Greener Pastures Corporation borrowed $1,000,000 on November 1, 2015. The note carried a9 percent interest rate with the principal and interest payable on June 1, 2016. Show the accountingequation effects and prepare the journal entries for ( a ) the note issued on November 1 and ( b ) theinterest accrual on December 31.

Q: Blue Spruce Corp. lends Dobson industries $ 60000 on August 1, 2017, accepting a 9-month, 6%…

A: Interest receivable on December 31, 2017 = 60,000 x 6/100 x 5/12 = $1,500  Interest revenue from…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: Answer: Part 1 - Journal Entry to record the foregoing transactions: Date Account Title Debit…

Q: Upland Company borrowed $40,000 on November 1, 2017, by signing a $40,000, 9%, 3-month note. Prepare…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Martinez Co. borrowed $71,059 on March 1 of the current year by signing a 60-day, 5%, interest-…

A: Interest = $71,059 x 5% x 60/360 = $592

Q: Zorzi Corporation borrowed $60,000 on November 1, 2017 by signing a $61,350, 3-month, zero-interest…

A: Discount on Notes Payable = Face Value of Note - Amount borrowed = $61,350 - $60,000 = $1,350

Q: Alfred Company lends $40,000 with 9% interest to a customer on August 1, 2015, in exchange for a…

A: Interest revenue is credited for $1,500.

Q: On December 31, 2011 , Bunny Co. received a 10% note with face amount of P1,500,000. Both principal…

A: Interest receivable on December 31, 2012 = Face value of notes x rate of interest x no. of months in…

Q: On October 1, 2009, a company received a one-year note receivable bearing an interest rate at market…

A: Interest income represents the percentage of interest accrued on the amount lend. It is paid over a…

Q: KMC Inc. provided a loan to Jim Ltd on January 1st, 2016 and received in exchange a 4-year, $120,000…

A: The note receivable is the assets, for which the cash would be received in future period.

Q: On May 1, 2014, Nico Company sold merchandise to Customer Francis and received a P26,400 (face…

A: Present value of note receivable on May 1, 2014 = Face value of note x present value factor (10%, 1…

Q: Assume that on December 1, 2015, your company borrowed $15,000, a portion of which is to berepaid…

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: Sheffield Corp. had the following transactions involving notes payable. July 1, 2020   Borrows…

A: Note payable is a written promissory note, under which the borrower promises to pay the lender a sum…

Q: Abardeen Corporation borrowed $136,000 from the bank on October 1, 2018. The note had an 7 percent…

A: Abardeen Corporation borrowed $136,000 from the bank on October 1, 2018. The note had an 7 percent…

Q: On November 25 of the current year, a company borrows $8,000 cash by signing a 90-day, 5% note…

A: The accrued interest payable shall be recorded on December 31 in accordance with the accrual basis…

Q: [The following information applies to the questions displayed below.] Greener Pastures Corporation…

A: Accounting equation represents the company’s financial position in an equation form. It can be…

Q: On September 1, 2017, Brita Hawtof Company signed a $75,000, nine month, 6 percent note payable. The…

A: Prepare journal entry the interest accrued but not paid.

Q: On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $600,000.…

A: Cash received = Total amount of promissory note - Finance charges = $450,000 - $600,000*1.8% =…

Q: Cars Inc. issued 120 day note in the amount of $360,000 on November 1, 2016 with an annual rate of…

A: Solution: Amount of interest accrued as of Dec 31, 2016 = Amount of note * Interest rate * Period…

Q: On September 1, 2011, Health Wise International acquired a 12 percent, nine-month note receivable…

A: Note Receivable is a form of account receivable for the company, from which business will receive…

Q: On October 1, Eder Fabrication borrowed $84 million and issued a nine-month, 15% promissory note.…

A: Journal entries is an process of recording accounting transactions of the firm which involves…

Q: Phoebe Corporation signed a six-month note payable on October 23, 2018. What accountsrelating to the…

A: When the notes payable is signed in the middle of the financial year, and interest is included, the…

Q: The balance sheet of DWARF CORP. reported the following long-term receivables as of December 31,…

A: Since we answer upto three sub-parts, we shall answer first three. Please resubmit a new question…

Q: On May 1, Huxley, Inc borrowed $146,000 cash from First Banc Corp under a six-month…

A: Non-Interest bearing note refers to the note payable in which there is no interest rate. It is…

Q: n March 1, 2012, Forest Co. borrowed cash and signed a 36-month, interest-bearing note on which both…

A: The question is based on the concept of Financial Accounting.

Q: On June 30, 2018, Munoz Company’s total current assets were $503,500 and its total current…

A: Working capital = Current assets - Current liabilities   Current ratio = Current assets / Current…

Q: On January 1, 2016, Nantucket Ferry borrowed $14,000,000 cash from BankOne and issued a four-year,…

A: Prepare journal entry to record in the books of Borrower as on 31st December 2018.

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

A: Introduction: Journals: Each and every business transactions are to be recorded in journals. All the…

Q: ABC Corporation borrowed 24,000 on December 1, 2011, by issuing a two-month, 8 percent note payable…

A: Journal entry is regarded as the first step of the accounting procedures of a company. From the…

Q: Wellington Company had the following transactions involving notes payable. Nov. 1, 2020   Borrows…

A: Book are closed on Dec. 31 and note matures on Feb. 1. So, an adjusting entry for interest accrued…

Q: On June 30, 2018, the High Five Surfboard Company had outstanding accounts receivable of $600,000.…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On January 1, 2015, Buchheit Enterprises reported $95,000 in a liability called “Bonds Payable,Net.”…

A: We have the following information:  Reported $95,000 as Bonds Payable in Liability section of…

Q: On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the…

A: Under such type of loan arrangement as in the given case, the borrower obtains certain amount of…

Q: Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 90-day, 9% note with a face value…

A: Notes are a form of debt taken by the company, on which business has to pay interest payments. This…

Q: On March 1, 2016, Baddour, Inc., issued 10% bonds, dated January 1, with a face amount of $160…

A: 1.Working notes:

Q: The Company issued a short-term debt of $65,000 on July 1, 2021 for a period of 5 months with a note…

A: A Journal is made to record all the business transactions in chronological order. It is the first…

Q: Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1,…

A: Journal entry is a record of financial transaction in the books of accounts maintained by an…

Q: Maxx Company borrowed P10,000 from the bank signing a 9%, 3-month note on September 1. Principal and…

A: Adjusting entries are also known as closing entries because these are prepared at the time of…

Q: ⦁ ABC Corporation borrowed 24,000 on December 1, 2011, by issuing a two-month, 8 percent note…

A: Since there are multiple questions, we will solve first for you. To get the remaining questions…

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

Q: On April 1, 2015, a company received a one-year note receivable bearing interest at the market rate.…

A: On issuing the note bearing interest rate at market rate, the interest is accrued every month till…

Q: Mission Corp. borrowed $25,000 cash on April 1, 2016, and signed a one-year 8%, interest-bearing…

A: Amount paid to bank = Principal + Interest expense Interest expense = Note Payable x rate x number…

Q: On October 1, Eder Fabrication borrowed $79 million and issued a nine-month promissory note.…

A: Liabilities: Liabilities are referred to as the obligations of the business towards the creditors…

Q: Takemoto Corporation borrowed $60,000 on November 1, 2017, by signing a $61,350, 3-month,…

A: Given the following information: Takemoto Corporation borrowed $60,000 on November 1, 2017, by…

Q: On October 1, 2017, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National…

A: In the books of Chung, Inc.: Date Account Titles and Explanation Debit Credit October 1, 2017…