On November 1, 2021, Dual Systems borrows $290,000 to expand operations. Dual Systems signs a six-month, 9% promissory note. Interest is payable at maturity. Dual System's year-end is December 31.

Q: On January 1, 2021, Julee Enterprises borrows $30,000 to purchase a new Toyota Highlander by…

A: Journal entry for the issuance of notes payable:- Date General Journal Debit Credit Jan 01,…

Q: On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied…

A: In this question, we need to record the issue of notes payable. By issue of notes payable, the…

Q: The following selected transactions relate to liabilities of United Insulation Corporation. United’s…

A: Solution:- Preparation of appropriate journal entries through the maturity of each liability as…

Q: On November 1, 2021, JP Designs signed a $300,000, 6%, six-month note payable with the amount…

A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…

Q: Bramble Corp. had the following transactions involving notes payable. July 1, 2019 Borrows 56,500…

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

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $5,000 note receivable that offers…

A: Interest = Principal x rate of interest x no. of months / 12 months

Q: On December 1, 2020, Shaw Company accepted from Bogner a $10,000, 3-month, 8% note in lieu of an…

A: Journal entries are used by the management to record the transactions in the books of accounts.…

Q: On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $21 million cash…

A: Given information is: On August 1, 2021, Trico Technologies, an aeronautic electronics company,…

Q: On November 1, 2021, Quantum Technology, a geothermal energy supplier, borrowed $16 million cash to…

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

Q: On Septèmber 1, 2021, Trinoma Entertainment borrowed P24,000,000 cash to fund à new Fun Park. The…

A: Journal entry shows the recording of transactions during an accounting year and every transaction…

Q: Sunland Company had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Note payable is a kind of loan which is repaid after certain period of time with specific rate of…

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: Sheffield Corp. had the following transactions involving notes payable. July 1, 2020   Borrows…

A: Note payable is a written promissory note, under which the borrower promises to pay the lender a sum…

Q: On August 31, 2021, XYZ Company received a 9%, nine-month note receivable from Hugo Company, one of…

A: Given information; Outstanding accounts receivable = $360,000 Note receivable for 9 months issued…

Q: Kingbird, Inc. had the following transactions involving notes payable. July 1, 2022 Nov 1, 2022 Dec.…

A: Notes are referred to as the promissory notes which are issued by the entity for an amount that is…

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

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

Q: On January 1, Pina Colada Corp. lent $38,000 to Kingbird, Inc., accepting Kingbird's $50,578,…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS   Account title and explanation  Debit  Credit…

Q: During 2021, LeBron Corporation accepts the following notes receivable. 1. On April 1, LeBron…

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

Q: On November 25 of the current year, a company borrows $8,000 cash by signing a 90-day, 5% note…

A: The accrued interest payable shall be recorded on December 31 in accordance with the accrual basis…

Q: . Prepare the journal entries of Clear Glass to record the preceding information, the related…

A: Discounting the note implies, the realization of a note amount for a discount before the due date of…

Q: On November 16, 2019, Clear Glass Company borrowed $20,000 from First American Bank by issuing a…

A: The calculation as,

Q: On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $21 million cash…

A: Given information is: On August 1, 2021, Trico Technologies, an aeronautic electronics company,…

Q: Shown below are selected transactions of Hugo company during the month of December 2021. Dec. 1…

A: Allowance of Doubtful Account The treatment of Allowance of Doubtful Account first to determine the…

Q: XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued…

A: Formula: Interest amount = Loan amount x Interest rate x Time period

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 July 1, 2019, Maricris Company received a P20,000 promissory note from Jordyn Company. The annual…

A: Interest receivable: It can be defined as the interest earned on the investment made but not yet…

Q: On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $21 million cash…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: 1. Chapter-9 Homework Question. Help

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

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: C.S. Vaughn Company had the following transactions involving notes payable. July 1, 2020   Borrows…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.5 million cash…

A: Promissory Note:   A promissory note is a legal and financial tool that contains a written promise…

Q: The company obtained a loan from bank amounting to P7,500,000 on November 1, 2020. On the same date,…

A: Accrued Interest Expenses:-These are those expenses that have been incurred but yet not paid. These…

Q: Travis County Bank agrees to lend Brickyard Corporation $200,000 on January 1. Brickyard signs a…

A: Supporting calculation:

Q: On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.6 million cash…

A: The books of accounts must be prepared by using the accrual principle of accounting wherein all…

Q: OJO Company obtained a loan from a Rural Bank for P420,000 on November 16, 2020. On the same date,…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: LARA Company secured a bank loan of $ 90,000, on 1/4/2020. In return, it signed a 10 month, 6%, note…

A: The adjustment entries are made to adjust the revenues and expenses of the current year.

Q: Maxx Company borrowed P10,000 from the bank signing a 9%, 3-month note on September 1. Principal and…

A: Adjusting entries are also known as closing entries because these are prepared at the time of…

Q: THREE FLAGS Co. borrowed $100,000 from the Bull Run Bank on September 1, 2018.  The note earns…

A: Interest accrued on December 31, 2018 = Amount borrowed x rate of interest x no. of months / 12 =…

Q: On June 18, 2020, Woods Co. received from one of its customers, Webb Co., a 90 day, 11%, $6,000 note…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: On January 1, 2019, Brooks, Inc. borrows $90,000 from a bank and signs a 5% installment note…

A: Interest accrued on 12/31 = Amount borrowed x rate of interest x year = $90,000 x 5% x 1 years =…

Q: On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied…

A: Lets understand the basics. Journal entry is required to make to record an event or transaction that…

Q: On August 1, 2021, Stucko Company borrowed $21,000 on an 8-month, 3%, short-term note payable. Which…

A: Interest expense on note = Amount borrowed x rate of interest x no. of month /12 = $21,000 x 3% x…

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: On September 30, 2021, Coronado Corporation received a three-year, 12%, $1,750,000 bank loan. The…

A: GIVEN   On September 30, 2021, CORONADO Corporation received a three-year, 12%, $1,750,000 bank…

Q: On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan.…

A: Working Note: 1. 31-Dec 2021 Interest payable account = ($44,000 *6%*2/12) = $440 2. 1-Feb 2022 =…

Q: At the end of 2021, Worthy Co.'s balance for Accounts Recelvable is $24,000, while the company's…

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

Q: On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan.…

A: Notes: Accrued Interest = $44000 x 6% x 2/12 = $440 Interest expense = $44000 x 6% x 1/12 = $220

Q: On April 1, 2020, MMM company issues a $105,000, three -month, zero-interest-bearing note to Al-Ahli…

A: A journal entry is done to record the transaction that took place in the books of accounts.