19) On February 1 of Year 1, a company received $100,000 cash from a one- year bank loan. The interest rate on the loan is 6%. No payments are due on the loan until January 31 of Year 2. Which debit or credit is correctly included in the adjusting journal entry necessary on December 31 with respect to this loan? ◇ Credit to interest expense for $6,000. O Credit to interest payable for $6,000. Debit to interest expense for $5,500. Debit to interest payable for $5,500.

Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.

23) On March 1, a company borrowed $60,000 under a one-year loan agreement. The annual interest rate is 6%. As of the end of the year, no entry has yet been made to record the accrued interest on the loan. Which debit or credit is correctly included in the adjusting journal entry necessary on December 31 to record the unpaid interest? ○ Credit to interest payable for $600. O Credit to cash for $600. ○ Debit to interest expense for $3,000. ◇ Debit to interest payable for $3,000.

On December 1, Gilman Corporation borrowed $20,000 on a 90-day, 6% note. Prepare the entries to record the issuance of the note, the accrual of interest at year end, and the payment of the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit $11

Sunland Company borrows $47,600 on July 1 from the bank by signing a $47,600, 13%, one-year note payable. (a)   Prepare the journal entry to record the proceeds of the note. (b)   Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.

32) On November 1, Bahama national bank lens $3.9 million and except a six month, 9% note receivable. Interest is due at maturity. Record the acceptance of the note and the appropriate adjustment for interest revenue add December 31, the end of the reporting period. (If no entry is required for a transaction/event, select “ no journal entry required” in the first account field. Enter your answer in dollars, not in millions (I.E. 5 should be entered as 5,000,000).)

Concord Company borrows $52,800 on July 1 from the bank by signing a $52,800, 12%, one-year note payable. (a) Prepare the journal entry to record the proceeds of the note. (b) Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit (a) (b)

Peralta Company borrows $53,400 on July 1 from the bank by signing a $53,400, 8%, one-year note payable. (a)   Prepare the journal entry to record the proceeds of the note. (b)   Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit (a)                   (b)

Bonita Company borrows $39,000 on July 1 from the bank by signing a $39,000, 8%, one-year note payable. (a)   Prepare the journal entry to record the proceeds of the note. (b)   Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Oriole Company borrows $49,000 on July 1 from the bank by signing a $49,000, 9%, 1-year note payable. Interest will be repaid at maturity. (a) (b) Prepare the journal entry to record the proceeds of the note. Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) for the Date Account Titles and Explanation Debit Credit