Novak Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1   Loaned $27,000 cash to Manny Lopez on a 12-month, 10% note. Dec. 11   Sold goods to Ralph Kremer, Inc., receiving a $74,250, 90-day, 8% note. 16   Received a $95,400, 180 day, 8% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31   Accrued interest revenue on all notes receivable.

C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022   Borrows $92,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022   Borrows $95,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022   Prepares adjusting entries. Feb. 1, 2023   Pays principal and interest to Lyon County State Bank. Apr. 1, 2023   Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

A business issued a 60-day, 15% note for $92,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360 days in a year. If an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar. Transaction Account Debit Credit a.               b.

Your answer is partially correct.  Try again.     C.S. Ivanhoe Company had the following transactions involving notes payable. July 1, 2022   Borrows $77,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022   Borrows $80,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022   Prepares adjusting entries. Feb. 1, 2023   Pays principal and interest to Lyon County State Bank. Apr. 1, 2023   Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit  July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023                July 1, 2022November 1, 2022December 31, 2022February 1, 2023April 1, 2023…

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Monty Corp. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.(a)Prepare the journal entry to record the proceeds of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 enter an account title to record the proceeds of the note on July 1 enter a debit amount enter a credit amount   enter an account title to record the proceeds of the note on July 1 enter a debit amount enter a credit amount (b)Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record the accrued interest on December 31 enter a debit amount enter a credit…

Sylvestor Systems borrows $174,000 cash on May 15 by signing a 90-day, 6%, $174,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity. Complete this question by entering your answers in the tabs below. Required 1 Required 2A View transaction list Use those calculated values to prepare your entry to record payment of the note at maturity. Note: Use 360 days a year. Round final answers to the nearest whole dollar. Required 2B Required 2B Interest at Maturity Journal entry worksheet A General Journal Record the payment of the note at maturity. Note: Enter debits before credits. Date Maturity General Journal Debit Credit

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

Sheridan Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $21,600 cash to Manny Lopez on a 12 month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $54,000, 90-day, 8% note. Received a $53,280, 180 day, 10% note to settle an open account from Joe Fernetti. Accrued interest revenue on all notes receivable.

Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance of the note. 2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.