On Aug 1, ABC received a 60 day, 10% note for 12,000 from McAnn’s Auto in settlement of an existing Accounts Receivable. On Oct 1, when asked to pay, McAnn Dishonored the Note. The Journal entry to record that the note was dishonored is:
Q: On the last day of October, Wright Company borrows $120,000 on a bank note for 60 days at 11 percent…
A: This question is asking about the Journal entries for 31 October of issue of notes, 30 November of…
Q: Honeycomb Company issued a note receivable to a customer on September 1. The face value of the note…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: On August 2, Jun Co. receives a $6,100, 90-day, 12.5% note from customer Ryan Albany as payment on…
A: Notes receivable applies to the claims on which structured financial instruments, such as promissory…
Q: Leek Company receives a $12,000, 3-month, 5% promissory note from Rey Company in settlement of an…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: On January 1, Cooper Company accepted a one-year note for $5,000 at 4% from one of its customers.…
A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…
Q: At December 31 year-end, Crain Corporation has an $8,400 note receivable from a customer. Interest…
A: A note receivable is a document which is written promise made which indicates an amount to be…
Q: On March 1, 2021, X Co. assigns $60,000 of its accounts receivable as a collateral for a loan from…
A: Interest = 47000* 1% = 470 Principal repayment = 10,000
Q: On November 19, Nicholson Company receives a $24,000, 60-day, 6% note from a customer as payment on…
A: Note receivable is recognized as a negotiable instrument. It represents the claim amount due on the…
Q: Swan Corporation received a four-month, 8%, $1,650 note receivable on March 1. Theadjusting entry on…
A: Given information is: Value of Note Receivable = $1650 Interest rate = 8% Period = 4 months
Q: On March 20, the Agricultural Bank deducted engineer Valdez a rate of 18% annual simple in a…
A: Simple Interest: The simple interest on a particular amount is calculated as the product of interest…
Q: On January 15, 2010, Raymond Company received a two-month, 9%, $5,000 note from William Pentel for…
A: Solution- Accounts rec. is debited for reinstating the debit balance of W. Pental and Note Rec. is…
Q: ) Included in Gonzalez Company’s December 31 trial balance is a note receivable of $12,000. The note…
A: Date Account Titles and Explanation Debit Credit December 31 Interest receivable…
Q: At December 31 year-end, Crate Company has an $8,700 note receivable from a customer. Interest of 8%…
A: All assets of a company are reported in the balance sheet. Since note receivable is an asset, it…
Q: On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his…
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…
Q: How much is Llido’s equity in the assigned accounts receivable as of December 31?
A: a Cash $723,000 Finance Charges ($900,000*3%) $27,000 To Notes Payable…
Q: Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account.…
A: Given: Number of days to maturity = 120 days Discount rate = 10% Maturity value = $96,000 Date 9th…
Q: On August 2, Jun Co. receives a $6,900, 90-day, 11.0% note from customer Ryan Albany as payment on…
A:
Q: On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was…
A: Req-a Date Account Name Debit Credit Oct. 1 Cash $89,100 Interest Expense ($90,000…
Q: On September 1, 2011, Health Wise International acquired a 12 percent, nine-month note receivable…
A: Note Receivable is a form of account receivable for the company, from which business will receive…
Q: On December 1, Martin Company signed a $5,000 3-month 6% note payable, with the principle plus…
A: Interest accrued at December 31 on the note = Face value of the note x rate of interest x no. of…
Q: On April 1, a company provides services to one of its customers for $13,000. As payment for the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to…
A: From November 1 to December 31 = 2 months Interest accrued on December 31 = $9,000 x 6% x 2/12 = $90…
Q: On December 31 year-end, Crain Corporation has an $8,400 note receivable from a customer. The…
A: A note receivable is a document which is written promise made which indicates an amount to be…
Q: McKale Company has a three-month, $18,000, 9% note receivable from L. Peters that was signed on June…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Norton Company received a 90-day, 6% note for $300,000, dated May 12 from a customer on account.…
A: Norton Company A 90-day, 6% note for $300,000, dated May 12 from a customer on account (A) the…
Q: on january 1, cooper company accepted a one-year note for $5,000 at 4% from one of its customers.…
A: Journal entries are the transactions that are recorded in the primary book. They are chronological…
Q: On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was…
A: Discount on notes payable = Amount of note payable x discount rate = $90000 x 6% = $5400
Q: On March 1, 20x4, Popular Bank agrees to lend $100.00 to your company through a written contract for…
A: A note a legal document between two parties whereby one party agrees to pay the other a preagreed…
Q: On April 1, 2018, Audrey Company assigned accounts receivable totaling P400,000 as collateral on a…
A: Journal Entries
Q: 33. On August 1, 2011, Hampton Construction received a 9 percent, six-month note receivable from…
A: Answer: Assuming that Dusty Roads pays the note plus accrued interest in full. Entry for Collection…
Q: On October 1, Ramos Co. signed a $90,000, 60-day note at the bank to be paid on November 30. (Assume…
A: given that, 1) on October 1st ram and co-signed a bill of $90000 2) term of bill = 60days 3)…
Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9, from a customer on…
A: Note receivable:Note receivable refers to a written promise received by the creditor from the debtor…
Q: ABC Company accepted a P400,000 face value, 6-month, 10 percent note dated May 15 from a customer.…
A: The discounted note receivable is getting money from bank against customers' note receivable.
Q: Following are selected transactions of Youth Inc. during December 2016. Dec 1: Youth accepted a…
A: Journal entries (JE) refers to the transactions of the company are recorded in the books of the…
Q: During Year 1, a company accepts the following notes receivable. 1. On April 1, the company provides…
A: Journals are the books of primary entries. The business transactions are recorded at the initial…
Q: On September 15, 2018, Oliver's Mortuary received a $7,200, nine-month note bearing interest at an…
A: Note Receivable is the amount receivable on account of note received from customer.
Q: On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his…
A: Interest on notes = Face value of note x rate of interest x days / 360 = $6,000 x 12% x 90/360 =…
Q: Prefix Supply Company received 120-day, 8% note for $450,000, dated April 9, from a customer on…
A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…
Q: On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a…
A: The interest revenue is the interest earned for the period on the note receivable, etc.
Q: Pomona, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received…
A: 1. Interest income received in 60 day note from R.Elliot Interest rate: 6% $30,000* 6%* 60/360 =…
Q: Lundquist Company received a 60-day, 9% note for $28,000, dated July 23, from a customer on…
A: Note receivable: Note receivable refers to a written promise received by the creditor from the…
Q: On November 16, Bell borrowed $10,000 from Graham and gave a 90-day, 12% note. On December 31, the…
A: As of the end of accounting period, the company that has lent money needs to record interest on a…
Q: CPA Co. received from a customer a one-year, P1,000,000 note bearing annual interest of 10%. After…
A: Factoring is the financial institution where firm can sell their account receivable at a discount…
Q: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume 360…
A: Note receivable: Note receivable refers to a written promise received by the creditor from the…
Q: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank.…
A: Formula: Cash received = Maturity value - Discount
Q: Shown below are selected transactions of Gulf Corp. during the month of December 2011. Dec. 1…
A: Adjusted balance in the Unrealized Holding Gain (or Loss) on Investments account at December : In…
On Aug 1, ABC received a 60 day, 10% note for 12,000 from McAnn’s Auto in settlement of an existing Accounts Receivable. On Oct 1, when asked to pay, McAnn Dishonored the Note. The
Step by step
Solved in 2 steps
- 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.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.Following are transactions for Ridge Company. March 21 Accepted a $11,900, 180-day, 7 % note from Tamara Jackson in granting a time extension on her past-due account receivable. September 17 Jackson dishonored her note. December 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the Interest amounts at September 17 and use the calculated value to prepare your journal entries. Note: Do not round Intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at September 17. Total Through Principal Maturity Rate (%) 7% Time 180/360 Total interest 4 General Journal >
- Following are transactions for Ridge Company. March 21 Accepted a $14,600, 180-day, 9% note from Tamara Jackson in granting a time extension on her past-due account receivable. September 17 Jackson dishonored her note. December 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the interest amounts at September 17 and use the calculated value to prepare your journal entries. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at September 17. Total Through Principal Rate (%) Time Total interest MaturityOn January 1, Cooper Company accepted a one-year note for $5,000 at 4% from one of its customers. When the note matured on December 31, the customer was unable to pay, and the company treated it as a dishonored note. Prepare the journal entry that Cooper will make to record the dishonored note. Omit explanation.on january 1, cooper company accepted a one-year note for $5,000 at 4% from one of its customers. when the note matured on december 31, the customer was unable to pay, and company treates it as a dishonored note. prepare the journal entry that cooper will make to record the dishonored note.
- Following are transactions for Vitalo Company. November 1 Accepted a $5,000, 180-day, 5% note from Kelly White in granting a tine extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note.. April 30 white honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your Journal entries. Note: Do not round intermediate calculations. Use 360 days a year.On December 1, Cheyenne Furniture Corporation borrowed $8,800 on a 90-day, 15% note. Prepare the entries to record the issuance of the note, the accrual of interest at year end, and the payment of the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit CreditOn August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. Prepare Jun’s journal entry assuming the note is honored by the customer on October 31 of that same year.
- The following selected transactions are from Ohlm Company. Year 1 December 16 Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. December 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 February 14 Received Todd's payment of principal and interest on the note dated December 16. March 2 Accepted a $6,100, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Company March 17 Accepted a $2,400, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. April 16 Privet dishonored her note. May 31 Midnight Company dishonored its note. August 7 Accepted a $7,440, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Company September 3 Accepted a $2,100, 60-day, 10% note in granting Noah Carson a time extension on his past-due account receivable. November 2 Received payment of principal…Following are transactions for Vitalo Company. November 1 Accepted a $10,000, 180-day, 7% note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. General Journal Interest Amounts Complete the table to calculate the interest amounts at December 31st and April 30th Total Through Maturity November 1 Through December 31 January 1 Through April 30 Principal Rate (%) Time Total interest Amounts General Journal > ere to search 68°F 40 4. ort se deleteFollowing are transactions for Vitalo Company. November 1 Accepted a $11,000, 180-day, 7 % note from Kelly White in granting a time extension on her past-due account receivable. December 31 Adjusted the year-end accounts for the accrued interest earned on the White note. April 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries. (Do not round intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the tabs below. General Journal Complete the table to calculate the interest amounts at December 31st and April 30th November 1 Through December 31 Interest Amounts Principal Rate (%) Time Total interest Total Through Maturity January 1 Through April 30SEE MORE QUESTIONS
