heridan, 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.)

Selkirk Company obtained a $16,000 note receivable from a customer on January 1, 2024. The note, along with interest at 12%, is due on July 1, 2024. On February 28, 2024, Selkirk discounted the note at Unionville Bank. The bank’s discount rate is 15%. Required: Prepare the journal entries required on February 28, 2024, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale.

am.111.

Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%, $100,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of the note at maturity. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 On what date does this note mature? (Assume that February has 28 days.) On what date does this note mature?

hello, I need help please

Haresh

December 11, 2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign a $12,000, 60-day note.                                              Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2019, and the customer’s repayment on February 9, 2020, assuming:                                                          1. Interest of 12% was assessed in addition to the face value of the note.      2.  The note was issued as a $12,000 non-interest-bearing note with a present value of $11,765. The implicit interest rate on the note receivable was 12%. Assume a 360-day year. (Round to the nearest dollar.）

On November 1, 2023, Tommy Tunes accepted a $15,200, 6-month, 4% note from customer Tammy Notune. Required: Prepare the journal entry for the receipt of the note receivable in 2023. Prepare the necessary year-end adjusting journal entry (assume a December 31 year end).  Prepare collection of the note receivable at maturity in 2024.

Vinubhai

Admire County Bank agrees to lend Bonita Brick Company $609000 on January 1. Bonita Brick Company signs a $609000, 8%, 9- month note. What entry will Bonita Brick Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30? O O Notes Payable Cash Notes Payable Interest Payable Cash Interest Expense Notes Payable Cash Interest Payable Notes Payable Interest Expense Cash 645540 609000 36540 36540 609000 24360 609000 12180 645540 645540 645540 645540