Knowledge Check 01 Carboy, Inc., has a December 31 year-end. On November 1, Year 1, the company borrows $120,000 from Third National Bank. The annual interest rate is 9%. The note is due in one year on October 31, Year 2. Interest is payable at maturity on October 31, Year 2. Prepare the adjusting entry dated December 31, Year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

nces On 1 October 20X6, Halpern Co borrowed $180,000 from Canada Bank The note has a two-year term, and requires that interest of 9% be paid each 30 September, with the principal payable 30 September 20X8 Required: Provide all entries for the note from 20X6 to 20X8 (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) View transaction list 1 Record the borrowings from Canada Bank. 2 Record the accrual of intest for the period ending 31st December 20x6. a Record the interest payment on 30 September 20x7. 4 Record the accrual of interest for the period ending 31st December 20X7 5 Record the interest payment on 30 September 20X8. Record the repayment of borrowings to Canada Bank 6 Note: journal entry has been entered Record entry Clear entry EX - - 2 Credit View gener al journal

Problem: ABC Company issued a promissory note to RCBC Bank. Details from the promissory note are as follows: Date of note: November 1, 2020 Term of note: 180 days Principal: P120,000 Interest rate: 12% Determine the following: 1. What is the account to be credited on the adjusting entry on December 31, 2020? 2. How much is the amount to be credited on December 31, 2020? 3. How much is the total interest expense for the full term of the note.

< Entries for discounted note payable A business issued a 60-day note for $39,000 to a bank. The note was discounted at 6%. Assume a 360 days in a year. 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. 000 000 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. E A A

Entries for Notes Payable Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory. Assume a 360-day year. If an amount box does not require an entry, leave it blank. a.  Journalize Laughlin Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. 1.   fill in the blank 64677a0a8f9b073_2 fill in the blank 64677a0a8f9b073_3     fill in the blank 64677a0a8f9b073_5 fill in the blank 64677a0a8f9b073_6 2.   fill in the blank 64677a0a8f9b073_8 fill in the blank 64677a0a8f9b073_9     fill in the blank 64677a0a8f9b073_11 fill in the blank 64677a0a8f9b073_12     fill in the blank 64677a0a8f9b073_14 fill in the blank 64677a0a8f9b073_15 b.  Journalize Morrison Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. 1.   fill in the blank 9616b40e100d004_2 fill in the blank 9616b40e100d004_3     fill in the blank…

Journalize the following, assuming a 360-day year is used for interest computations: Apr. 30 Issued a $1,080,000, 120-day, 9% note dated April 30 to Misner Co. on account. Paid Misner Co. the amount owed on the note dated April 30. Aug. 30 If an amount box does not require an entry, leave it blank. Apr. 30 Aug. 30