A company is holding a $6,000, 90-day, 6% note receivable, dated December 1.  The entry to record accrued interest at the end of its fiscal year on December 31 will include: Select one: a. An increase interest income for $90 b. An increase to cash for $6,090 c. A decrease to note receivable for $6,000 d. An increase to interest receivable for $30

Q: On November 1, Jasper Company loaned another company $270,000 at a 8.0% interest rate. The note…

A: Interest revenue reported in first year = Amount of loan x rate of interest x No. of months / 12

Q: Honeycomb Company issued a note receivable to a customer on September 1. The face value of the note…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: On October 1, 2011, Coast Financial loaned Barr Corporation$300,000, receiving in exchange a…

A: Maturity date of Notes = October 1, 2011 + 9 months = July 1, 2012 No. of Months from January 1,…

Q: January 1, Year 1, Luzak Company issued a $12,000, 4-year, 9% installment note to McGee Bank. The…

A: Journal Entry:  It is the first and foremost procedure in an accounting cycle. The transactions are…

Q: A company had the following accounts and balances on December 31, 2020: Accounts Receivable $ 6,000…

A: Current Liabilities of a company consist of Short - term financial obligations that are due…

Q: On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that…

A:

Q: On January 1, Gemstone Company obtained a $165,000, 7%, 10-year installment note from Guarantee…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On the first day of the fiscal year, a company issues $32,000, 11%, five-year installment notes that…

A: The journal is the book in which the company will record the transactions in chronological manner.…

Q: A company received a Note Receivable from a customer for a sale. The 9 percent, 9-month note was…

A: Value of notes receivable $1,50,000 Rate of Interest 9% Period (May 31 to December 31) 7 months…

Q: On the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes…

A: Issue price of note is given at $26,000 and annual payment is $10,825 ($3,120 interest and $7,705…

Q: Swan Corporation received a four-month, 8%, $1,650 note receivable on March 1. Theadjusting entry on…

A: Given information is: Value of Note Receivable = $1650 Interest rate = 8% Period = 4 months

Q: On the first day of the fiscal year, a company issues $75,000, 4%, five-year installment notes that…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The December Trial Balance of Jane Corporation includes among others, the following: Long term…

A: CL stands for current liabilities which refers to the liabilities or obligations that are paid…

Q: On October 1, Eder Fabrication borrowed $60 million and issued a nine-month promissory note.…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: On July 1, Year 1, the Barley Company loaned $50,000 to the Jackson Co. The note has a stated…

A: Given:Principal loaned - $50,000Interest rate – 10%Date of note issued – July 1, Year 1Maturity date…

Q: b. Determine the proceeds of the note assuming th

A: Merchandise inventory refers to products purchased from suppliers by a distributor, wholesaler, or…

Q: On the first day of the fiscal year, Shiller Company borrowed $33,000 by giving a seven-year, 8%…

A: Journal entry

Q: sued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for…

A: Solution: Issuance of note to a creditor on accounts means note is issued to a creditor for their…

Q: On October 1, Eder Fabrication borrowed $74 million and issued a nine-month promissory note.…

A:

Q: On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to…

A: From November 1 to December 31 = 2 months Interest accrued on December 31 = $9,000 x 6% x 2/12 = $90…

Q: On December 31 year-end, Crain Corporation has an $8,400 note receivable from a customer. The…

A: A note receivable is a document which is written promise made which indicates an amount to be…

Q: y 8, Jones Inc. issued an $79,100, 6%, 120-day note payable to Miller Company. Assume that the…

A: In the given situation, there is a note payable with 6% rate for 120 days. We need to find the…

Q: On the first day of the fiscal year, a company, issues $65,000, 6%, five year installment notes that…

A: Notes payable is liability.

Q: Assume 360 days in a year. Do not round your intermediate calculations and round your final answer…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: On January 1, Year 1, Bryson Company obtained a $22,000, four-year, 12% installment note from…

A: Workings: Calculation of Interest: Year 1: 22000 x 12 % = 2640 Decrease in Notes payable = Notes…

Q: On October 1, a company borrowed $200,000 on a two-year, 12% note, with interest and principal to be…

A: Given: Principal = $200,000 Interest rate = 12%   From Oct 1 to Dec 31 = 3 months

Q: On the first day of the fiscal year, Shiller Company borrowed $26,000 by giving a three-year, 12%…

A: Notes payable is a liability account to repay a particular amount in a given period of time, where a…

Q: A company isues a note receivable in place of an outstanding accounts receivable balance. The note…

A: Notes Receivables Issued: It is possible to get a note receivable by writing a promise to receive a…

Q: Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account.…

A: Journal Entry is the primary entry of business transactions. Every transaction has a dual effect…

Q: BE11-2 Peralta Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year…

A: Journal entry refers to a recording/ classifying of business transactions into books of accounts…

Q: Slack Inc. borrowed $320,000 on April 1. The note requires interest at 12% and principal to be paid…

A: Accrual basis: Accrual basis is a method of accounting. In this method recording of revenues are…

Q: At year-end, Thor Company issued a P 1,000,000 face amount note payable in exchange for services…

A: >Note Payables are the liabilities. >It can be issued in case of: --when goods are…

Q: On the first day of the fiscal year, a company issues $69,000, 9%, seven-year installment notes that…

A: Note​ : Note is an instrument through which borrower obtains money from a person called lender and…

Q: A business issued a 120-day, 6% note for $10,000 to a creditor on account. The company  uses a…

A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…

Q: A company collects an honored note with a maturity date of 24 months from establishment, a…

A: Note receivable is one of the current asset of the business. It means business has to receive some…

Q: On the first day of the fiscal year, a company issues $60,000, 7%, five-year installment notes that…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the…

A: Solution: Days in current year = June 30 - June 1 = 29 days Days in following year = 120 - 29 = 91…

Q: On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a sevenyear,7%…

A: a) Prepare the journal entry.

Q: On the first day of the fiscal year, a company issues $35,000, 5%, eight-year installment notes that…

A: Introduction: Journals: Recording of a business transactions in a chronological order. first step in…

Q: On December 1, a company signed a $6,000, 90-day, 5% note payable, with principal plus interest due…

A: Answer:   Option b.

Q: A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day…

A: Note Payable are a form of liability for the business, on which regular interest payments needs to…

Q: On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee…

A: An installment note can be defined as a promissory note that is a type of debt financing that…

Q: On October 1, Eder Fabrication borrowed $79 million and issued a nine-month promissory note.…

A: Liabilities: Liabilities are referred to as the obligations of the business towards the creditors…

Q: (a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and…

A: Journal: It refers to an account in which all the financial transactions pertaining to a business…

Q: A business issued a 45-day note for $80,000 to a creditor on account. The note was discounted at 5%.…

A: