Bramble Corp. lends Sheffield Corp. $50400 on April 1, accepting a four-month, 9% interest note. Bramble Corp. prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared? Interest Receivable 378 Interest Revenue 378 Interest Revenue 378 50400 Cash Note Receivable Cash Interest Receivable Interest Revenue 378 50400 1134 S 1134

Sheridan Company lends Marigold Company $48000 on January 1 and, accepts a 4-month, 3% promissory note in exchange. Sheridan Company prepares financial statements on January 31. What adjusting entry should be made before preparing the financial statements? Interest Receivable Interest Revenue Cash Interest Revenue Notes Receivable-Marigold Company Cash Interest Receivable Interest Revenue 480 120 48000 120 480 120 48000 120

Accounting for notes receivable and accruing interest Carley Realty loaned money and received the following notes during 2018. Determine the maturity date and maturity value of each note. Journalize the entries to establish each Note Receivable and to record collection of principal and interest at maturity. Include a single adjusting entry on December 31, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar.

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4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the receipt. Account Debit Credit 5. Prepare the journal entry to accrue interest on the above note at 12/31/20. Account Debit Credit 6. Prepare the entry to record payment of the above note in full on it's due date of 5/1/21. Account Debit Credit 7. AB Company purchases a truck in the amount of $15,000. Additional costs include sales tax of $1500, painting of $2500, license of $150 and a 1 year auto insurance policy of $1200. Complete the journal entry for the auto purchase. Account Debit Credit

On November 1, 2024, New Morning Bakery signed a $204,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2025. New Morning Bakery should record which of the following adjusting entries at December 31, 2024? Multiple Choice Debit Interest Expense and credit Interest Payable, $2,040 Debit Interest Expense and credit Cash, $6,120 Debit Interest Expense and credit Cash, $2,040 Debit Interest Expense and credit Interest Payable, $6,120

Copperfield and Company issued a 90-day, 6.00% note for $200,000 to a creditor on account. The previous clerk entered the following journal entries to record the note on July 10, and the payment of the note at maturity. 1 2 3 4 5 DATE 1 JUL 10 Accounts Payable Notes Payable 2 3 Notes Payable Accounts Payable Interest Expense DATE DESCRIPTION JOURNAL Jul 10 Accounts Payable POST. REF. DESCRIPTION Journalize the payment of the note at maturity as it should have been journalized. Don't forget to include the date. Assume a 360-day year. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. DEBIT 200,000.00 JOURNAL 212,000.00 POST. REF. CREDIT You notice that the journal entry for recording the note on July 10 is correct, but the entry for the payment of the note at maturity (including interest) did not have a date and was not correct. 200,000.00 200,000.00 12,000.00 DEBIT 20,000,000.00 Score: 4/37 CREDIT ASSETS 200,000.00…

Harper Company lends Hewell Company $10,800 on March 1, accepting a four-month, 6% interest note. Harper Company prepares financial statements on March 31. What adjusting entry should be made before the financial statements can be prepared? a. Cash   54       Interest Revenue     54 b. Interest Receivable   216          Interest Revenue     216 c. Interest Receivable   54          Interest Revenue     54 d. Note Receivable   10,800         Cash     10,800

Suzuki Supply reports the following amounts at the end of 2021 (before adjustment).           Credit Sales for 2021 $ 251,000     Accounts Receivable, December 31, 2021   46,000     Allowance for Uncollectible Accounts, December 31, 2021   1,100   (Credit)     Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12% of receivables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Beta made a 4%, $20,000, 2-year loan to Alpha on July 1. The interest will be received when the loan is repaid. What adjusting journal entry should be recorded on December 31 (end of year)? Group of answer choices Debit Interest Receivable 600 and credit Interest Revenue 600 Debit Interest Receivable 400 and credit Interest Revenue 400 The correct answer is not listed. Debit Interest Receivable 800 and credit Interest Revenue 800 Debit Interest Receivable 1, 600 and credit Interest Revenue 1, 600