Entries for notes payable Bennett Enterprises issues a $612,000, 30-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a.  Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. 1. Inventory  fill in the blank aff4bdfd404a000_2 fill in the blank aff4bdfd404a000_3   Notes Payable  fill in the blank aff4bdfd404a000_5 fill in the blank aff4bdfd404a000_6 2. Notes Payable  fill in the blank aff4bdfd404a000_8 fill in the blank aff4bdfd404a000_9   Interest Expense  fill in the blank aff4bdfd404a000_11 fill in the blank aff4bdfd404a000_12   Cash

Q: Blossom Company accepts from Gates Stores a $5,100, 4-month, 8% note dated May 31 in settlement of…

A: Note receivable Note receivable refers to a written promise for the amounts to be received within a…

Q: The entry to record the receipt of payment within the discount period on a sale of $4000 with terms…

A: DISCOUNTING PERIOD A firm makes sales to its customer and allows a discount for making payment…

Q: entry Wholesalers accepts from Metlock Stores a $9,500, 4-month, 12% note dated May 31 in settlement…

A: Maturity date: Maturity date is the due date on note. On due date, the borrower is supposed to repay…

Q: Notes Receivables 2018 July1. Sold inventory to Go – Mart receiving a $37,000, nine months,…

A: Journal Entries: 2018 Date Particulars Debit Credit July 1 Note Receivable - Go Mart 37,000…

Q: 2018 Mar. 2 Nov. 1 Dec. 31 2019 Nov. 1 Recorded credit sales of $100,000. Ignore Cost of Goods Sold.…

A: The journal entry can be defined as the very first step in accounting because the business…

Q: Entries for Discounting Notes Payable Ramsey Company issues an $372,000, 30-day note to Buckner…

A: Journal entries are the basic method for recording financial transactions in the books of accounts.…

Q: Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During…

A: Notes Receivable - Notes Receivable is an instrument issued by the payer to the receiver. It acts as…

Q: Current Attempt in Progress Ivanhoe Supply Co. has the following transactions: Nov. 1 15 Dec. 1 15…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: Q1. On October 30, 2018, Muscat Co. purchased OR 18,000 of merchandise inventory on a seven months,…

A: As you posted Multiple questions as per our guidelines  we are answering only First question. Kindly…

Q: Carroll Company accrued interest of $300 on a $6,000, 10% note payable at December 31. The annual…

A: Lets understand the basics.A journal entry is a record of a company's financial transactions kept in…

Q: Record the sale of receivable.

A: Sometimes companies require funds and they too have the assets like the accounts receivables for…

Q: Entries for Discounted Note Payable A business issued a 30-day note for $54,000 to a creditor on…

A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: Rescue Sequences LLC purchased inventory by issuing a $30,000, 60-day, non-interest bearing note on…

A: Solution: Face amount of note = $30,000 Discount rate = 15% Discount amount of note =…

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: tecord journal entries for the following transactions of Piano Wholesalers. an. 1, 2018 Dec. 31,…

A: Journal entries A journal entry is the recording of a transactions into a journal like the general…

Q: Cheyenne Co. uses the net method to account for cash discounts. On June 1, 2020, it made sales of…

A: The net method in sales refers to the practice of deducting any sales discounts offered to customers…

Q: Entries for Discounted Note Payable A business issued a 30-day note for $48,000 to a creditor on…

A: Introduction: A note payable is a promissory note in writing. Under this agreement, a borrower…

Q: 5.4 Determine the inventory period of MS Manufacturers from the information provided below.…

A: Cash conversion cycle means the number of days it takes the inventory to convert to sales and then…

Q: Keesha Company borrows $100,000 cash on November 1 of the current year by signing a 90-day, 11%,…

A: Notes payable is an instrument issued by the payer. It acts like a promissory note that carries a…

Q: I want answer for these questions with typing please. Thanks   On October 30, 2018, Muscat Co.…

A: Journalize the company’s purchase of merchandise, accrual interest expense on December 31, and the…

Q: P11-2C The following are selected transactions of Glazer Company. Glazer prepares financial…

A: (a) Date Particulars Debit  Credit Jan. 2 Merchandise Inventory or Purchases $18000…

Q: Bennett Enterprises issues a $625,000, 90-day, 10% note to Spectrum Industries for merchandise…

A: Notes Payable -Notes Payable is the promissory notes issued by the supplier against promise to pay…

Q: Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1,…

A: Recording the journal entries for Bank's Hardware Store are as follows:

Q: Prepare the journal entries for the following transactions: May 1 Sold $150,000 of goods to Georgia…

A: Loss on sale of receivable = Amount receivable x discount rate x no. of months /12 = $120,000 x 12%…

Q: Bamble supply accepts a $3,000, 120-day, 4% note dated April 10 from Clairmont in settlement of…

A: Let's understand the basics.When borrower is in needs of funds then they issue notes payable against…

Q: Please prepare for the adjusting journal entries. Please show how you got your work.

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: On August 2, Jun Company recelves a $7,700, 90-day, 15.0% note from customer Ryan Albany as payment…

A: The account receivables represents the amount due from the customer. It is recorded as current…

Q: Details of Notes Receivatle and Related Ertries Gen-X Ads Co. produces advertising videos. During…

A: Notes Receivable - Notes Receivable is the amount which will be promise to be paid on maturity…

Q: Required information [The following information applies to the questions displayed below.] Roger…

A: 1. Liabilities are the obligation which are required to be paid in a specific period.  Short term…

Q: Bennett Enterprises issues a $600,000, 45-day, 6%, note to Spectrum Industries for merchandise…

A: Step 1: PART-ANoAccount titleDebitCredit1Inventory600000  Notes payable 600000 (To Record purchase…

Q: Accounts Receivable Analysis A company reports the following: Sales $531,440 Average accounts…

A: Accounts receivable represents the amount that has been earned but not yet received by the customer.…

Q: Tyrell Company entered into the following transactions involving short-term liabilities. Year 1…

A: Interest is computed based on Principal amount, Rate of interest and period due.Interest accrual is…

Q: Journalize Laughlin Enterprises’ entries to record:

A: Record the entries in the books of L enterprise as follows: Resultant Table:

Q: Bennett Enterprises issues a $580,000, 45-day, 6% note to Spectrum Industries for merchandise…

A:

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

A: A note receivable is an asset account tied to an underlying promissory note, it is an agreement in…

Q: Use the following transaction to answer the all of the questions. A company purchases inventory on…

A: Purchases Purchasing is the organised possession of goods or services on behalf of the buyer.…