Pharoah Ltd. borrowed ¥63,600,000 on November 1, 2021, by signing a ¥65,031,000, 3-month, zero- interest-bearing note. Prepare Pharoah's November 1, 2021, entry; the December 31, 2021, annual adjusting entry; and the February 1, 2022, entry. (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 amount is
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- Larkspur Corporation borrowed $78,000 on November 1, 2025, by signing a $79,755, 3-month, zero-interest-bearing note. Prepare Larkspur's November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, 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. List all debit entries before credit entries.) Date 11/1/25 12/31/25 2/1/26 > Account Titles and Explanation Cash (To record discount amortization) (To record repayment of note) Debit CreditSheridan Corporation borrowed $62,400 on November 1, 2020, by signing a $63,600, 3-month, zero-interest-bearing note. Prepare Sheridan'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.) Account Titles and Explanation Date (To record interest) (To pay note) Debit CreditBlue Corporation borrowed $62,000 on November 1, 2025, by signing a $63,395, 3-month, zero-interest-bearing note. Prepare Blue's November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, 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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
- 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)Sarasota Company borrowed $34,800 on November 1, 2025, by signing a $34,800, 9%, 3-month note. Prepare Sarasota's November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, 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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit CreditOn February 1st, 2021, Seen This Before Inc. (STB) accepted a non-interest-bearing note from its customer Dolon Inc for services rendered. All services had been completed on February 1st, 2021, and they also meet the criteria for revenue recognition. The total amount of the note was $500,000 and was to be paid in full on February 1st, 2024. Dolan's typical borrowing rate is 5%. and paid the note in full on the due date. The present value of the note on February 1st, 2021, is: $431,920. STB and Dolon Inc both follow IFRS. Provide In good presentation form the journal entries that would be required on February 1st, 2021, December 31st, 2021, December 315t, 2022, and December 31st, 2023
- On April 23, 2021, Bong Company received from a customer on an overdue account a 90-day, 8%, P500,000 note. On June 7, Bong discounted the note with recourse at Asian Bank at a discount rate of 10% and properly recorded the liability. On maturity date, Bong Company received notice from Asian Bank that the maturity value was appropriately collected without notice of protest. Use a 360-day year.What is the entry required in Bong Company's books on maturity date of the note?On April 23, 2021, Bong Company received from a customer on an overdue account a 90-day, 8%, P500,000 note. On June 7, Bong discounted the note with recourse at Asian Bank at a discount rate of 10% and properly recorded the liability. On maturity date, Bong Company received notice from Asian Bank that the maturity value was appropriately collected without notice of protest. Use a 360-day year.What is the entry required in Bong Company's books on maturity date of the note?a. Dr. Cash, 503,625; Cr. Liability on Discounted Notes Receivable, 503,625 b. Dr. Liability on Discounted Notes Receivable, 503,625; Cr. Notes Receivable, 500,000; Cr. Interest Revenue, 3,625 c. Dr. Liability on Discounted Notes Receivable, 503,625; Dr. Interest Expense, 6,375; Cr. Notes Receivable, 500,000; Cr. Interest Revenue, 10,000 d. No entry required2. On July 1, 2019, XYZ Co. borrowed P2,000,000 and Issued a one-year promissory note. The lender discounted the note at 12%. (a) Give the journal entries on July 1, 2019, December 31, 2019 to accrue interest on the note and July 1, 2020, upon maturity of the note. (b) What is the carrying amount of the note payable as of July 1, 2019 and December 31, 2019. Show them in good form. *
- Waterway Company borrowed $36,000 on November 1, 2025, by signing a $36,000, 10%, 3-month note. Prepare Waterway's November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, 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. List all debit entries before credit entries.) Date 11/1/25 12/31/25 2/1/26 4 Account Titles and Explanation no No Entry Notes Payable Discount on Notes Payable Debit 36000 24000 Credit 36000 24000Windsor Company borrowed $49,200 on November 1, 2025, by signing a $49,200, 10%, 3-month note. Prepare Windsor's November 1,2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, entry. (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 amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit CreditOn 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.)