Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to accrue interest except at December 31. Nov. 1   Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Dec. 11   Sold goods to Ralph Kremer, Inc., receiving a $85,500, 90-day, 8% note. 16   Received a $87,840, 180 day, 10% note to settle an open account from Joe Fernetti. 31   Accrued interest revenue on all notes receivable. 1. Journalize the transactions for Swifty Supply Co. (Ignore entries for cost of goods sold. 2. Record the collection of the Lopez note at its maturity in 2023.

6. On December 31, 2010, Chelsea Co. provides a service for its customer Villas Boas Co. inexchange for a promissory note requiring five annual payments of $1,000 each. The paymentsare to occur on December 31 of each year beginning on December 31, 2011. The note does notspecify any interest, and there is no market for the note. Based on the credit worthiness of VillasBoas Co. and the length of the note, it is estimated that Villas Boas Co. would have to pay 10%interest if it borrowed a similar amount from a bank. The amount of interest revenue recognizedby Chelsea for the year ended December 31, 2013 is:a. $174b. $249c. $317d. $347

Lewis Company had the following transactions involving notes payable. July 01, 2022 ... Borrows $50,000 from First Bank signing a 9-month, 8% note. Nov 01, 2022 ... Borrows $60,000 from Lyon Bank signing a 3-month, 6% note. Dec 31, 2022 ... Prepares annual adjusting entries. Feb 01, 2023... Pays principal and interest to Lyon Bank. Apr 01, 2023... Pays principal and interest to First National Bank. July 01 2022 Nov 01 2022 Dec 31 2022 Feb 01 2023 Apr 01 2023 On day note is created - is there interest exp? Or just the principal? DR 8% int $ DR 6% int $ CR Total $ 2 diff entries! A single CR to for each entry. Each entry pays note principal (can't be more), PLUS interest (and any publ from adj). Interest calc: Principal x Interest % = a full years int exp. BUT, notes often less than a full year. "Term" (length) of the note tells how many of the 12 months (or 365 days) apply. Eliminate any Int Pobl if ADJ were needed cuz some INT EXP is 2022, and some is 2023.

Cheyenne Corp. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Loaned $13,800 cash to Manny Lopez on a 12 month, 10% note. Nov. 1 Sold goods to Ralph Kremer, Inc., receiving a $27,000, 90-day, 8% note. Dec. 11 Received a $21,000, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable. 16 31 Accrued interest revenue on all notes receivable.

West County Bank agrees to lend Wildhorse Co. $472000 on January 1. Wildhorse Co. signs a $472000, 6%, 6-month note. What entry will Wildhorse Co. make to pay off the note and interest at maturity assuming that interest has been accrued to June 30? Notes Payable 486160        Cash   486160 Interest Payable 7080   Notes Payable 472000   Interest Expense 7080        Cash   486160 Notes Payable 472000   Interest Payable 14160        Cash   486160 Interest Expense 14160   Notes Payable 472000        Cash   486160

A company sold goods to a customer in exchange for a 5-year, zero-interest-bearing note on January 1, 2021. The note has a face amount of $308,000. The company imputes a 10% interest rate on this zero-interest note transaction. Present value factor for 10% and 5 years, single sum is 0.62.   In the journal entry made on 12/31/2022, the company will record Discount on Notes Receivable by $__________. (Please do not use your own present value tables or financial calculator.) (Please do not round your answer in any part of the computation.) (DO NOT put a plus or minus sign in front of the amount.)

Max Corp. sold goods for $36,000 on July 17, 2020, and accepted a 12%, 90-day note. On August 1, the note was sold to a bank at a 15% discount rate. Required: a. Compute the proceeds. Assume a 360-day year. b. If the maker dishonored the note at maturity, prepare the entry for Max Corp. assuming $75 of bank protest fees. If an amount box does not require an entry, leave it blank.

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

Non-Interest-Bearing Notes Payable On October 1, 2017, Valentino Company borrowed $18,800 from U.S. Best Bank by issuing a 12-month note. The bank discounted the note at 9%.   Identify and analyze the effect of the payment of the note on October 1, 2018. How does this entry affect the accounting equation?If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Round your answers to the nearest dollar.

On November 1, 2021, FDN Trading accepted a 90-day, 8% P45,000,000 note from ABC Co. FN immediately discounted with recourse the note to a bank that offers a 12% discount rate. FDN assumes the interest expense associated with this transaction. How much interest expense should FN Trading debit on its records? Calculate the total interest expense and NOT the net interest expense.