Rosen Company receives a $9,000, 3-month, 6% promissory note from Bay Company in settlement of an open accounts receivable. What entry will Rosen Company make upon receiving the note? Group of answer choices DR Notes Receivable 9,000; CR Accounts Receivable—Bay Company 9,000 DR Notes Receivable 9,135; CR Accounts Receivable—Bay Company 9,000; CR Interest Revenue 135 DR Notes Receivable 5,000; DR Interest Receivable 135; CR Accounts Receivable—Bay Company 9,000; CR Interest Revenue 135 DR Notes Receivable 9,135 ; CR Accounts Receivable—Bay Company 9,135

Q: entry Wholesalers accepts from Metlock Stores a $9,500, 4-month, 12% note dated May 31 in settlement…

A: Maturity date: Maturity date is the due date on note. On due date, the borrower is supposed to repay…

Q: 2018 Mar. 2 Nov. 1 Dec. 31 2019 Nov. 1 Recorded credit sales of $100,000. Ignore Cost of Goods Sold.…

A: The journal entry can be defined as the very first step in accounting because the business…

Q: Taylor Bank lends Guarantee Company $112,834 on January 1. Guarantee Company signs a $112,834, 10%,…

A: Cash received  on issue of note = $112,834

Q: Taylor Bank lends Guarantee Company $115,531 on January 1. Guarantee Company signs a $115,531, 12%,…

A: Notes Payable means a promissory note in which one party agrees to pay the other party a certain…

Q: Computing Accrued Interest Compute the interest accrued on each of the following notes receivable…

A: NOTES RECEIVABLENotes Receivable are reported under the current assets section of the balance…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: We can determine the missing values using the formula below:

Q: Entries for Discounted Note Payable A business issued a 30-day note for $54,000 to a creditor on…

A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: On June 5, Watson Company received a $5,400, 30-day, 10% note from Baker in payment of its account…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 6% note for $30,000,…

A: The note receivable is an asset for the business which is issued by the debtors of the business.…

Q: Autumn Designs & Decorators issued a 120-day, 6% note for $30,000, dated April 13 to Zebra Furniture…

A: Notes receivable is an asset which is a kind of promise from a another party that it will receive…

Q: Entries for Discounted Note Payable A business issued a 30-day note for $48,000 to a creditor on…

A: Introduction: A note payable is a promissory note in writing. Under this agreement, a borrower…

Q: Accounting for Notes Receivable Transactions Bob Ltd. had the following transactions. May 1, 2022…

A: The note receivable represent the amount due from the customer. The interest receivable represents…

Q: Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe…

A: Maturity value of note = Note amount + Interest

Q: On 7/1, the Knight's Stop took out a loan in the amount of $35,000 from Fairwinds Credit Union and…

A: Concept : Journal Entry records a business transaction following double entry accounting system.In…

Q: Tamarisk, Inc. receives a $10500, 3-month, 8% promissory note from Nash's Trading Post, LLC in…

A: Note receivables means the instrument in which the outsider agree to pay certain sum with or without…

Q: On October 1, Eli's Carpet Service borrows $300,000 from First National Bank on a 5-month $120,000,…

A: In an organization's accounting system, a journal entry is a record of a business transaction.…

Q: Autumn Designs & Decorators issued a 120-day, 8% note for $78,000, dated April 13 to Zebra Furniture…

A: The note receivable is an asset for the business which is issued by the debtors of the business.

Q: Details of Notes Receivatle and Related Ertries Gen-X Ads Co. produces advertising videos. During…

A: Notes Receivable - Notes Receivable is the amount which will be promise to be paid on maturity…

Q: Bennett Enterprises issues a $600,000, 45-day, 6%, note to Spectrum Industries for merchandise…

A: Step 1: PART-ANoAccount titleDebitCredit1Inventory600000  Notes payable 600000 (To Record purchase…

Q: Discounting a Note Receivable Sonic Inc. received from a customer a $2,400, 9% interest-bearing note…

A: Introduction: A note receivable is a written promise to pay another party a certain sum of money on…

Q: Maker Maple Wyman. Nahn. Date of Note 11/21 12/13 12/24 Principal $20,000 14,000 21,000 Interest…

A: Accrued interest on notes receivable is the amount of interest that has been earned by not yet paid.…

Q: Reema Furniture factors $200,000 of receivables to Kroton Factors. Kroton charges a service…

A: Service Commission charged by Kroton :- 2% of Account Receivables  Amount of Receivables for…

Q: The following selected transactions relate to liabilities of Colorado Adventures. Colorado's fiscal…

A: Journal entries are recording of all the business transactions in chronological order. First step in…

Q: Business holds a 1-year N/R with a maturity value of 2.000 TL received from customer on May 1. The…

A: Finance expense = face value of notes receivable x discount rate x no. of months/12 = 2000 x 6% x…

Q: On June 1, Monty Corp. Ltd. borrows $61,500 from Acme Bank on a 6-month, $61,500, 8% note. The note…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: Which journal entry below would be properly used to record an issuance of an installment note…

A: Notes payable are the negotiable instruments used for deferring payments. In this one-party agree to…

Q: What does 18/360 from? Thank you.

A: Accrued interest is the amount of interest that is receivable at the end of the accounting period.…

Q: 7. Teller purchased merchandise from TechCom on October 17 of the current year. TechCom accepted…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: A business issued a 90-day note for $57,000 to a bank. The note was discounted at 6%. Assume a…

A: Interest expense = Face value of Notes x rate of discount x No. of days /360 =57000*6%*90/360 = $855

Q: Sunshine Service Center received a $40,000, 120-day, 6% note, dated April 12, from a customer on…

A: Notes receivable means the amount of money due from the customers to whom a note has been issued. It…

Q: Moss County Bank agrees to lend the Blossom Company $485000 on January 1. Blossom Company signs a…

A: To pay off the notes at maturity, principal amount of loan along with total interest must be pay…

Q: orrows $62,000 from Lyon County St repares adjusting entries. ays principal and interest to Lyon Cou…

A: Answer : Prepare journal entries for each of the transactions

Q: On Oct 1, 20X1 ABC  Co. discounted a one year 12%  P600,000 note received from a customer on January…

A: Note discounting: Note discounting means selling or pledging of the notes to the bank prior to the…

Q: On August 2, Jun Company receives a $8,000, 90-day, 11.0% note from customer Ryan Albany as payment…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: oft WE ivable/Notes Payable X b JOURNAL ENTRIES (NOTE ISSUEL X +…

A: Note: In the given question it is assume that there is 360 days in a year.

Q: Bramble Corp. lends Novak industries $50400 on August 1, 2022, accepting a 9-month, 12% interest…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: 4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.