Justin Company signed a $90,000, three-month, 9% note payable, on December 1. If the accounting period ends on December 31, the entry made at the time of the note's maturity will include: Select one: a. An increase to Interest Expense for $2,025 b. An increase to Interest Expense for $675 C. A decrease to Interest Payable for $1,350 d. An increase to Interest Expense for $1,350

On June 8, Williams Company issued an $74,068, 8%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. a.$79,993 b.$76,043 c.$74,068 d.$5,925

On June 1, Davis Inc. issued an $64,900, 7%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$379 b.$1,148 c.$757 d.$4,543

On the first day of the fiscal year, a company issues $32,000, 11%, five-year installment notes that have annual payments of $8,658. The first note payment consists of $3,520 of interest and $5,138 of principal repayment. Question Content Area a.  Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. blank   - Select - - Select -     - Select - - Select -   Question Content Area b.  Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. blank   - Select - - Select -     - Select - - Select -     - Select - - Select -   Adieu Company reported the following current assets and current liabilities for two recent years:   Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $1,020   $960   Temporary investments 1,200   1,400   Accounts receivable 820   940   Inventory 2,200   2,600   Accounts payable 1,900   2,200   a.…

On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank. The note requires annual payments of $23,492, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $11,550 and principal repayment of $11,942. The journal entry to record the issuance of the installment note for cash on January 1 would include a a.debit to notes payable for $165,000 b.credit to notes payable for $165,000 c.debit to interest expense for $11,550 d.credit to interest payable for $11,550

On July 8, Jones Inc. issued an $76,900, 10%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year? Round your answer to the nearest whole dollar. a.$1,068 b.$1,282 c.$491 d.$641

On June 8, Alton Co. issued an $75,537, 7%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. Select the correct answer. $5,288$75,537$80,825$77,300

Martinez Co. borrowed $55,707 on March 1 of the current year by signing a 60-day, 12%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include a:

On June 8, Alton Co. issued an $73,184, 9%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar.