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

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

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Sunland Company borrows $47,600 on July 1 from the bank by signing a $47,600, 13%, one-year note…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: business issued a 60-day note for $99,000 to a creditor on account. The note was discounted at 7%.…

A: Solution: Issuance of note to a creditor on accounts means a note payable issued to the creditor for…

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: On March 1, Year 1, a company loans cash to another company and accepts a note in return. The terms…

A: 1. Journal Entry for the LoanWhen the company makes the loan and accepts the note in return on March…

Q: Entries for notes receivable Valley Designs issued a 90-day, 10% note for $24,000, dated April 19,…

A: The journal entries are the first step in accounting to record transactions. The T0accounts are…

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: The following are notes receivable transactions for Cullumber Co.: May 1 June 30 July 31 Aug. 31…

A: When customers accept a note in respect of their outstanding amount, than it is treated as one type…

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

A: Req : a       Computation of Present Value of Notes receivable:       Table Value are Based on:…

Q: Entries for notes payable A business issued a 60-day, 10% note for $94,000 to a creditor on…

A: Lets understand the basics.When notes payable has been paid through notes payable then interest…

Q: rest) on the old (3 nd interest on the 5% note in payme st) plus $1,000 p

A:

Q: Martinez Co. borrowed $56,952 on March 1 of the current year by signing a 60-day, 8%,…

A: Interest expense for 60 days  = Amount borrowed×interest rate × 60 days/360 days

Q: The billing cycle for Mr. Lang’s credit card begins on September 8 and ends on October 7. He is…

A: Average daily balance is calculated to determine the finance charge on the billing period of a…

Q: Note Receivable Quick Tire and Lube received a 120-day, 7% note for $12,000, dated April 9, from a…

A: The note receivable is issued on April 9 for 120 days. The due date of the note from April 9 after…

Q: Computing Accrued Interest Compute the interest accrued on each of the following notes receivable…

A: NOTES RECEIVABLENotes Receivable are reported under the current assets section of the balance…

Q: Determine the interest and due dates on notes                                   Cora Company had the…

A: Interest Due :— It is the amount of interest due on loan. It is calculated by multiplying amount of…

Q: Transactions: Apr. 30 Issued a $162,000, 30-day, 6% note dated April 30 to Misner Co. on account.…

A: It is a process Of recording transactions in a journal

Q: On June 5, Watson Company received a $5,400, 30-day, 10% note from Baker in payment of its account…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: Journal Entries (Note Received, Renewed, and Collected) Jan. Received a 30-day, 6% note in payment…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: Prefix Supply Company received a 120-day, 6% note for $500,000, dated April 12 from a customer on…

A: Journal entries are the primary reporting of the business transactions in the books of accounts,…

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 6% note for $30,000,…

A: The note receivable is an asset for the business which is issued by the debtors of the business.…

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: On December 1, Daw Company accepts a $32,000, 45-day, 9% note from a customer. (1) Prepare the…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

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: Martinez Co. borrowed $58,220 on March 1 of the current year by signing a 60-day, 11%,…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: Journalize the following transactions (assume a 360-day year when calculating interest): Mar. 1…

A: A journal entry is used to record any business transaction in the accounting records of a…

Q: A business borrowed $69,372

A: Solution: Date  Particulars Debit Credit March 31 Notes payable  $69,372      Interest…

Q: Wisconsin Bank lends Local Furniture Company $150,000 on November 1. Local Furniture Company signs a…

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

Q: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day…

A:

Q: ABC company borrows $80000 on July 1 from the bank by signing $80000, 10% one Year Note Payable.…

A: Solution:- Preparation journal entries as follows under:-

Q: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…

A: Maturity value of the note = Face value of bonds + Interest

Q: Entries for Notes Receivable, Including Year-End Entries The following selected transactions were…

A: Journal means the book of original entry where the entry is passed for the very first time after…

Q: Journalize the transactions. Assume 360 days for interest calculations and record two entries for…

A: In accounting, journalizing transactions involves recording financial events in a systematic way to…

Q: The following selected transactions were completed by Interlocking Devices Co., a supplier of…

A: Interest accrued on Dec. 31, 20Y7 = Face value of Notes x rate of interest x No. of days / 360 days…

Q: Clayton Company borrowed $6,000 from the State Bank on April 1, Year 1. one-year note carried a 6%…

A: The objective of the question is to determine the correct journal entry to recognize the accrued…

Q: A business borrowed $59,037 on March 1 of the current year by signing a 30 day, 11% interest bearing…

A: The entry to record the payment should include Debit to Interest Expenses for $541.

Q: Autumn Designs & Decorators issued a 120-day, 8% note for $78,000, dated April 13 to Zebra Furniture…

A: The note receivable is an asset for the business which is issued by the debtors of the business.

Q: Entries for notes payable A business issued a 120-day, 5% note for $100,000 to a creditor on…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Journalize the following transactions (use a 360-day year in interest calculations):   Mar. 1…

A: Interest amount is calculated by considering the amount, rate of interest and the time period the…

Q: Spring Designs & Decorators issued a 120-day, 6% note for $42,000, dated April 13 to Jaffe Furniture…

A: Interest on note = Face value of note x rate of interest x no. of days / 360 = $42000 x 6% x 120/360…

Q: Note Receivable Cube Ice Company received a 120-day, 7% note for $60,000, dated April 9 from a…

A: DUE DATE : = APRIL 9 + 120 DAYS  = AUGUST 7

Q: Journalize the following transactions (use a 360-day year in interest calculations):   Mar. 1…

A: Notes Receivable - Note is an instrument exchanged by the payer to the receiver. It is a promissory…

Q: Martinez Co. borrowed $62,310 on March 1 of the current year by signing a 60-day, 8%,…

A: The journal recorded at the time payment is : Interest expense A/c    Dr         831          -…

Q: Use average daily balance method to compute finance charge on credit card account for August, 31…

A: Credit Card enables holder to use money beyond the credit balance in checking account up to…