The annual accounting period ends December 31 Apr. 30 Received $465,000 from Commerce Bank after signing a 12-month, 7 percent, promissory note. June 6 Purchased merchandise on account at a cost of $66,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. Aug. 31 Signed a contract to provide security service to a small apartment complex and collected six months' fees in advance amounting to $18,600. (Use an account called Unearned Revenue.) Dec. 31 Determined salary and wages of $31,000 were earned but not yet paid as of December 31 (ignore payroll taxes) Dec. 31 Adjusted the accounts at year- end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 1&2. Complete the required journal entries for each of the above transactions.

On May 22, Jarrett Company borrows $8,800, signing a 90-day, 8%, $8,800 note. What is the journal entry made by Jarrett Company to record the transaction? Multiple Choice   Debit Cash $8,800; credit Accounts Payable $8,800.   Debit Accounts Payable $8,800; credit Notes Payable $8,800.   Debit Cash $8,976; credit Notes Payable $8,976.   Debit Cash $8,800; credit Notes Payable $8,800.   Debit Notes Receivable $8,800; credit Cash $8,800.

The following transactions took place for Parker’s Grocery.   a.   Jan.   1   Loaned $50,000 to a cashier of the company and received back a one-year, 8 percent note. b.   June   30   Accrued interest on the note. c.   Dec.   31   Received interest on the note. (No interest has been recorded since June 30.) d.   Dec.   31   Received principal on the note. Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1) Record the receipt of a note on January 1 for a $50,000 loan to an employee. 2) Record the interest accrued on the note as of June 30. 3) Record the receipt of the interest on the note's maturity date. No interest has been recorded since June 30. 4) Record the receipt of the payment for the full principal.

The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3. Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10. Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 13. Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound journal entry with debits before credits.) May 11. Received from Bradford & Co. the amount due on the note of March 12. 13. Dry Creek Co.…

The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $225,000, terms n/30.   31 Issued a 30-day, 8% note for $225,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $600,000 from Triple Creek Bank, issuing a 45-day, 6% note. Jul. 1 Purchased tools by issuing a $50,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%.   16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 7% note for $600,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16.   30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $280,000, paying $80,000 cash and issuing a series of ten 9% notes for…

Apr. 30 Received $495,000 from Commerce Bank after signing a 12-month, 5 percent, promissory note. June Purchased merchandise on account at a cost of $68,000. (Assume a perpetual inventory 6 system.) July 15 Paid for the June 6 purchase. Aug. Signed a contract to provide security service to a small apartment complex and collected six months' fees in advance amounting to $19,800. (Use an account called Unearned Revenue.) 31 Dec. 31 Determined salary and wages of $33,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 182. Complete the required journal entries for each of the above transactions. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld.) 1. Record the borrowing of $495,000. 2. Record the purchase of inventory…

on november 1, 2018, Downtown  Jewelers accepted a 3-month, 15% note for $6,000 in sttlement of an averdue account receivable. the account period ends on december 31. prepare the journal entry to record the accrued interest at the year end.

Apr.   20   Purchased $38,000 of merchandise on credit from Locust, terms n/30. May   19   Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $3,000 in cash. July   8   Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11%, $57,000 note payable. __?__   Paid the amount due on the note to Locust at the maturity date. __?__   Paid the amount due on the note to NBR Bank at the maturity date. Nov.   28   Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 6%, $30,000 note payable. Dec.   31   Recorded an adjusting entry for accrued interest on the note to Fargo Bank.

During December, Far West Services makes a $3,600 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. (Note: the sales tax amount is in addition to the credit sale amount.) Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

On October 1, Dutta Incorporated borrowed $82 million and issued a nine-month promissory note. Interest was discounted at issuance at a 13% discount rate. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.