Mr. Mike Benter opened the Benter Servicing on June 1, 2019 with the following investments: 300, 000 Php. 200, 000 Php Cash Machinery On the same day Mr. Benter paid the following pre-operating expenses: Business permits and other taxes Rental for the next 3 months P 10, 000 15, 000 The following transactions occurred during June, 2019: Deposited P 250, 000 at Metro Bank. Rendered repair service to a customer and was paid by a note, P 3, 000. Bought shop supplies, P 2, 000, and office supplies, P 3, 000 on account. Received advances from customer, P 1, 000 for repair of equipment. Purchase office equipment costing P 15, 000 on account. 10 Received notes from customer for services rendered, P 15, 000 with 10% interest payable 30 days after date of note. Collected the account on June 3 transaction. June 2 3 5 7 8 12 Paid Bombo Radio Philippines for the cost of advertising, P10, 000 thru the issuance of check. 14 Deposited the amount collected on June 7 and June 12 trasactions. 15 | Paid the following expenses thru the issuance of check: P 2, 000 3, 000 5, 000 Electricity Bill Water Bill WIFI and Telephone connection Rendered repair services to the customer who made advance deposit on June 7, 2019. 17 20 Rendered various maintenance and repair services: P 12, 000 20, 000 28 Paid the salaries and wages of shop workers for the month, P 15, 000, Cash basis Credit basis from the available cash on hand. Required: 1. Prepare the journal entries. 2. Adjust all accounts that needs to be adjusted.

E4-29 Mattson Loan Company completed these transactions: 2019 Apr. Dec. 2020 Apr. 1 Loaned $20,000 to Charlene Baker on a one-year, 5% note. 31 Accrued interest revenue on the Baker note. 1 Collected the maturity value of the note from Baker (principal plus interest). Show what Mattson would report for these transactions on its 2019 and 2020 balance sheets and income statements. Mattson's accounting year ends on December 31.

Gallery located in Maine produces journals and photo albums. On May 1, 2021, G borrowed $250,000 from Midwest One Bank by signing a three year, 6% note payable. Interest is due each May 1. How much, if any, should interest expense be debited for on Dec 31, 2021? Fill in the blank. Omit $ sign.

The transaction below pertains to Boyer Coe Company, whose fiscal year ends December 31. On November 1, 2019 Coe borrowed $25,000 at 6 percent for 6 months. The entry to record the November 1 borrowing transaction would include a:  A. Credit to notes payable for $750  B. Credit to notes payable for $24,250  C. Debit to cash for $24,250  D. Debit to cash for $25,000

Date Transaction description Obtained a loan of $41,000 from Earth Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2021 and the principal of the loan is to be repaid on June 1, 2024. Paid the full amount owing to Sport Borders, Check No. 603. Payment fell within discount period. Paid the full amount owing to J. J. Spud, Check No. 604. Payment fell within discount period. Made cash sales of $4,184 during the first 3 days of the month. 2 3 Purchased 6 Downhill Snowboards from Good Sports for $180 each, terms 2/10, n/30. Sold 6 Tony Eagle Mark 3 Freestyle Skateboards to Balls 'n All for $204 each, Invoice No. 501. Purchased 5 Freestyle Snowboards with cash for $170 each, Check No. 605. Purchased 5 Pipe Dream surfboards from Sports 'R Us for $150 each, terms net 30. 4 4. 7 After completing this practice set page, you should know how to record basic transactions in the journals provided below and understand the posting process in the…

Ireland Corporation obtained a $62,000 note receivable from a customer on June 30, 2021. The note, along with interest at 5%, is due on June 30. 2022. On September 30, 2021, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 8%. What amount of cash did. Ireland receive from Cloverdale Bank? Multiple Choice $58,094. $57,040. $62.775. < Prev 15 of 15 Next

SM Investments Corporation had the following account balances at December 31, 2019: Cash on hand and in bank P2, 500,000  Cash restricted for bonds payable due On June 30, 2020 1,000,000 Time Deposit 3,000,000 Savings deposit set aside for dividends Payable on March 31, 2020 500,000 * The cash in bank included a customer’s check of P50, 000 outstanding for 16 months. * Check of P80, 000 in payment of accounts payable was dated and recorded on December 31, 2019 but mailed to creditors on January 12, 2020. * Check of P20, 000 dated January 31, 2020 in payment of accounts payable was recorded and mailed December 31, 2019.  *The reporting period is the calendar year. The cash receipts journal was held open until January 15, 2020 during which time P 100,000 was collected and recorded on December 31, 2019. In the current assets section of SM’s December 31, 2019 balance sheet, the amount reported as cash and cash equivalents is __________

23 Mr Hamed having furniture manufacturing business in Ibri. Always he purchases wood (Raw materials) from Al Buraimi wood suppliers.On 1st May 2021 Mr Hamed purchased wood for OMR3000 on credit and paid OMR 1000 immediately. For the remaining amount Mr Hamed gave written promise to the supplier to pay that amount on 31st December 2021. The written promise given by Mr Hamed to the supplier is known as: a. Short-term notes receivables b. Invoice c. Receipt d. Short term notes payables

Please answer thanks

You have the following transaction during the year of 2020 as related to Steve company: 1. On the 1* of October, the company accepted a 5 month, 7%, note as a settlement of 70,000 uncollected previous accounts. 2. On the 15th of November the company accepted a 120 days, 10%, note in exchange for services provided total of 10,000. 3. On the 31* of December the company granted a loan for a client total of 60,000 by accepting a note that due in 3 years offering 12%. Answer the following: What is the maturity date of the first note What is the maturity date of the second note What is the maturity date of the third note What is the journal entry to be recorded as related to the first note at the maturity date assuming the note is honored What is the journal entry to be recorded as related to the second note at the maturity date assuming the note is dishonored and after negotiations with the client he agree to pay after 1 year What is the journal entry to be recorded as related to the second…