Journal Entries for Accounts and Notes Receivable  Lance, Inc., began business on January 1. Several transactions for the year follow: May 2 Received a $18,000, 60 day, ten percent note on account from the Holt Company. Jul.1 Received payment from Holt for its note plus interest. Jul.1 Received a $30,000, 120 day, ten percent note from B. Rich Company on account. Oct.29 B. Rich failed to pay its note. Dec.9 Wrote off B. Rich’s account as uncollectible. Lance, Inc., uses the allowance method of providing for credit losses. Dec.11 Received a $35,000, 90 day, nine percent note from W. Maling on account. Dec.31 Recorded expected credit losses for the year by an adjusting entry. The allowance for doubtful accounts has a debit balance of $28,300 as a result of accounts written off during this first year. An analysis of aged accounts receivables indicates that the desired balance of the allowance account is $5,800. Dec.31 Made the appropriate adjusting entries for interest. Required Record the foregoing transactions and adjustments in general journal form. (Round all Interest Income calculations to the nearest dolla

Entries for discounted note payable A business issued a 60-day note for $48,000 to a bank. The note was discounted at 7%. Assume a 360 days in a year. Question Content Area a.   Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. blank Account Debit Credit     - Select - - Select -     - Select - - Select -     - Select - - Select -   Question Content Area b.  Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. blank Account Debit Credit     - Select - - Select -     - Select - - Select -

1 Book Hint Print rences Keesha Company borrows $240,000 cash on December 1 of the current year by signing a 120-day, 10 %, $240,000 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 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. Note: Use 360 days a year. Do not round intermediate calculations. View transaction list 1 No 1 2 Transaction (a) (b) Req 4 View journal entry worksheet Cash Notes payable Interest expense General Journal Debit 240,000 4,000 Credit Check my work 240,000 Jenil

Complete accrued interest payable and journal entry 1-2  Dec 31 please and thank you  1-record the accrued interest expense 2-record the payment of note at maturity on February 5th

Calculating Interest Using 360 days as the denominator, calculate interest for the following notes using the formula I = P x Rx T. Round your answers to the nearest cent. Principal Rate Time Interest $4,100 6.00% 30 days 1,000 7.50 60 3,500 8.00 120 950 6.80 95 1,250 7.25 102 2,600 7.00 90 W3 B

Recording Note Transactions The following information is extracted from Tara Corporation’s accounting records: May 1 Received a $6,000, 12%, 90-day note from V. Leigh, a customer. May 6 Received a $9,000, 10%, 120-day note from C. Gable, a customer. May 11 Sold the Leigh and Gable notes with recourse at the bank at 13%. In addition, borrowed $10,000 from the bank for 90 days at 12%. The bank remits the face value less the interest. The estimated recourse liability for Leigh and Gable is $84 and $110, respectively. July 31 The July bank statement indicated that the Leigh note had been paid. Aug. 10 Repaid the $10,000 borrowed on May 11. Sept. 4 Received notice that Gable had defaulted on the May 6 note. The bank charged a fee of $10. Paid the amount due on the Gable note to the bank. Informed Gable to pay Tara the entire amount due plus 11% interest on the total of the face amount of the note, the accrued interest, and the fee from the maturity date until Gable remits the amount owed.…

Check my work Exercise 9-4 (Algo) Accounting for note payable LO P1 Sylvestor Systems borrows $104,000 cash on May 15 by slgning a 30-day, 5%, $104,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record Issuance of the note. 2-b. First, complete the table below to calculate the Interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers In the tabs below. Required 2B Interest at Maturity Required 2B General Journal Required 1 Required 2A On what date does this note mature? On what date does this note mature? K Required Required 2A Fook Air

3

journalize the following entries on the books of the borrower.  Assume a 360-day year.   January 1 Aggie Co. purchased merchandise on account from Low Co. for $40,000. January 30 Aggie Co. issued a 60-day, 6% note for $40,000 March 29 Aggie Co. paid the amount due at maturity Date Account Title Debit Credit Jan 1                       Jan 30                       March 29

Entries for discounted note payable Instructions Chart of Accounts Instructions Journal A business issued a 45-day note for $84,000 to a creditor on account. The note was discounted at 9% Required: Journalize the entries to record (a) the issuance of the note on March 1 and (b) the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Assume a 360-day year. Round your answers to nearest whole dollar.