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: A P2,400,000, 6-month, 10% note dated May 1 is received from a customer by an entity and discounted…

A: As you have posted multiple independent questions, we are answering first three requirements. Please…

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: Dab Company provides 1,200,000 of its account receivables to investment bank for notes 600,000 on…

A: The account receivables of a company are referred to as the amount that a company has to receive…

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: On May 22, Jarrett Company borrows $7,500 from Fairmont Financing, signing a 90-day, 8%, $7,500…

A: Notes payable is recognized as a negotiable instrument signed by the promisor who agreed to pay a…

Q: rest) on the old (3 nd interest on the 5% note in payme st) plus $1,000 p

A:

Q: Record the sale of receivable.

A: Sometimes companies require funds and they too have the assets like the accounts receivables for…

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: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a…

A: Introduction: Journals: Recording of a business transaction in a chronological order. First step in…

Q: Prepare journal entries for the following transactions for the current year Note: Use 360 days a…

A: Notes receivable refers to the notes accepted by the entity instead of the accounts receivable or…

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: Journal Entries (Note Received, Renewed, and Collected) Jan. Received a 30-day, 6% note in payment…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

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: Night Corp. receives a $4,000, 3-month, 8% note from Day Corp. in settlement of a past due account…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

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

A: Accrued Interest means the Interest which is already due but not paid with in the specific due…

Q: Sunland Corporation factors $261,100 of accounts receivable with Kathleen Battle Financing, Inc. on…

A: RECOURSE FACTORING IS THE MOST COMMON AND MEANS THAT FACTOR CAN DEMAND MONEY BACK FROM THE COMPANY…

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: Entries for notes payable Bennett Enterprises issues a $708,000, 45-day, 8%, note to Spectrum…

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

Q: Journalize the following transactions: March 1 Received a $3,000, 90 day, 18 percent promissory note…

A: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting…

Q: Toy Co Supply Corp. has the following selected transactions for notes receivable. Nov. 1 Lent…

A: A journal is a detailed account that records all the financial transactions of a business, to be…

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: On August 2, Jun Company recelves a $7,700, 90-day, 15.0% note from customer Ryan Albany as payment…

A: The account receivables represents the amount due from the customer. It is recorded as current…

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: a01

A: Step 1:The required journal entries for the given transactions related to the notes payable are…

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: 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: Taylor Bank lends Guarantee Company $98,618 on January 1. Guarantee Company signs a $98,618, 12%,…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: al payment for the loan. The bank applied first the collection to the interest and the balance to…

A: Accounts Receivable :- Account Receivable are the balances of customers that have not paid their…

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: 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: Wang Corporation issued $5 million of commercial paper on March 1 on a nine-month note. Interest was…

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

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: Transactions for 2024 1-Sales revenue on account, $113,600 (ignore Cost of Goods Sold).…

A: Journal entry means the book of original entry where the first time transaction is recorded. After…

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: On September 30, 2022 Fabric Company accepted a six-month, 10% note for $16,000 from one of its…

A: The correct answer is: (B) Debit Notes receivable by $16,000 Credit Accounts receivables by $16,000

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: 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: Entries for notes payable Bull City Industries is considering issuing a $100,000, 7% note to a…

A: Interest on Note = Principal * Interest rate * Time

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: 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: 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…

Q: On March 1, 20x4, Popular Bank agrees to lend $100.00 to your company through a written contract for…

A: A note a legal document between two parties whereby one party agrees to pay the other a preagreed…

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.