repare all necessary journal entries to record this transaction.
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- During the financial year ending May 31, 2020 the Board of Directors of Chung Sa Corporation authorised the write off of a $3,000 two-year debt belonging to a previous customer Jap Inc. On July 2, 2020 Chung Sa Corporation received an electronic funds transfer from Jap Inc. in the amount of $3,000.
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- Help me with entries Journal entries for Debt Service Fund transactions At the start of 2019, Croton’s Debt Service Fund had no assets or liabilities. Prepare appropriate journal entries to record these transactions in the Debt Service Fund and where appropriate, in the General Fund. (We suggest you post opening balances and the journal entries to general ledger T-accounts.) The General Fund transferred $1,200 cash to the Debt Service Fund. The first installment of principal and interest on the bonds sold in Part C (1) came due for payment. The principal and interest due for payment were paid. Debt service on bonds sold by Croton in previous years came due and was paid. Principal and interest payments on those bonds were $600 and $470, respectively. Note: In the Fund column, select the appropriate fund in which the journal entry is recorded (General Fund: GF or Debt Service Fund: DSF).Ayayai Corporation, during the year ended October 31, 2024, had the following transactions for money - market instruments purchased to earn interest: Jan. 2 Purchased a 90-day, $34,800 treasury bill maturing on May 1 for $ 34,591. May 1 The treasury bill matured. Aug. 1 Invested $56, 600 in a money - market fund. Aug. 31 Received notification that $142 of interest had been earned and added to the fund. Sept. 30 Received notification that $142 of interest had been earned and added to the fund. Oct. 1 Purchased a 60-day, 2.00%, $26, 100 treasury bill for $25,970. Oct. 15 Cashechthe money - market fund and received $56,955. (a) Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)…Blue Inc. reports under IFRS and has adopted the policy of classifying interest received as an investing activity. During 2023, Blue lent $29,000 to a key supplier in exchange for a two-year interest-bearing promissory note. Interest revenue earned on the note and recorded on the statement of income was in the amount of $1,230 and a balance of $410 for interest receivable was reported on the statement of financial position at December 31, 2023, relating to the note. Prepare Blue's cash flows from (used by) investing activities section of the statement of cash flows. (Show amounts that decrease cash flow with either a negative sign e.g. -15,000 or in parenthesis e.g. (15,000).) Blue Inc. Statement of Cash Flows > tA tA
- On December 31, 2019, Gliezel company provided the following information:Accounts payable, including deposits and advances from customer of 300,0001,500,000Notes payable, including note payable to bank due on December 31, 2021of 600,0001,800,000Stock dividend payable480,000Credit balances in customers accounts240,000Serial bonds payable in semiannual installment of 600,0006,000,000Accrued interest on bonds payable180,000Contested BIR tax assessment – possible obligation360,000Unearned rent income120,000Compute the total current liabilities.Record the appropriation of $77000 of retained earnings on December 31, 2022, by Jack Inc. to establish an appropriation for bond retirement. Record the entry to establish appropriation.On May 1, 2025, Cullumber Company signed a one-year, zero - interest bearing note for $ 50300 and received cash of $44600 from the Virginia State Bank. The May 1 journal entry to record this transaction will include
- The Town of Mercy has $14,000,000 in general obligation bonds outstanding and maintains a single debt service fund for all debt service transactions. On July 1, 2024, a current refunding took place in which $14,000,000 in new general obligation bonds were issued. Required: Record the transaction on the books of the debt service fund. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.during the fiscal year ended december 31, duckworth corporation engaged in the following transactions involving notes payable: sept. 16. purchased office equipment from earthtime equipment. the invoice amount was $24,000, and earthtime agreed to accept, as full payment, on 12%, three-month note for the invoice amount. nov. 1. borrowed $100,000 from sandra duckworth, a major corporate stockholder. the corporation issued duckworth a $100,000, 15%, 120-day note payable. dec. 1. purchased merchandise inventory in the amount of $5,000 from teller corporation. teller accepted a 90-day, 14% note as a full settlement of the purchase. duckworth corporation uses a perpetual inventory system. dec. 16. the $24,000 note payable to earthtime equipment matured today. duckworth paid the accrued interest on this note and issued a new 30-day, 16% note payable in the amount of $24,000 to replace the note that matured. instructions: a. prepare journal entries (in general journal form) to record the above…During the fiscal year ended December 31, Duckworth Corporation engaged in the following transactions involving notes payable: Sept. 16. Purchased office equipment from Earthtime Equipment. The invoice amount was $24,000, and Earthtime agreed to accept, as full payment, on 12%, three-month note for the invoice amount. Nov. 1. Borrowed $100,000 from Sandra Duckworth, a major corporate stockholder. The corporation issued Duckworth a $100,000, 15%, 120-day note payable. Dec. 1. Purchased merchandise inventory in the amount of $5,000 from Teller Corporation. Teller accepted a 90-day, 14% note as a full settlement of the purchase. Duckworth Corporation uses a perpetual inventory system. Dec. 16. The $24,000 note payable to Earthtime Equipment matured today. Duckworth paid the accrued interest on this note and issued a new 30-day, 16% note payable in the amount of $24,000 to replace the note that matured.
- On January 1, 2018, the Apex Company exchanged some shares of common stock it had been holding as aninvestment for a note receivable. The note principal plus interest is due on January 1, 2019. The 2018 incomestatement reported $2,200 in interest revenue from this note and a $6,000 gain on sale of investment in stock. Thestock’s book value was $16,000. The company’s fiscal year ends on December 31.Required:1. What is the note’s effective interest rate?2. Reconstruct the journal entries to record the sale of the stock on January 1, 2018, and the adjusting entry torecord interest revenue at the end of 2018. The company records adjusting entries only at year-endPrepare the journal entries of the following independent transactions. 1. Record the collection of corporate income taxes by the BIR in its Agency books in the amount of P123,540. 2. Agency XYZ issued check to Nongovernment organizations (NGO's) for fund assistance in the amount of P24,000,000. 3. The agency received the following allotment for the year 2022: Capital Outlay 40,000,000 Maintenance and other operating expenses 42,000,000 Personal Services 90,000,000 Financial Expenses 6,000,000 4. The officer of the agency was granted a cash advance of P50,000 for his official travel to Manila. The cash was subject for liquidation to release him from the accountability and avoid disallowance. 5. Agency ZXC had an unused NCA of P145,050 which was considered as lapsed NCA for the year 2021. The agency could not use all funds due to time constraint and returned documents due to some lacking attachments. 6. Record the liquidation of schools that was granted to accountable officer for payment…Required information [The following information applies to the questions displayed below.] On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $122,400 on December 31, 2022. The proceeds of the note were $116,400. c. 1. Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. 2. Record the journal entry to show the effects of recording interest expense for the month of September. 3. Record the journal entry to show the effects of repaying the note on December 31, 2022. Complete this question by entering your answers in the tabs below. Required C1 Required C2 Required C3 Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1
