On December 1, 2019, Jim’s Java Joint borrowed $46,000 from its bank in order to expand its operations. The firm issued a four-month, 12 percent note for $46,000 to the bank and received $44,160 in cash because the bank deducted the interest for the entire period in advance.In general journal form, show the entry that would be made to record this transaction and the adjustment for prepaid interest that should be recorded on the firm’s worksheet for the year ended December 31, 2019. Record the borrowing. Record the adjustment for interest.     Date General Journal Debit Credit Dec 31, 2019

Q: On January 1,2018, Ronaldo Co. Received a ₱1,000,000 note receivable from Quirante Inc. Principal…

A: If the anticipated future cash flows cannot be recovered, then impairment loss needs to be…

Q: On January 1, 2022, Easy Company sold merchandise for 500,000 by accepting a note for 6 months with…

A:

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A: Current liability represents the obligation that has to be paid within a year.

Q: On March 1, 2018, Bodie Co. accepted a $7,900 face value note as evidence of a loan it made to T…

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A: The journal entries are prepared to keep the record of day to day transactions of the business.

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A: 1.  Date Account Titles and Explanation Debit Credit November 1, 2021 Cash $16,000,000…

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A: Discount on notes receivable The present value of the payments to be received from a note receivable…

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A: Borrowings refers to a financial transaction wherein a borrower (any person or company) approaches a…

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A: Meaning of Notes Receivable: It is an asset of company that includes a promissory note from another…

Q: On December 31,2019, Halen company performed environmental consulting services for Stuart…

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A: ANSWER : Correct option is- $840,000.

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A: The calculation as,

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Q: compute the amount included in the "Trade and Other Receivable" of the entity's financial position

A: Trade receivables is the money that a company's clients owe it, because the company has made sales…

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Q: 1. Chapter-9 Homework Question. Help

A: Required journal entry for the issuance of note payable:

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Q: On April 23, 2021, Bong Company received from a customer on an overdue account a 90-day, 8%,…

A: Maturity value of the note = Face value of note + interest = P500000 + (500000*8%*90/360) = P500,000…

Q: On October 1, 2020, Ayayai, Inc. assigns $1,263,100 of its accounts receivable to Pina National Bank…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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A: Given that, loan amount = $33000 date of borrowal = 1 Sep 2018 Interest payment for 3 months = $355

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A: Borrowings will increase the liability of Gravel Corporation.

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A: journal entry for cash collected from accounts recievable =  cash account XX     To Accounts…

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Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

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A: An interest bearing note represents funds loaned by a lender to a borrower, on which interest is…

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

Q: On January 1, 2021, Nantucket Ferry borrowed $14,600,000 cash from BankOne and issued a four-year,…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Swifty Company had the following select transactions. Apr. 1, 2020   Accepted Goodwin Company’s…

A: Journal entries refers to the systematic documentation of the financial transactions of a company in…

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A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is