Note Payable and Accrued Interest Fairborne Company borowed $600,000 on an 8%, interest-bearing note on October 1, 2023. Fairborne ends its fiscal year on December 31. The note was paid with interest on May 1, 2024. Required: 1. Prepare the entry for this note on October 1, 2023. If an amount box does not require an entry, leave it blank. 2023 Oct. 1 Cash Notes Payable (Record issuance of note) Feedback 2. Prepare the adjusting entry for this note on December 31, 2023. If an amount box does not require an entry, leave it blank. 2023 Dec. 31 Interest Expense Interest Payable (Record accrued interest) Feedback 3. Indicate how the note and the accrued interest would appear in the balance sheet at December 31, 2023. Among the current liabilities: Short-term notes payable Interest payable

Entries for Discounted Note Payable A business issued a 90-day note for $57,000 to a bank. The note was discounted at 6%. Assume a 360-day 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 to one decimal place.     fill in the blank c68ddb02d07e078_2 fill in the blank c68ddb02d07e078_3     fill in the blank c68ddb02d07e078_5 fill in the blank c68ddb02d07e078_6     fill in the blank c68ddb02d07e078_8 fill in the blank c68ddb02d07e078_9 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.     fill in the blank 9fbf4a07707ffe0_2 fill in the blank 9fbf4a07707ffe0_3     fill in the blank 9fbf4a07707ffe0_5 fill in the blank 9fbf4a07707ffe0_6

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Exercise 10-13 (Algo) Installment note entries LO C1 Prepare the journal entries for Eagle to record the note's issuance and each of the four payments. Note: Round your intermediate calculations and final answers to the nearest dollar amount. 1 Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] View transaction list 2 On January 1, 2021, Eagle Company borrows $33,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. 3 4 Eagle borrows $33,000 cash by signing a four-year, 6% installment note. Record the issuance of the note on January 1, 2021. Record the payment of the first installment payment of interest and principal on December 31, 2021. Record the payment of the second installment payment of interest and principal on December 31, 2022. Record the payment of…

C.S.Sunland Company had the following transactions involving notes payable. July 1, 2025 Nov. 1, 2025 Dec. 31, 2025 Feb. 1, 2026 Apr. 1, 2026 Borrows $55,950 from First National Bank by signing a 9-month, 8% note. Borrows $59,000 from Lyon County State Bank by signing a 3-month, 6% note. Prepares adjusting entries. Pays principal and interest to Lyon County State Bank. Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (List all debit entries before credit entries. Credit acc

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Journalizing Installment Notes On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that have annual payments of $12,303. The first note payment consists of $3,900 of interest and $8,403 of principal repayment. a.  Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -   b.  Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.     - Select - - Select -     - Select - - Select -     - Select - - Select -

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

Proceeds from Notes Payable On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 30-day note with a face amount of $96,000. Assume a 360-day year. Required: a. Determine the proceeds of the note, assuming that the note carries an interest rate of 6%. $ b. Determine the proceeds of the note, assuming that the note is discounted at 6%.