Franklin Company issued a $40,000 note to the Mercantile Bank on August 1, Year 1. The note carried a one-year term and a 12% rate of interest. How will the adjustment, dated December 31, Year 1, to record accrued interest expense impact the financial statements? Multiple Choice Decrease assets and decrease retained earnings by $2,000 Increase liabilities and decrease stockholders' equity by $1,600 Increase liabilities and decrease stockholders' equity by $2,000 Decrease stockholders' equity and increase liabilities by $4,800

Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $37,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8 %, $35,000 note payable along with paying $2,500 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11%, $57,000 note payable. _?Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 9%, $24,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _?_ Paid the amount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate calculations. View transaction list < Journal entry worksheet 1 2 3 4 5 6 7 8 Purchased $37,500 of…

12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000.  XYZ’s management has estimated that $17,000 in accounts receivable would be uncollectible.  For the end of 2020, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts: Bad debt expense:  Allowance for doubtful accounts:  For the end of 2020, what is the company's net realizable value?

12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000.  Yolandi’s management has estimated that $17,000 in accounts receivable would be uncollectible.   Bad debt expense   Allowance for doubtful accounts   For the end of 2020, what is the company’s net realizable value?

Subject: accounting

Monty Corp. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $77,000 cash to C. Bohr on a 12-month, 12% note. Sold goods to K. R. Pine, Inc., receiving a $3,300, 90-day, 6% note. Received a $12,000, 180-day, 7% note to settle an open account from A. Murdock. Accrued interest revenue on all notes receivable. Journalize the transactions for Monty Corp. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation. Round intermediate calculations to 5 decimal places, e.g. 15.25127 and final answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit credit

On June 5, Sheffield Company discounted at Sunshine Bank a $7,080 (maturity value), 120-day note dated March 7. Sunshine’s discount rate was 10%. (Use Days in a year table.) What proceeds did Sheffield Company receive? Note: Use 360 days a year. Do not round intermediate calculations.