Sarasota Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2017, Sarasota had the following transactions related to notes payable. Sept. 1   Issued a $16,800 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% and is due December 1. (Sarasota uses a perpetual inventory system.) Sept. 30   Recorded accrued interest for the Pippen note. Oct. 1   Issued a $22,800, 10%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Oct. 31   Recorded accrued interest for the Pippen note and the Prime Bank note. Nov. 1   Issued a $27,600 note and paid $8,100 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months. Nov. 30   Recorded accrued interest for the Pippen note, the Prime Bank note, and the vehicle note. Dec. 1   Paid principal and interest on the Pippen note. Dec. 31   Recorded accrued interest for the Prime Bank note and the vehicle note. I was wondering how to do the journal entries for... 1. October 1st 2. November 1st 3. November 30th 4. December 31st

Ayayai Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year- end. On June 30, the Notes Receivable account balance is $23,800. Notes Receivable include the following. Date Maker Face Value Term Maturity Date Interest Rate April 21 Coote Inc. $4,800 90 days July 20 8% May 25 Brady Co. 7,800 60 days July 24 10% June 30 BMG Corp. 11,200 6 months December 31 6% During July, the following transactions vwere completed. July 5 Made sales of $5,100 on Ayayai credit cards. 14 Made sales of $500 on Visa credit cards. The credit card service charge is 3%. 20 Received payment in full from Coote Inc. on the amount due. 24 Received payment in full from Brady Co. on the amount due. Date Account Titles and Explanation Debit Credit y5 Accounts Receivable 5100 Sales Revenue 5100 uly 14 V Cash 485 Service Charge Expense 15 Sales Revenue 500 y 20 V Cash 4896 Interest Revenue 96 Notes Receivable 4800 v 24 v Cash 7930 Interest Revenue…

On December 1, 2017, Marin, Inc. assigns $ 3,380,000 of its accounts receivable to Sweet Acacia Bank as collateral for a $ 2,028,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 8%. Prepare the December 1 journal entries for both Marin and Sweet Acacia. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Marin, Inc. December 1 Sweet Acacia Bank December 1

A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day year for interest calculations.   Required:   Journalize the entries to record (a) the issuance of the note on April 30 and (b) the payment of the note at maturity, including interest. Refer to the Chart of Accounts for exact wording of account titles.     Chart Of Accounts     CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income…

Presley Supply Co. has the following transaction related to notes receivable during the last 2 months of 2020. Nov. 1 Loaned $30,000 cash to Logan Ransey on a 1-year, 10% note. Dec. 11 Sold goods to be Joe Noland, Inc., receiving a $9,000, 90-day, 8% note. 16 Received a $4,000, 6-month, 9% note in exchange for Jane Brock's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a) Your Answer Correct Answer (Used) Your answer is partially correct. Journalize the above transactions for Presley Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round interest to the nearest dollar.) (b) Date Account Titles and Explanation Nov. 1 Notes Receivable Cash Dec. 11 Notes Receivable Sales Revenue 16 Notes Receivable Accounts Receivable 31 Interest Receivable Interest Revenue eTextbook and Media Solution List of Accounts Debit 30000 9000 4000 667 Credit 30000 9000 4000 667 Attempts: 3 of 3 used Record the…

Selkirk Company obtained a $24,000 note receivable from a customer on January 1, 2021. The note, along with interest at 8%, is due on July 1, 2021. On February 28, 2021, Selkirk discounted the note at Unionville Bank. The bank's discount rate is 10%. 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. (do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.). Tab 1) Record the accrued interest earned. Tab 2) Record the discounting of note receivable. Date                                          General Journal                            Debit                   Credit February 28, 2021     ____________________________      ___________    ____________                                   _____________________________    ____________   ____________…

These transactions took place for Covington Corporation which has a December 31 fiscal year end. Covington does not maintain a separate Allowance for Doubtful Notes Receivable account. 2017     May 1   Received a $4,800, 1-year, 8% note in exchange for an outstanding account receivable from S. Dolan. Interest is due at the maturity of the note. Nov. 1   Loaned $61,200 cash to B. Younger on a 4 month, 9% note. Interest is due at the end of each month. Nov. 30   Received the interest due from B. Younger. Dec. 31   Received the interest due from B. Younger. Dec. 31   Accrued interest revenue on notes receivable. 2018     Jan. 31   Received the interest due from B. Younger. Younger also repaid 75% of the principal balance owing on the note at this time. Feb. 28   Wrote off the balance of the B. Younger note as Younger has defaulted. Future payments are not expected. The interest due for the month of February was not collected. May 1   Received principal plus interest…

On the first day of the fiscal year, a company issues $39,000, 10%, four-year installment notes that have annual payments of $12,303. The first note payment consists of $3,900 of interest and $8,403 of principal repayment. Question Content Area a.  Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank                 Feedback Area   Feedback   Question Content Area b.  Journalize the first annual note payment. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank

On October 1, 2017, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National Bank as collateral for a $750,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 9%. Prepare the October 1 journal entries for both Chung and Seneca.