Journalizing note receivable transactions including a dishonored note On September 30, 2018, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team’s fiscal year ends on December 31. Requirements Journalize all entries for Team Bank related to the note for 2018 and 2019. Which party has a    a. note receivable? b. note payable? c. interest revenue? d. interest expense? 3. Suppose that Kendall Warner defaulted on the note. What entry would Team record for the dishonored note?

Q: Accounting for a note receivable On June 6, Lakeland Bank & Trust lent $80,000 to Stephan Stow…

A: Interest on note receivable = Note receivable x rate of interest x days/365  = $80,000*9%*30/365 =…

Q: Record the journal entries for Bank’s Hardware Store for the following transactions. If an amount…

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

Q: Oriole Supply Co. has the following transactions related to notes receivable during the last 2…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: A business issued a 60-day, 10% note for $80,000 to a creditor on account. Journalize the entries to…

A:

Q: Entries for Notes Payable A business issued a 45-day, 6% note for $210,000 to a creditor on account.…

A: Notes payable are a promissory note and a negotiable instrument. In this one party agree to pay a…

Q: about the homework of Intermediate Accounting: Reporting and Analysis 3rd Edition Chapter 6, Problem…

A: Step 1 The discount on note receivable of $78 is obtained by multiplying the present value of…

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: Accounting for a note receivable On June 6, Lakeland Bank & Trust lent $80,000 to Stephan…

A: When money is lent against notes, the notes receivable (asset) is debited and cash is credited.

Q: On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3…

A: Accounting for the issue of non-interest-bearing notes. The bank has discounted the note on a 12%…

Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…

A: Notes receivables are a part of asset which are issued by the corporation  for a limited time period…

Q: On November 1, 2021, Dual Systems borrows $290,000 to expand operations. Dual Systems signs a…

A:

Q: Accounting for Notes Receivable—Honoured and Dishonoured On November 30, 2018, Tucker Products…

A: 1. Date accounts & explanation debit credit 2018 nov 30 Notes receivable 75000     Sales…

Q: (Basic Note and Accounts Receivable Transactions)Part 1: On July 1, 2017, Wallace Company, a…

A:

Q: Morton Company had the following select transactions. 1, 2021 Accepted Remington Company's 1-year,…

A: Journal entries by far are one of the most crucial skills to develop in an accounting profession.…

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: Autumn Designs & Decorators issued a 120-day, 9% note for $48,000, dated April 13 to Zebra Furniture…

A: Interest on Note = Face value of note x rate of interest x No. of days/360 days =48000*9%*120/360 =…

Q: Accounting for notes receivable, dishonored notes, and accrued interest revenue Consider the…

A: Journal entries are the transactions that are recorded in the primary book. They are chronological…

Q: On October 1. 2020, Shamrock, Inc. assigns $1,160.700 aof its accounts recelvable to Bridgeport…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: Kingbird, Inc. had the following transactions involving notes payable. July 1, 2022 Nov 1, 2022 Dec.…

A: Notes are referred to as the promissory notes which are issued by the entity for an amount that is…

Q: Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe…

A: Maturity value of note = Note amount + Interest

Q: Swifty Company had the following select transactions. Apr. 1. 2020 Accepted Goodwin Company's…

A: Accrued interest on Dec 31, 2020 = Face value of notes x rate of interest x no. of months/12 =…

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 5% note for $93,000,…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: A business issued a 45-day, 6% note for $210,000 to a creditor on account. Journalize the entries to…

A: Interest expense to be recorded = Value of note * Annual interest note * Period of note / 360

Q: Wildhorse Co. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.…

A: Interest accrued on dec 31 = face value of note x rate of interest x 6/12 = $64,800  x 8% x 6/12 =…

Q: June 23 Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account. Sept.…

A: Note Receivable :- It is a written promise to receive money in the future date.  This amount…

Q: Recording Entries for Interest-Bearing and Noninterest-Bearing Notes Anne Taylor Company borrowed…

A: Notes Payable Notes payable which can be issued either in interest bearing notes and non interest…

Q: Arvan Patel is a customer Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018,…

A: The answer is as fallows

Q: On September 1, 2018, Packaging Company. Borrowed OR 1,200,000 cash from Bank Muscat. The company…

A: The Notes payable or Accounts payable is a liability in which the borrower records a written promise…

Q: Answer all questions. Ch.5-4

A: Please find the whole answer in the picture.

Q: Note Receivable Hasty and Tasty Foodservice received a 120-day, 8% note for $48,000, dated April 9,…

A: a.Calculation of due date of the note: Thus, August 7 will be the due date of the note.

Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…

A: Discounting of receivables: It is a method of financing. In this method, a company can finance…

Q: Sandhill Co. borrows $65,600 on July 1 from the bank by signing a $65,600, 8%, one-y (a) Prepare the…

A: From July 1 to December 31 = 6 months So interest is accrued for 6 months on December 31.

Q: Entries for Notes Receivable Spring Designs & Decorators issued a 120-day, 4% note for $60,000,…

A: Answer a) Calculation of Maturity date of note Maturity date of note will be 120 days from April 13…

Q: Hasty and Tasty Foodservice received a 120-day, 7% note for $84,000, dated June 12, from a customer…

A: In case of a credit sale, the customer is given an option to make payment for the sale within a…

Q: Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $78,000, dated April 22,…

A: Notes receivable are a balance sheet item, that records the value of promissory notes and its refers…

Q: Journalizing Installment Notes On the first day of the fiscal year, a company issues $26,000, 12%,…

A: INSTALLMENT NOTES ARE LONG - TERM LIABILITIES THAT CARRY INTEREST COSTS AND MUST BE PAID BACK AT…

Q: C.S. Vaughn Company had the following transactions involving notes payable. July 1, 2020   Borrows…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Same Day Surgery Center received a 120-day, 7% note for $72,000, dated April 9, from a customer on…

A: Note par value = $72000 Interest rate = 7% Tenure = 120  days a) The due date of the note is 120…

Q: Entries for Discounted Note Payable A business issued a 60-day note for $60,000 to a bank. The note…

A: Interest expense=Note payable×Rate of interest×Interest time period=$60,000×8%×60360=$800

Q: Cheyenne Corp. has the following transactions related to notes receivable during the last 2 months…

A: Note receivable: Note receivable refers to a written promise received by the creditor from the…

Q: West County Bank agrees to lend Wildhorse Co. $472000 on January 1. Wildhorse Co. signs a $472000,…

A: Total interest on notes = Amount borrowed x rate of interest x no. of month/12 = $472000*6%*6/12 =…

Q: On October 1, 2020, Shamrock, Inc. assigns $1,160,700 of its accounts receivable to Bridgeport…

A:

Q: Non-Interest-Bearing Notes Payable On October 1, 2017, Valentino Company borrowed $18,800 from U.S.…

A: In non-interest bearing note, interest may be implied in the contract. Lender may provide the loan…

Q: Morton Company had the following select transactions. Apr. 1, 2020 Accepted Remington Company's…

A: Answer -  Ineterest Receivables - 1. (25000*12%*9/12) = 2250 2. (15000*10%*6/12) = 750

Q: Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1,…

A: Journal entry is a process of recording the business transactions in the books of accounts for the…

Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2018. The note,…

A: Prepare journal entries.