Entries for Discounted Note PayableA business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. Assume a 360-day year.a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank.Cash ✔0✔Interest Expense✔Notes Payable ✔Feedback000600,000 XCheck My Worka. Why is the company issuing the note? What type of note is being issi(interest-bearing or discounted)? Hot much will the company owe on the maturity date?b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank.Notes Payable ✓✔0 ✓Cash

Liability is what a company owes to outsiders. If the liability is held for less than one year than…

A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. Assume a 350-day year. a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it Cash ✔ EQ Interest Expense Notes Payable ✔ 0 ✓ 600,000 X

A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. Assume a 350-day year. a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it Cash ✔ EQ Interest Expense Notes Payable ✔ 0 ✓ 600,000 X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the journals provided in the assignment file to journalize the notes receivable transactions below. Nov. 2 - Received cash for the maturity value of a notes receivable for $400.00 plus $15.00 interest. Receipt 49 Nov. 10 - Accepted a 60-day, 9% note from Paula Jones for an extension of time on her account, $2,000.00. Note NR13 Nov. 20 - Accepted a 90-day, 8% note from George Robbins for an extension of time on his account, $3,000.00. Note NR14 Nov. 27 - Received cash for the maturity value of a notes receivable for $1,000.00 plus $30.00 interest. Receipt 51
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Emporium bank lends money to a customer on a six month note. What journal entry does the bank prepare? A. Debit note receivable and credit cash B. Debit cash and credit note receivable C: debit note receivable and credit service revenue D. Debit cash and credit note payable
Ablema has provided you with the following bank statement and bank account details in respect of the month ended 31 January 2018. Statement date - 31 January, 2018. Account No 1452800 Date Particulars Debit Credit Balance GH¢ GH¢ GH¢ 01-Jan-18 Balance forward 67,580 Cr 06-Jan-18 Cheque 597 120 67,460 Cr 06-Jan-18 Direct debit 2,020 65,440 Cr 12-Jan-18 Credit transfer 4,660 70,100 Cr 13-Jan-18 Cheque 600 1,420 68,680 Cr 14-Jan-18 Cheque 601 12,028 56,652 Cr 16-Jan-18 Lodgement 9,000 65,652 Cr 19-Jan-18 Cheque 599 18,004 47,648 Cr 23-Jan-18 Bank charges for December 2017 422 47,226 Cr 25-Jan-18 Quarterly interest received 62 47,288 Cr 27-Jan-18 Dishonoured cheque 1,600 45,688 Cr 27-Jan-18 Cheque 598 26,090 19,598 Cr 30-Jan-18 Cheque 603 5,048 14,550 Cr 31-Jan-18 Lodgement 14,500 29,050 Cr 31-Jan-18 Standing order: rent first quarter 2018 27,000 2,050 Cr The books and records of Ablema show the followings transactions through the bank account for the month of January 2018: Date Receipts…
Entries for discounted note payable A business issued a 60-day note for $48,000 to a bank. The note was discounted at 7%. Assume a 360 days in a year. Question Content Area a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. blank Account Debit Credit - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. blank Account Debit Credit - Select - - Select - - Select - - Select -
b. The following transactions were completed by Austin Ltd over a 3-month period: Nov 10: Received from G. R. Jackman, a customer, a Tk. 4,000, 60-day, 9% note dated Nov Nov 11: Received from Leshner on account, a Tk. 1,800, 60-day, 12% note dated Nov.10. Nov 20: Discounted Leshner'S note at the bank at 10%. Nov 24: Discounted Jackman's note at the bank at 10%. Dec. 3: Received a Tk. 2950, 30-day, non-interest bearing note darted Dec. 1 from Prado, C. 11.5 crediting Parado's account at face value. Dec. 7: Discounted Parado's note at the bank at 9%. Dec. 29: Received from Averett, a Tk.500, 90-days,12% note dated Dec.14 and made by B. Realty Inc. gave the customer credit for the maturity value of the note less discount at 10%. Dec. 29: Received a Tk. 3,500, 10-day, 7% note dated December 29 from S. Sulivan, a customer. Jan 10: Received notice from the bank that Jackman's note was not paid at maturity. A protest fee of Tk.15 was charged by the bank. Jan 22: Received a Tk.15,000, 120-day,…
Gentry Wholesalers accepts from Concord Stores a $8,850, 4-month, 8% note dated May 31 in settlement of Concord’soverdue account. The maturity date of the note is September 30. What entry does Gentry make at the maturity date,assuming Concord pays the note and interest in full at that time?Date Account Titles and Explanation Debit CreditSept.30 Notes ReceivableInterest ReceivableNotes Payable
Notes Payable A business issued a 90-day, 8% note for $52,000 to a creditor for an accounts payable. Illustrate the effects on the accounts and financial statements of recording (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a. Illustrate the effects on the accounts and financial statements of recording the issuance of the note. Balance Sheet Liabilities Assets Stockholders' Equity Statement of Cash Flows Income Statement b. Illustrate the effects on the accounts and financial statements of recording the payment of the note at maturity, including interest. Assume a 360-day year. If required, round interest expense to the nearest whole number. Balance Sheet Liabilities Assets Stockholders' Equity 4 Statement of Cash Flows Income Statement
On June 43, Trade Bank loaned a customer $30,000 on a 60-day, 10% note, temiting the face value less the interest to the customer. Which of the following journal entries would Trade Bank use to record the receipt of the note? a. Notes Receivable 30,000 Interest revenue 3,000 Cash 27,000 b. Notes receivable 30,000 Cash 30,000 c. Notes Receivable 29,500 Cash 29,500 d. Notes receivable 30,000 Interest revenue 500 Cash 29,500
Sunset West issues a $90617, 60-day, 9% note to Memorial Point in exchange for an overdue account payable. For MEMORIAL POINT: What is the amount that is debited to cash when Sunset West pays the note? Ans_________________
The bank statement for Jonzac Inc. showed a balance of $900, and the checkbook balance indicated $1,420. The total amount of outstanding cheques is $35. A $5 cheque printing charge and a $50 NSF were reported on the bank statement. There was a $500 deposit in transit. What is the reconciled balance? a. $1,095 b. $1,045 O c. $1,040 d. $1,365 P Type here to search ASUS
< Entries for discounted note payable A business issued a 60-day note for $39,000 to a bank. The note was discounted at 6%. Assume a 360 days in a year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. 000 000 b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. E A A