Crafty Cave Products borrowed $200,000 cash by issuing a 48-month, $246,660 zero coupon note on January 1, 2024. The note matures on December 31, 2027. Prepare the entry to recognize 2027 interest and repayment of the note at maturity. If an amount box does not require an entry, leave it blank.
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Crafty Cave Products borrowed $200,000 cash by issuing a 48-month, $246,660 zero coupon note on January 1, 2024. The note matures on December 31, 2027.
Prepare the entry to recognize 2027 interest and repayment of the note at maturity. If an amount box does not require an entry, leave it blank.
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- Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturity
- Mystic Magic issued a $120,250 note on January 1, 2018 to a customer, Amy Arnold, in exchange for merchandise. Terms of the note are 9-month maturity date on October 1, 2018 at a 9.6% annual interest rate. Amy Arnold does not pay on her account and dishonors the note. On November 10, 2018, Mystic Magic decides to sell the dishonored note to a collection agency for 25% of its value. Record the journal entries for Mystic Magic for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on October 1, 2018 C. Receivable sale on November 10, 2018A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseElement Surfboards issued a $210,800 note on January 1, 2018 to a customer, Leona Marland, in exchange for merchandise. Terms of the note are 9-month maturity date on October 1, 2018 at a 10.2% annual interest rate. Leona Marland does not pay on her account and dishonors the note. On December 2, 2018, Element Surfboards decides to sell the dishonored note to a collection agency for 30% of its value. Record the journal entries for Element Surfboards for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on October 1, 2018 C. Receivable sale on December 2, 2018
- Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018, Bank's Hardware issues a note with a principal amount of $560,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Bank’s Hardware Store for the following transactions. If an amount box does not require an entry, leave it blank. A. Note issuance. B. Subsequent interest entry on December 31, 2018. C. Honored note entry at maturity on December 31, 2019.Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018, Bank's Hardware issues a note with a principal amount of $560,000, 12% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Bank's Hardware Store for the following transactions. If an amount box does not require an entry, leave it blank. A. Note issuance. B. Subsequent interest entry on December 31, 2018. C. Honored note entry at maturity on December 31, 2019. A. Jan. 1, 2018 В. Dec. 31, 2018 С. Dec. 31, 2019 II II 1II II II III|Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018, Bank's Hardware issues a note with a principal amount of $510,000, 12% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Bank’s Hardware Store for the following transactions. If an amount box does not require an entry, leave it blank. A. Note issuance. B. Subsequent interest entry on December 31, 2018. C. Honored note entry at maturity on December 31, 2019. A. Jan. 1, 2018 - Select - - Select - - Select - - Select - B. Dec. 31, 2018 - Select - - Select - - Select - - Select - C. Dec. 31, 2019 - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -
- Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018, Bank's Hardware issues a note with a principal amount of $530,000, 12% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Bank's Hardware Store for the following transactions. If an amount box does not require an entry, leave it blank. A. Note issuance. B. Subsequent interest entry on December 31, 2018. C. Honored note entry at maturity on December 31, 2019. A. Jan. 1, 2018 В. Dec. 31, 2018 С. Dec. 31, 2019Sweet, Inc. issued a $120,000, 4-year, 8% note at face value to Flint Hills Bank on January 1, 2025, and received $120,000 cash. The note requires annual interest payments each December 31. Prepare Sweet's journal entries to record (a) the issuance of the note and (b) the December 31 interest payment. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Date (a) (b) Account Titles and Explanation Debit CreditSheridan, Inc. issued a $125,000, 4-year, 9% note at face value to Flint Hills Bank on January 1, 2020, and received $125,000 cash. The note requires annual interest payments each December 31. Prepare Sheridan’s journal entries to record (a) the issuance of the note and (b) the December 31 interest payment. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit(a) (b)
