Blue Inc. has a year-end of June 30.  On December 1, 2020, the company signed a 10-month, 5% note receivable for $28,000.  The adjusting entry required at year-end is:   Question 14 options:   DR Interest receivable $1,400  CR Interest income $1,400   DR Interest income $1,167  CR Interest receivable $1,167   DR Interest receivable $817  CR Interest income $817   DR Interest income $117  CR Interest receivable $117

Rotel purchased merchandise from TechCom on October 17, 2019. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2020 when the note is honoured? Multiple Choice   Cash 4918.36     Interest Earned   19.73   Interest Receivable   98.63   Notes Receivable   4,800   Cash 4918.36     Interest Earned   98.63   Interest Receivable   19.73   Notes Receivable   4,800   Cash 4918.36     Notes Receivable   4918.36   Cash 4918.36     Interest Earned   118.36   Accounts Receivable   4,800   Cash 4918.36     Interest Earned   118.36   Notes Receivable   4,800   The Liccorish Pizza bought $5,000 worth of merchandise from TechCom and signed a 90-day, 10% promissory note for the $5,000. TechCom's journal entry to record the transaction is Multiple Choice   Notes Receivable 5,125     Sales   5,125   Accounts…

On November 1, 2021, a firm issues a $10,000 6% 6-month note payable. Interest is paid with the maturity of the note. The firm performs adjusting entries each month. On April 30, when the note is repaid, the entry recorded: Decreases assets by $10,000 None are true Decreases both assets and liabilities $10,300 Includes an expense of $200 Includes an expense of $300

Damoah's Pizza Co. borrowed $200,000 on January 1, 2020, and signed a two-year note bearing interest at 12%. Interest is payable in full at maturity on January 1, 2022. In connection with this note, Damoah's should report interest expense at December 31, 2020, in the amount of:   Question 23 options:   $0   $24,000   $48,000   $50,880

Allen Inc. took out a 1-year, 8%, $100,000 loan on March 31, 2018. Interest is due upon maturity of the loan. The loan and interest must be paid back on March 31, 2019. As of December 31, 2018, what amount, if any, should Allen Inc. report for interest payable? Multiple Choice $6,000 $2,000 $0 $8,000