On April 1, 2015, a company loans one of its suppliers $51,000 and accepts a 30-month, 10% note receivable. Calculate the amount of interest revenue the company will recognize in 2015, 2016, and 2017. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)

On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.

Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.

On September 1, 2021, Middleton Corp. lends cash and accepts a $1,200 note receivable that offers 6% interest and is due in six months. How much interest revenue will Middleton Corp. report during 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)

During 2018, LeBron Corporation accepts the following notes receivable. a. On April 1, LeBron provides services to a customer on account. The customer signs a four-month, 9% note for $5,000. b. On June 1, LeBron lends cash to one of the company's vendors by accepting a six-month, 10% note for $9,000. c. On November 1, LeBron accepts payment for prior services by having a customer with a past-due account receivable sign a three- month, 8% note for $4,000. Required: Record the acceptance of each of the notes receivable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet

On July 1, 2021, a company loans one of its employees $23,000 and accepts a ten-month, 8% note receivable. Calculate the amount of interest revenue the company will recognize in 2021 and 2022. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) 2021 2022 Amount of interest revenue

I want to correct answer general accounting

On August 1, 2021, Turner Manufacturing lends cash and accepts a $24,000 note receivable that offers 10% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)  A. Interest Revenue 1,050     Interest Receivable   1,050 B. Interest Receivable 2,400     Interest Revenue   2,400 C. Interest Receivable 1,050     Interest Revenue   1,050 D. Interest Receivable 1,000     Interest Revenue   1,000

(Assigning Accounts Receivable) On April 1, 2017, Rasheed Company assigns $400,000 of its accounts receivable to the Third National Bank as collateral for a $200,000 loan due July 1, 2017. The assignment agreement calls for Rasheed to continue to collect the receivables. Third National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type).Instructions(a) Prepare the April 1, 2017, journal entry for Rasheed Company.(b) Prepare the journal entry for Rasheed’s collection of $350,000 of the accounts receivable during the period from April 1, 2017, through June 30, 2017.(c) On July 1, 2017, Rasheed paid Third National all that was due from the loan it secured on April 1, 2017. Prepare the journal entry to record this payment.

On September 1, 2015, Newtown borrowed $250,000 from First National Bank, and signed a 9% note payable due in one year. Interest on the note is due at maturity. Required: Please show calculations Part a. Prepare the journal entry to record the borrowing transaction. Part b. Prepare the required adjusting entry on December 31, 2015. Part c. Prepare the journal entry to record the payment of the interest on September 1, 2016. Part d. Prepare the journal entry to record the payment of the note on September 1, 2016.