On October 1, 2020, Shamrock, Inc. assigns $1,160,700 of its accounts receivable to Bridgeport National Bank as collateral for a $747,900 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 9%. Prepare the October 1 journal entries for both Shamrock and Bridgeport. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Shamrock, Inc. Oct. 1 Bridgeport National Bank Oct. 1

On May 10, 20X1, Washington Company received a 90-day, 8 percent, $8,400 interest-bearing note from Whitehead Company in settlement of Whitehead's past-due account. On June 30, Washington discounted this note at City Bank and Trust. The bank charged a discount rate of 13 percent. On August 8, Washington received a notice that Whitehead had paid the note and the interest on the due date. Required: Prepare the entries in general journal form to record these transactions. Analyze: If the company prepared a balance sheet on July 31, 20X1, how should Notes Receivable-Discounted be presented on the statement?

At December 31 2019, according to the records of Graser Company, the balance of Cash account was $21,783. The October 31 bank statement showed a balance of $26,394. You are to prepare the bank reconciliation of Graser Company at December 31, using the following supplementary information: (iii) Service charge of $150 was charged wrongly to Graser's account by the bank. (iv) A note receivable for $15,000 left by Graser Company with bank for collection that had been collected and credited to company's account. Along with the note collection, interest of $150 was also collected. Interest was accrued and recorded in the month-end adjusting entries by Graser Company previously. (v) A check for $420 drawn by a customer, Stuart Sands, but deducted from Graser's account (i) The December 31 bank statement showed the following checks and deposits. Bank Statement by the bank and returned with the notation "NSF." (vi) Graser's account had a check issued in payment of Building, correctly written in…

Max Corp. sold goods for $36,000 on July 17, 2020, and accepted a 12%, 90-day note. On August 1, the note was sold to a bank at a 15% discount rate. Required: a. Compute the proceeds. Assume a 360-day year. b. If the maker dishonored the note at maturity, prepare the entry for Max Corp. assuming $75 of bank protest fees. If an amount box does not require an entry, leave it blank.

Max Corp. sold goods for $36,000 on July 17, 2020, and accepted a 12%, 90-day note. On August 1, the note was sold to a bank at a 15% discount rate. Required: a. Compute the proceeds. Assume a 360-day year. $ b. If the maker dishonored the note at maturity, prepare the entry for Max Corp. assuming $75 of bank protest fees. If an amount box does not require an entry, leave it blank.

The bookkeeper for Blossom Manufacturing Ltd. was trying to determine what items would be used in preparing the company's bank reconciliation that she is completing at May 31, 2021, the end of the company's first month of operations. The company's bank statement showed the following: Date May 1 3 5 15 19 21 25 25 27 28 31 BLOSSOM MANUFACTURING LTD. Bank Statement May 31 NSF fee Description Deposit Cheque, No. 001 Cheque, No. 002 Deposit Cheque, No. 004 Cheque, No. 006 Returned cheque-NSF, S. Gillis Cheque, No. 009 Cheque, No. 010 Bank service charges Amounts Deducted from Account (Debits) 1.648 7,277 8,457 1,016 1,377 31 2,173 2,005 43 Amounts Added to Account (Credits) 25,500 4,743 Balance 25,500 23,852 16,575 21,318 12,861 11,845 10,468 10,437 8,264 6,259 6,216 Blossom's summary of cash receipts (which were all deposited) and summary of cheques (which were all mailed out to suppliers) for the month of May showed the following:

On October 1, 2017, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National Bank as collateral for a $750,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 9%. Prepare the October 1 journal entries for both Chung and Seneca.