On April 12, The business purchases inventory of 176.000 TL including 10% VAT. The business writes a check for 136.000 TL and signs a 9-month note with an annual interest rate of 7% for 40.000 TL. Which of the following journal entries would be made on April 12?
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- 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.A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseOn April 12, The business purchases inventory of 176.000 TL including 10% VAT. The business writes a check for 136.000 TL and signs a 9-month note with an annual interest rate of 7% for 40.000 TL. Which of the following journal entries would be made on April 12? O a. 158.400 TL debit to 153-lInventory; 17.600 TL debit to 191-D. VAT and 136.000 TL credit to 101-R. Checks; 40.000 TL credit to 321-N/P O b. 160.000 TL debit to 153-lInventory; 16.000 TL debit to 191-D. VAT and 136.000 TL credit to 103-OC&PO; 40.000 TL credit to 321-N/P O c. 176.000 TL debit to 153-lnventory and 136.000 TL credit to 103-OC&PO; 40.000 TL credit to 321-N/P O d. 158.400 TL debit to 153-lInventory; 17.600 TL debit to 191-D. VAT and 136.000 TL credit to 103-OC&PO; 40.000 TL credit to 321-N/P
- On January 5, The business purchases inventory of 22.000 TL including 10% VAT. The business endorses a check for 12.000 TL and signs a 9-month note with an annual interest rate of 4% for 10.000 TL. Which of the following journal entries would be made on January 5? a.20.000 TL debit to 153-Inventory; 2.000 TL debit to 191-D. VAT and 12.000 TL credit to 101-R. Checks; 10.000 TL credit to 321-N/P b.19.800 TL debit to 153-Inventory; 2.200 TL debit to 191-D. VAT and 12.000 TL credit to 103-OC&PO; 10.000 TL credit to 321-N/P c.19.800 TL debit to 153-Inventory; 2.200 TL debit to 191-D. VAT and 12.000 TL credit to 101-R. Checks; 10.000 TL credit to 321-N/P d.22.000 TL debit to 153-Inventory and 12.000 TL credit to 101-R. Checks; 10.000 TL credit to 321-N/POn June 19, The business purchases inventory of 220.000 TL including 10% VAT. The business endorses a check for 160.000 TL and signs a 9-month note with an annual interest rate of 9% for 60.000 TL. Which entry is made when the business makes the payment at maturity for the note signed on June 19? a. 60.000 TL debit to 321-N/P; 5.400 TL debit to 780-Fin Expense and 65.400 TL credit to 100- Cash O b. 60.000 TL debit to 321-N/P; 4.050 TL debit to 780-Fin Expense and 64.050 TL credit to 100- Cash O c. 64.050 TL debit 321-N/P and 64.050 credit to 100-Cash O d. 65.400 TL debit 321-N/P and 65.400 credit to 100-CashOn October 13, The business sold merchandise for 198.000 TL (including 10% VAT) FOB Destination. The customer endorses a check for 148.000 TL and signs a 9-month note with an annual interest rate of 8% for 50.000 TL. Which entry is made when the business receives the payment at maturity for the note received on October 13? O a. 54.000 TL debit to 100-Cash and 50.000 TL credit to 121-N/R; 4.000 TL credit to 642- Interest Revenue O b. 53.000 TL debit to 100-Cash and 50.000 TL credit to 121-N/R; 3.000 TL credit to 642- Interest Revenue O c. 53.000 TL debit to 100-Cash and 53.000 TL credit to 121-N/R O d. 54.000 TL debit to 100-Cash and 54.000 TL credit to 121-N/R
- On April 25, The business sold merchandise for 55.000 TL (including 10% VAT) FOB Destination. The customer writes a check for 50.000 TL and signs a 9-month note with an annual interest rate of 6% for 5.000 TL. Which of the following journal entries would be made on April 25? a.50.000 TL debit to 101-R. Check; 5.000 TL debit to 121-N/R and 49.500 TL credit to 600-DS; 5.500 TL credit to 391-R.VAT b.50.000 TL debit to 101-R. Check; 5.000 TL debit to 121-N/R and 50.000 TL credit to 600-DS; 5.000 TL credit to 391-R.VAT c.50.000 TL debit to 103-OC&PO; 5.000 TL debit to 121-N/R and 49.500 TL credit to 600-DS; 5.500 TL credit to 391-R.VAT d.50.000 TL debit to 103-OC&PO; 5.000 TL debit to 121-N/R and 55.000 TL credit to 600-DSOn June 22, The business sold merchandise for 11.000 TL (including 10% VAT) FOB Destination. The customer writes a check for 10.000 TL and signs a 9-month note with an annual interest rate of 4% for 1.000 TL. Which of the following journal entries would be made on June 22? O a. 10.000 TL debit to 101-R. Check; 1.000 TL debit to 121-N/R and 10.000 TL credit to 600-DS; 1.000 TL credit to 391-R.VAT O b. 10.000 TL debit to 103-OC&PO; 1.000 TL debit to 121-N/R and 11.000 TL credit to 600-DS O c. 10.000 TL debit to 103-OC&PO; 1.000 TL debit to 121-N/R and 9.900 TL credit to 600- DS; 1.100 TL credit to 391-R.VAT O d. 10.000 TL debit to 101-R. Check; 1.000 TL debit to 121-N/R and 9.900 TL credit to 600-DS; 1.100 TL credit to 391-R.VATOn September 1, The business sold merchandise for 33.000 TL (including 10% VAT) FOB Destination. The customer endorses a check for 30.000 TL and signs a 9-month note with an annual interest rate of 6% for 3.000 TL. Which entry is made when the business receives the payment at maturity for the note received on September 1? a.3.180 TL debit to 100-Cash and 3.180 TL credit to 121-N/R b.3.180 TL debit to 100-Cash and 3.000 TL credit to 121-N/R; 180 TL credit to 642-Interest Revenue c.3.135 TL debit to 100-Cash and 3.000 TL credit to 121-N/R; 135TL credit to 642-Interest Revenue d.3.135 TL debit to 100-Cash and 3.135 TL credit to 121-N/R
- The following information has been presented to you for 2018 by Wonder Projects Limited: September October November Rand Rand Rand Cash revenue 200 000 220 000 240 000 Credit revenue 120 000 180 000 190 000 Purchases (all credit) 130 000 140 000 120 000 Additional information: Collection of credit revenue: 50% in the month of invoice 30% one month after invoice 15% two months after invoice and the balance written off as irrecoverable. Purchases are on credit and are paid for one month after the purchase, less 5% Rent income amounts to R10 000 per The rent will increase by 8% on 1 October 2018. A fixed deposit of R150 000 will mature on 31 October 2018. Interest of R15 000 will also be received on this A new computer will be purchased on 3 September 2018 for R25 000 Salaries amount to R20 000 per A 10% increase will take effect on 1 October 2018. The owner is expected to take R5 000 cash from the business on 20 October…Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank f3b771fe205d07f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7 fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3 fill in the blank 332b64fd401df83_5 fill in the blank 332b64fd401df83_6 fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9