes Payable Interest Expense Cash b. Journalize Morrison Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. Notes Receivable Sales 2. Cash Notes Receivable Interest RevenueEntries for notes payable Bennett Enterprises issues a $612,000, 30-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. 1. Inventory fill in the blank aff4bdfd404a000_2 fill in the blank aff4bdfd404a000_3 Notes Payable fill in the blank aff4bdfd404a000_5 fill in the blank aff4bdfd404a000_6 2. Notes Payable fill in the blank aff4bdfd404a000_8 fill in the blank aff4bdfd404a000_9 Interest Expense fill in the blank aff4bdfd404a000_11 fill in the blank aff4bdfd404a000_12 CashEntries for Notes Payable Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory. Assume a 360-day year. If an amount box does not require an entry, leave it blank. a. Journalize Laughlin Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. 1. fill in the blank 64677a0a8f9b073_2 fill in the blank 64677a0a8f9b073_3 fill in the blank 64677a0a8f9b073_5 fill in the blank 64677a0a8f9b073_6 2. fill in the blank 64677a0a8f9b073_8 fill in the blank 64677a0a8f9b073_9 fill in the blank 64677a0a8f9b073_11 fill in the blank 64677a0a8f9b073_12 fill in the blank 64677a0a8f9b073_14 fill in the blank 64677a0a8f9b073_15 b. Journalize Morrison Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. fill in the blank 9616b40e100d004_2 fill in the blank 9616b40e100d004_3 fill in the blank…
- Bennett Enterprises issues a $ 744,000, 45-day, 8%, note to Spectrum Industries for merchandise inventory. Assume a 360 - day year. If required, round your answers to the nearest dollar. If an amount box does not require an entry, leave it blank. Question Content Area a. Journalize Bennett Enterprises' entries to record: the issuance of the note. the payment of the note at maturity. 1. 2. Question Content Area b. Journalize Spectrum Industries' entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1. 2.Entries for Notes Payable A business issued a 60-day, 10% note for $80,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar. a. Accounts Payable Notes Payable b. Notes Payable Interest Expense CashEntries for Discounting Notes Payable Ramsey Company issues an $800,000, 45-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 7%. Assume a 360-day year. If an amount box does not require an entry, leave it blank. a. Journalize Ramsey's entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 1. 2. b. Journalize Buckner's entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. 2.