a. On December 31, 2019, the Notes Payable account at Northwood Manufacturing Company had a balance of $13,500. This balance represented a three-month, 10 percent note issued on November 1. Journal entry worksheet   Record the adjustment for interest. Note: Enter debits before credits.         Date General Journal Debit Credit Dec 31, 2019

Q: Record the journal entries for Bank’s Hardware Store for the following transactions. If an amount…

A: Journal entry:   Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Horus Company provided for doubtful accounts expense monthly at 3%of credit sales. The balance in…

A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…

Q: The June 30, 2019, balance sheet of Ram Technologies reports the following:    Accounts…

A: Requirement No. 1 (i) Record the transactions in the journal: Date Particulars  Debit Credit…

Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…

A: Given information is: Selkirk Company obtained a $15,000 note receivable from a customer on January…

Q: Rosalie Couses the gross method to record sales made on credit. On June 10, 2019, it made sales of…

A: Under gross method, the discount is treated at the time of receipt of payment.

Q: In Leni Company's December 31, 2021 statement of financial position, a note receivable was reported…

A: A note receivable seems to be a written commitment to pay a certain sum of money to some other party…

Q: On November 1, 2021, JP Designs signed a $300,000, 6%, six-month note payable with the amount…

A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…

Q: MCM Company issued a note receivable to a customer on September 1, 2020. The face value of the note…

A: Note receivable is considered as a negotiable instrument. It represents the claim amount due on the…

Q: Agrico Inc. accepted a 10-month, 13% (annual rate), $5,350 note from one of its customers on May 15,…

A: Face value of note = $5,350 Interest Rate = 13% Period (May 15, 2019 to December 31, 2019) = 7.5…

Q: Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1,…

A: Definition: Liabilities: The claims creditors have over assets or resources of a company are…

Q: Prepare journal entries to record the following transaction: On January 1, 2020, Shoppers Inc.…

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

Q: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of…

A: Account receivables: Account receivable is the balance of money due to a firm for goods and services…

Q: On December 1, 2020, Shaw Company accepted from Bogner a $10,000, 3-month, 8% note in lieu of an…

A: Journal entries are used by the management to record the transactions in the books of accounts.…

Q: Green Lee lends Blue Who $200,000 on October 1st 2016, accepting a 9-month, 8% interest note. All…

A: Total Interest = $200,000 x 8% x 9/12 = $12,000   Interest accrued till Dec 31, 2016 = $12,000 x 3/9…

Q: March 6: Mr. collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby.…

A: Notes Receivable: Notes Receivable refers to a written promise to receive the said amount given at a…

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: Note is a form of debt issued or taken by the company. Interest has to be paid or received on the…

Q: Horus Company provided for doubtful accounts expense monthly at 3%of credit sales. The balance in…

A: Solution: Bad debts expenses recorded during the year on monthly basis = P20,000,000*3% = P600,000…

Q: View Policies Current Attempt in Progress On November 1, 2021, Golden Valley Inc. accepted a…

A: >Note receivables are the current asset. >It can be accepted in case of: --when goods…

Q: On December 31, 2019, the Notes Payable account at Vanessa’s Boutique Shop had a balance of $62,800.…

A: Interest which has been accrued but which was not paid as on the balance sheet date is to recorded…

Q: horizontal model to record collection of the note and interes

A: Interest income on note receivable = Value of note * Annual interest rate * Number of months until…

Q: Horus Company provided for doubtful accounts expense monthly at 3%of credit sales. The balance in…

A: 1. Allowance for doubtful accounts - Allowance for doubtful accounts is the provision made by the…

Q: Wildhorse Co. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.…

A: Interest accrued on dec 31 = face value of note x rate of interest x 6/12 = $64,800  x 8% x 6/12 =…

Q: Horus Company provided for doubtful accounts expense monthly at 3%of credit sales. The balance in…

A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…

Q: The Bronxville Company has a Dec 31st year-end. On Nov 1, 2020, the Bronxville company sold…

A: Face value of notes receivable on November 1, 2020 $92,000 Rate of interest  5% Interest Revenue…

Q: Arvan Patel is a customer Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018,…

A: The answer is as fallows

Q: Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1,…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Spring Designs & Decorators issued a 120-day, 6% note for $42,000, dated April 13 to Jaffe Furniture…

A: Interest on note = Face value of note x rate of interest x no. of days / 360 = $42000 x 6% x 120/360…

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $20,700. What…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: You company provided the following information on Dec. 31, 2019: Accounts Payable Bank note payable…

A: Current Liabilities are those liabilities which are due and payable within one year. Out of the…

Q: The unadjusted trial balance of the Manufacturing Equitable at December 31, 2018, the end of its…

A: 1. Prepare the adjusting journal entries at December 31, 2018:

Q: Below are the transactions related to notes receivable activity for Barton Corporation.…

A: Generally days for interest calculation in accounting taken 360 days in a year.  Note receivable…

Q: on october 1, 2019, Island Jewelry company accepted a 4 -month, 10% note fot $2,400 in settlement of…

A: Note Receivable: A note receivable is a written agreement or promise to receive a specific amount of…

Q: ABC Company received a ten-month, $18,000, 4% note from XYZ Corporation on April 1, 2020 to replace…

A: First understand the Journal Entry on Dec 31, 2020 Date General Journal Debit Credit Dec 31…

Q: ABC Company received a ten-month, $18,000, 4% note from XYZ Corporation on April 1, 2020 to replace…

A: Formula: Interest amount = Principal amount xx interest rate Multiplying principal amount with…

Q: Wellington Company had the following transactions involving notes payable. Nov. 1, 2020   Borrows…

A: Book are closed on Dec. 31 and note matures on Feb. 1. So, an adjusting entry for interest accrued…

Q: On July 1, 2019, Maricris Company received a P20,000 promissory note from Jordyn Company. The annual…

A: Interest receivable: It can be defined as the interest earned on the investment made but not yet…

Q: Charm Company estimates its annual warranty expense as 2% of annual net sales. The following data…

A: Solution: Warranty expense for 2019 = Net Sales * 2% Net sales - P3,200,000 Warranty expense for…

Q: Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1,…

A: Annual Interest revenue = $490,000*11% Annual Interest revenue = $53,900

Q: Horus Company provided for doubtful accounts expense monthly at 3%of credit sales. The balance in…

A: Age Amount % uncollectible Amount uncollectible 1 – 60 days 6,000,000 10% P600000 61 – 180 days…

Q: on november 1, 2018, Downtown  Jewelers accepted a 3-month, 15% note for $6,000 in sttlement of an…

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period, as…

Q: 37, Best Company uses accrual accounting and closes its books every December 31. On April 1, 2022,…

A: Interest receivable from April 1, 2022 to December's 31, 2022 = issue  price of note × interest rate…

Q: Suppose, on September1, 2019 Fido Corporation borrows $30,000 from its bank for a period of 8 months…

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

Q: Villa company estimates its annual warranty expense at 8% of net sales.  The following data relate…

A: Total warranty expenses = warranty liability balance after adjustment + debit warranty liability…

Q: Tom’s Surf Company, whose fiscal year ends December 31, completed the following transactions…

A: Short-term notes payable: Short-term notes payable is a written promise made by the business to pay…

Q: On January 1, 2019, Jasmin Company had a credit balance of P260,000 in the allowance or…

A: Uncollectible accounts expense = Credit sales x 2%

Q: dan Company had a five-month, 5%, $79,200 note receivable that was issued on October 1, 2021.…

A: Journal entry refers to the process of inspecting and documenting all the transactions of a company…

Q: On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan.…

A: Working Note: 1. 31-Dec 2021 Interest payable account = ($44,000 *6%*2/12) = $440 2. 1-Feb 2022 =…

Q: Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1,…

A: Journal entry is a process of recording the business transactions in the books of accounts for the…