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

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

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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 Expense
Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: a. On September 1, 2019, Yarnell sold a $10,000 system to Ross Company. Ross gave Yarnell a 6-month, 7% note as payment. b. On December 1, 2019, Yarnell sold a $6,000 system to Searfoss Inc. Searfoss gave Yarnell a 9-month, 9% note as payment. c. On March 1, 2020, Ross paid the amount due on its note. d. On September 1, 2020, Searfoss paid the amount due on its note. Required: Prepare the necessary journal and adjusting entries for Yarnell Electronics to record these transactions.
< 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
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Entries for Discounted Note Payable A business issued a 90-day note for $57,000 to a bank. The note was discounted at 6%. Assume a 360-day 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 to one decimal place. fill in the blank c68ddb02d07e078_2 fill in the blank c68ddb02d07e078_3 fill in the blank c68ddb02d07e078_5 fill in the blank c68ddb02d07e078_6 fill in the blank c68ddb02d07e078_8 fill in the blank c68ddb02d07e078_9 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. fill in the blank 9fbf4a07707ffe0_2 fill in the blank 9fbf4a07707ffe0_3 fill in the blank 9fbf4a07707ffe0_5 fill in the blank 9fbf4a07707ffe0_6
Note receivable Prefix Supply Company received a 120-day, 7% note for $84,000, dated April 12 from a customer on account. Assume 360-days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. $ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. E
Note receivable Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 12 from a customer on account. Assume 360-days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. 88
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 -
Entries for Discounted Note Payable A 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.
Entries for Discounted Note PayableA business issued a 90-day note for $36,000 to a creditor on account. The note was discounted at 9%. 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. If necessary, round to one decimal place.a. Accounts Payable Notes Payable Interest Expense b. Journalize the entry to record the payment of the note at maturity.
ntries for Discounted Note Payable A business issued a 60-day note for $36,000 to a creditor on account. The note was discounted at 6%. 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. If necessary, round to one decimal place. a. b. Journalize the entry to record the payment of the note at maturity. b.
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) 30,000