On September 1, 2021, Allied Moving Corp. borrows $110,000 cash from FirstNational Bank. Allied signs a six-month, 5% note payable. Interest is payable atmaturity. Allied's year-end is December 31.1., 2. & 3. Record the following transactions for the note payable by Allied MovingCorp. (If no entry is required for a particular transaction/event, select "No JournalEntry Required" in the first account field. Do not round intermediate calculations.Round your answers to nearest dollar amount.)View transaction listJournal entry worksheet<1.2Record the issuance of notes payable.DateSep 01, 20213Note: Enter debits before credits.Record entryGeneral JournalClear entryDebitCreditView general jour

DateGeneral JournalDebitCreditSept. 1, 2021Cash110,000 Notes Payable 110,000 Issuance of notes…

Answered: On September 1, 2021, Allied Moving…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the receipt. Account Debit Credit 5. Prepare the journal entry to accrue interest on the above note at 12/31/20. Account Debit Credit 6. Prepare the entry to record payment of the above note in full on it's due date of 5/1/21. Account Debit Credit 7. AB Company purchases a truck in the amount of $15,000. Additional costs include sales tax of $1500, painting of $2500, license of $150 and a 1 year auto insurance policy of $1200. Complete the journal entry for the auto purchase. Account Debit Credit
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Prepare the journal entries to record the transactions on the books of Audrey Company.
2. Answer what is required of the problem.
On October 1, 2020, Ayayai, Inc. assigns $1,263,100 of its accounts receivable to Pina National Bank as collateral for a $718,300 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 Ayayai and Pina. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Pina Colada Corp. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec 11 16 31 Loaned $12,600 cash to Manny Lopez on a 12 month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $24,750, 90-day, 8% note. Received a $22,800, 180 day, 10% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest revenue on all notes receivable. Journalize the transactions for Pina Colada Corp. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, eg. 5,275. Record journal entries in the order presented in the problem.) Date > > > eTextbook and Media List of Accounts Date Account Titles and Explanation V Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are automatically indented when amount is…
Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note, along with interest at 9%, is due on July 1, 2021. On February 28, 2021, Selkirk discounted the note at Unionville Bank. The bank’s discount rate is 12%. Required: Prepare the journal entries required on February 28, 2021, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale.
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
Splish Corporation borrowed $58,500 on November 1, 2020, by signing a $60,000, 3-month, zero-interest-bearing note. Prepare Splish's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry. (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 amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record interest) (To pay note)
Prepare journal entry required on january 15,2021 for Wilkinson SA and Huskie Financing
Ab. 114.
Please only answer the amount fields. Thank you

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