On July 8, Jones Inc. issued an $76,900, 10%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year, what is the amount of interest expense recognized by Jones in the current fiscal year?

Q: On July 8th, Jones Inc. issued a $75,600, 12%, $120 Day note payable to Miller company. Assume that…

A: From July 8th to July 31st = 23 days

Q: 1. On June 8, Williams Company issued an $70,894, 9%, 120-day note payable to Brown Industries.…

A: Interest = Value of Note * Interest Rate * No. of DaysInterest = $70,894 * 9% * 120/360Interest =…

Q: On September 1, Purifier Company borrowed $12,000 on a 6-month, 4%, short-term note payable. How…

A: Interest expense recorded on December 3 = Amount borrowed  x rate of interest x No. of months / 12…

Q: Martinez Co. borrowed $71,059 on March 1 of the current year by signing a 60-day, 5%, interest-…

A: Interest = $71,059 x 5% x 60/360 = $592

Q: Martinez Co. borrowed $56,952 on March 1 of the current year by signing a 60-day, 8%,…

A: Interest expense for 60 days  = Amount borrowed×interest rate × 60 days/360 days

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $20,700. What…

A: Adjusting entries are a collection of journal entries produced at the end of an accounting period to…

Q: On June 1, Davis Inc. issued an $81,200, 8%, 120-day note payable to Garcia Company Assume that the…

A: Interest revenue = face value of not x rate of interest x No. of days / 360 days

Q: Require (a): Your business issued a 14%, $300,000, one-year, note payable on April 1, 20x1. Both the…

A: Solution Adjusting entry is a entry in a company's general ledger that occurs at the end of an…

Q: Watson Company issued a 60-day, 8% note for $18,000, dated April 5, to Laker Company on account.…

A: Notes receivable indicates the asset raised by the company by issuing a note which contains a…

Q: Martinez Co. borrowed $74,240 on March 1 of the current year by signing a 60-day, 12%,…

A: Given, Face value of the note = $74,240 Interest rate = 12% Period = 60 days

Q: On September 30, Year 1, Royal Flush Pluming, Inc., issued a $10,000, 6%, 5-month note. For the year…

A: Interest Expense:   An interest expense is the expense which is incurred by a company, business or…

Q: On July 8, Jones Inc. issued an $70,600, 8%, 120-day note payable to Miller Company. Assume that the…

A: Notes payable is a negotiable instrument where a borrower records a promise to pay a certain amount…

Q: A business borrowed $59,037 on March 1 of the current year by signing a 30 day, 11% interest bearing…

A: The entry to record the payment should include Debit to Interest Expenses for $541.

Q: On July 8, Jones Inc. issued an $71,300, 10%, 120-day note payable to Miller Company. Assume that…

A: Definition:   Accrued interest: Accrued interest is the outstanding interest expense in the…

Q: On July 8, Jones Inc. issued an $85,000, 8%, 120-day note payable to Miller Company. Assume that the…

A: From July 8 to July 31 = 23 days Interest expense has been accrued for 23 days for the note payable.…

Q: Concord Company borrows $52,800 on July 1 from the bank by signing a $52,800, 12%, one-year note…

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: On November 1, Bahama Cruise Lines borrows $4 million and issues a six-month, 6% note payable.…

A: Interest expense = Notes payable x rate of interest x time = $4,000,000 x 6% x 2/12 = $40,000

Q: On July 1, Year 1, the Barley Company loaned $50,000 to the Jackson Co. The note has a stated…

A: Given:Principal loaned - $50,000Interest rate – 10%Date of note issued – July 1, Year 1Maturity date…

Q: notes should be classified on the balance sheet of Lance Company

A: a) Current Liabilities: These are the short term liabilities which are due within a period of one…

Q: On December 1, Victoria Company signed a 90-day, 4% note payable, with a face value of $12,600. What…

A: Given, Face value of the note = 12,600 Interest rate = 4%

Q: On August 1, a $60,000, 7%, 3-year installment note payable is issued by a company. The note…

A: Principal =$60,000 Interest =$60,000×7%      =4200 Principal  + interest paid in 31 July =…

Q: On July 8, Jones Inc. issued an $66,300, 11%, 120-day note payable to Miller Company. Assume that…

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period as…

Q: y 8, Jones Inc. issued an $79,100, 6%, 120-day note payable to Miller Company. Assume that the…

A: In the given situation, there is a note payable with 6% rate for 120 days. We need to find the…

Q: On July 8, Jones Inc. issued an $83,300, 9%, 120-day note payable to Miller Company. Assume that the…

A: Accrued interest:   Accrued interest is the outstanding interest expense in the accounting period,…

Q: Sandhill Co. borrows $65,600 on July 1 from the bank by signing a $65,600, 8%, one-y (a) Prepare the…

A: From July 1 to December 31 = 6 months So interest is accrued for 6 months on December 31.

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $22,500. What…

A: Accrued interest on December 31 on the note = Face value of note x rate of interest x no. of days /…

Q: At the beginning of April of the current year, Nickel Pork Corp. borrowed 1,000,000 for 1 yr from…

A: Part (1)   Date Particulars  Amount (Dr) Amount (Cr) 01-Apr Bank A/c Dr  880100     Finance…

Q: On October 1, 2010, the company deposits 12.000 TL in a bank account for 1 year at 10%. Which entry…

A: Interest Revenue = Deposit amount * Rate * Period

Q: On July 8, Jones Inc. issued an $84,700, 11%, 120-day note payable to Miller Company. Assume that…

A: Annual Interest=Issue amount×Interest rate=$84,700×11%=$9,317

Q: On December 1, 2021, abc  Ltd. borrowed $180,000 from a local bank by signing a four-month, 5%…

A: Since amount was borrowed on December 1 , interest will be accrued for 1 month from December 1 to…

Q: On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the…

A: Answer: The exact answer is $1,061 . So the nearest option to $1,061 is option D - $1,050 .

Q: On May 31, Baker Co. issued an $35,679, 8%, 120-day note payable to Samunck Co. Assume Baker's…

A: Solution a:  Interest EXPENSE recognized by Baker in the current fiscal year = $35,679*8%*30/360 =…

Q: For each of the following situations, indicate the amount shown as current or long-term liability on…

A: The current liability is the liability which is to be paid off within one year.

Q: BE11-2 Peralta Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year…

A: Journal entry refers to a recording/ classifying of business transactions into books of accounts…

Q: On September 1, Kennedy Company loaned $126,000, at 11% annual interest, to a customer. Interest and…

A: Solution: Adjusting entries are journal entries usually made at the end of an accounting period to…

Q: At year-end, Thor Company issued a P 1,000,000 face amount note payable in exchange for services…

A: >Note Payables are the liabilities. >It can be issued in case of: --when goods are…

Q: The following transactions are from Ohlm Company. (Use 360 days a year.)   Year 1 Dec.   16…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the…

A: Solution: Days in current year = June 30 - June 1 = 29 days Days in following year = 120 - 29 = 91…

Q: On July 8, Jones Inc. issued an $69,300, 6%, 120-day note payable to Miller Company. Assume that the…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

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: On December 1, a company signed a $6,000, 90-day, 5% note payable, with principal plus interest due…

A: Answer:   Option b.

Q: On July 1, Alton Co. issued an $74,700, 10%, 120-day note payable to Seller Co. Assume that the…

A: Interest will be recognized on $74700 and the interest rate charged is 10%.  Amount of interest…

Q: On January 1, Marshall Co. Issued a $360000, three-year, 6% installment note payable with payments…

A: The note payable also known as promissory notes is amount receivable by a party on a specific date.…

Q: The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted…

A: 1. Interest Recognition - Interest is the income earned by the issuer of the notes on the account.…

Q: Grant Co. had the following liabilities at December 31, the end of its fiscal year: Accounts Payable…

A: Solution: Under current laibilities, liabilities which are due in next one year are reported and…

Q: On December 1, Victoria Company signed a 90-day, 6% note payable, with a face value of $15,000. What…

A: Interest accrued = Note payable x Interest rate x 30/360 = $15000 x 6% x 1/12 = $75