b. Determine the proceeds of the note assuming th

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

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

Q: On February 1, Electronic Warehouse Co. issued a 45-day note with a face amount of $80,000 to Yamura…

A: Notes are issued by the organisation for receivables and payables that are to be received or paid in…

Q: Autumn Designs & Decorators issued a 120-day, 6% note for $76,800, dated April 13 to Zebra Furniture…

A: Maturity Value of the Note = Face Value + (Face Value * Interest rate * Days of Note / 360) Interest…

Q: Entries for notes receivable Valley Designs issued a 90-day, 10% note for $24,000, dated April 19,…

A: The journal entries are the first step in accounting to record transactions. The T0accounts are…

Q: On January 1, 2022, Easy Company sold merchandise for 500,000 by accepting a note for 6 months with…

A:

Q: On August 1, Batson Company issued a 60-day note with a face amount of $140,000 to Jergens Company…

A: Notes in accounting, also known as promissory notes, are written promises to pay a specific amount…

Q: Harris Company borrows money from the Whitestar Bank and signs an interest-bearing promissory note.…

A: Interest Rate = Interest * 100 * 360  / (Days * Principal)

Q: Roberti Company paid Hoffman Company for merchandise with a $8,000, 60-day, 9% note dated April 1.…

A: The question is based on the concept of Financial Accounting. When goods are sold on credit and note…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $90,000 to Jergens Company…

A: Issue of note against inventory is a liability. It is a short-term note payable within 60…

Q: Martinez Co. borrowed $71,059 on March 1 of the current year by signing a 60-day, 5%, interest-…

A: Interest = $71,059 x 5% x 60/360 = $592

Q: Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On…

A: Req : a       Computation of Present Value of Notes receivable:       Table Value are Based on:…

Q: 2, 69 st dol

A: Answer : Interest = Notes value * Interest rate * Days Interest = $75,972 * 6%*120/360 Interest =…

Q: Sylvestor Systems borrows $103,000 cash on May 15 by signing a 150-day, 4%, $103,000 note. 1. On…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On…

A: Journal: Recording of a business transactions in a chronological order.

Q: ired 2B rest at turity ure? Required 2B General Journal

A: Answer : Note mature date = 12 October 15 May + 150 days = 12 Oct.  16 Days remaining from May + 30…

Q: On June 8, Williams Company issued an $70,538, 11%, 120-day note payable to Brown Industries.…

A: The note payable is reported as liabilities in the balance sheet. The maturity value of note is…

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: Proceeds from Notes Payable On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a…

A: On a company's balance sheet, the notes payable account shows the debt the company has to creditors…

Q: Samberg Incorporated had the following transactions. October 1 - Sold $20, 500 of merchandise on…

A: The journal entries are prepared to record the transactions on regular basis. The note receivable is…

Q: On April 1, 20X1, Nelsen Inc. accepts a $100,000, 8% note. The note receivable and interest are due…

A: Note Receivable: It implies a promissory note which is written by the borrower in the favor of…

Q: Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 12 from a customer on…

A: Journal entries are the primary reporting of the business transactions in the books of accounts,…

Q: 3. Ramsey Company issues merchandise inventory. a. Journalize Ramsey's 1. The issuance of 2. The…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On 1/1/17, Carl Weathers Corp. purchases an asset and promises to make four annual payments of…

A: The discount to notes payable is the discount which has been occurred at the time when a fixed…

Q: Martinez Co. borrowed $52,557 on March 1 of the current year by signing a 60-day, 12%,…

A: Notes payable is categorized as a negotiable instrument signed by the promisor who agreed to pay a…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $96,000 to Jergens Company…

A: Proceeds of the note (when note is discounted) = Face value of the Note - Discount amount where,…

Q: Martinez Co. borrowed $69,569 on March 1 of the current year by signing a 60-day, 7%,…

A: From March 1 to April 30 = 60 days Interest is paid on the funds used by the business to generate…

Q: 8. ABC Co. paid XYZ Co. $2,000 for merchandise with a 60-day, 12% note dated October 31st. If ABC…

A: Notes receivable refers to a financial asset that arises when a party (usually a borrower or debtor)…

Q: Martinez Co. borrowed $58,220 on March 1 of the current year by signing a 60-day, 11%,…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: Madison Company issued an interest-bearing note payable with a face value of $9,600 and a stated…

A: Total liabilities are the sum of a person's or company's debts. They fall into three broad…

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: Note receivable Prefix Supply Company received a 120-day, 7% note for $84,000, dated April 12 from a…

A: The journal entries are prepared to record the transactions on regular basis. The note receivable…

Q: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day…

A:

Q: Martinez Co. borrowed $74,240 on March 1 of the current year by signing a 60-day, 12%,…

A: Given, Face value of the note = $74,240 Interest rate = 12% Period = 60 days

Q: On August 1, Batson Company issued a 60-day note with a face amount of $85,200 to Jergens Company…

A:

Q: Good Day Service Center received  a 120-day, 6% note for $250,000, dated April 12 from a customer on…

A: Calculation of due date of the Note Due Date of Note will be 120 days form the date on which it is…

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

A: Formula: Interest amount = Notes amount x Interest rate x Time period

Q: On August 1, Batson Company issued a 60-day note with a face amount of $75,600 to Jergens Company…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day…

A: Notes payable is a negotiable instrument used for differing payments. In this one-party agree to pay…

Q: Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a…

A: The concept presented in the scenario has to do with borrowing money via a promissory note, which is…

Q: )Determine the due date of the note. b)Determine the maturity value of the note. Assume 360 days in…

A: Given information is: Lundquist Company received a 60-day, 9% note for $21,500, dated July 23, from…

Q: The income statement and statement of owner's equity for Jay Pembroke for the month ended April 30,…

A: Balance Sheet - It is one of the financial statements that shows list of final ending balances of…

Q: Martinez Co. borrowed $62,310 on March 1 of the current year by signing a 60-day, 8%,…

A: The journal recorded at the time payment is : Interest expense A/c    Dr         831          -…

Q: Bennett Enterprises issues a $648,000, 60-day, 9%, note to Spectrum Industries for merchandise…

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

Q: Martinez Co. borrowed $54,000 on March 1 of the current year by signing a 60-day, 7%,…

A: