On January 1, 20X1, Bravo Company borrowed $24,000 to purchase equipment. The loan is to be repaid plus interest of 10% per year, on December 31, 20X2. Prepare the general journal adjusting entry needed for December 31, 20X1. If no entry is required then write "No Entry Required."

On September 1, Kennedy Company loaned $126,000, at 11% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? Multiple Choice Debit Cash, $4,620; credit Interest Revenue, $4,620. Debit Interest Expense, $4,620; credit Interest Payable, $4,620 Debit Interest Receivable, 4,620; credit Interest Revenue, $4620. Debit Interest Expense, $13,860; credit Interest Payable, $13,860 Debit Interest Receivable, $13,860; credit Cash, $13,860 Graw 7:26 PM W 100% 3 Type here to search 2/21/2022

XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued will be collected after 1 year. At the end of December, which of the following journal entry is required to take up the interest income? Select one: a. Debit Cash $900; Credit Interest Revenue $900 b. Debit Interest Revenue $75; Credit Interest Receivable $75 c. Debit Interest Receivable $900; Credit Unearned Revenue $900 d. Debit Interest Receivable $75; Credit Interest Revenue $75

On December 1, Milton Company borrowed $390,000, at 7% annual Interest, from the Tennessee National Bank. Interest is paid when the loan matures one year from the issue date. What is the adjusting entry for accruing interest that Milton would need to make on December 31, the calendar year-end? Multiple Choice debit Interest Payeble, $2.275; credit Interest Expense, $2,275. debit Interest Expense, $4,550; credit interest Payable, $4,550. debit Interest Expense, $27,300; credit Interest Paynble, $27,300. debit Interest Expense, $2,275; crecit Cash, $2,275. debit Interest Expense, $2,275; credit Interest Payable, $2,275. < Prev 12 of 30 SEN MacBook Air O O O 00

Midshipmen Company borrows $19,000 from Falcon Company on July 1, 2024. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2025.  Required:   1.&2. Record the necessary entries in the Journal Entry Worksheet below for Falcon Company. 3. Calculate the 2024 year-end adjusted balances of Interest Receivable and Interest Revenue (assuming the balance of Interest Receivable at the beginning of the year is $0).

A gift shop signs a three-month note payable on May 1/2020 of OMR 36,000 with an annual interest of 10%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date? Select one: O a. Debit Interest Expense, 2,400; Credit Interest Payable, 2,400. b. Debit Prepaid Interest, 2,000; Credit Interest Expense, 2,000. c. Debit Interest Expense, 2,100; Credit Interest Payable, 2,100. d. None of the answers are correct e. Debit Interest Expense, 2,400; Credit Prepaid Interest, 2,400.

On August 1, Wilshire Company borrowed $150,000 from People's National Bank on a 1-year, 8% note. Required:     Hide     What adjusting entry should Wilshire make at December 31?             Dec. 31 1 result is available, use up and down arrow keys to navigate.               (Record accrual of interest expense)

On July 1, 2023, Wildhorse Ltd. received a loan from its bank for $20,000 bearing interest at 636. The loan la payable in two annual Instalments of $10,909 principal and Interest on June 30 each year. The company records adjusting journal entries annually at year and on December 31 Your answer la correct. Prepare an instalment payment schedule for the term of the loan. (Round answers to 0 decimal places, eg. 5,255) (b) Cash Payment 20909 20909 Textbook and Media List of Accounts Your answer la correct. Account Titles Cash Loan P Interest Exerc Interat Payable Internet Experas Rank Loan Payable Interat Pay Cash Interest Expens Interest Expens Record (1) the receipt of $20,000 cash from the loan on July 1, 2023; (2) the accrual of Interest on December 31, 2023; (3) the first Instalment payment on June 30, 2024; and (4) the accrual of Interest on December 31, 2024. (Round answers to decimal places, g 5,275. Credit account titles are automatically indented when the amount is entered. Do…

On December 1, Daw Company accepts a $46,000, 45-day, 9% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.) View transaction list Journal entry worksheet Record the year-end adjustment related to this note, if any. Note: Enter debits before credits. Date General Journal Debit December 31 Clear entry Record entry Credit View general journal

On November 1, 2024, Dual Systems borrows $140,000 to expand operations. Dual Systems signs a six-month, 7% promissory note. Interest is payable at maturity. Dual System's year-end is December 31. Required: 1., 2. & 3. Record the following transactions for the note payable by Dual Systems. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet < 1 2 3 Record the issuance of the note on November 1, 2024, Note: Enter debits before credits. Date November 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal G 110 E