Accounts Debit Credit $ 11,700 35,000 152,500 72,300 125,000 Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings $ 2, 300 10,100 23, 200 205,000 155,900 Totals $396,500 $396, 500 During January 2021, the following transactions occur: January Borrow $105,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,030 are required at the end of each month for 60 months. 1 January Receive $31,500 from customers on accounts receivable. 4 January Pay cash on accounts payable, $16, 000. 10 Pay cash for salaries, $29,400. January 15 January Firework sales for the month total $196,000. Sales include $65, 500 for cash and $130, 500 on account. The cost 30 of the units sold is $115,000. January Pay the first monthly installment of $2,030 related to the $105,000 borrowed on January 1. Round your 31 interest calculation to the nearest dollar. rcise 9-21 Part 3 epare an adjusted trial balance as of January 31, 2021.

On May 22, Jarrett Company borrows 9, 200, signing a 90-day, 7% $9, 200 noteWhat is the journal entry made by Jarrett Company to record the payment of the note on the maturity date? Choice Notes Payable $9,200, credit interest Expense $161 credit Cash $9,039 Notes Payable 9.200 credit Cash $9.200 Debit Notes Payable $9,361, credit Cash $9.361

L. How much interest income should be reported on December 31, 2020 with regards to the note from Company B? 2-2 Notes Receivables The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000 for Notes Receivables broken as follows: Notes receivable from Company A Notes receivable from Company B 3,000,000 1,000,000 Total 4,000,000 Additional information: The notes receivable from Company A is a three-year non- interest bearing note, with face value of P3,000,000. The note was received in exchange for a piece of land sold by BLUE on May 1, 2020. The land was carried in the books at the date of sale at P2,600,000. The difference between the face amount of the note and the carrying value of the land was credited to gain on sale of land. The market interest rate for a note of this type is 10%. The notes receivable from Company B bears interest at 10%. The note was received from sale of goods in the normal course of business. The note is dated October…

Rakesh