The Beatles Company only prepares financial statements on December 31, its year-end. The Beatles Company borrows $200,000 on July 1, 2019, from Sandwich State Bank by signing a $200,000, 12%,(annual rate) note that is due to be repaid in 9 months. (Therefore, On April 1, 2020, the amount borrowed plus interest is to be repaid). What is the amount of Interest Payable that Beatles will show on its December 31, 2019 balance sheet?     $18,000     $24,000     $12,000     $0, since interest is paid in 2020     $2,000

Oliver Industries borrowed $100,000 from the bank signing a 6%, one year note on June 1, 2022. Principal and interest are payable to the bank on June 1, 2023. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on June 30, 2022 would be: debit Interest Expense $1.500: credit interest Payable, $1.500. debit Interest Expense $500: credit Interest Payable, $500. debit Interest Payable, $6,000; credit Cash, $6,000. No adjusting entry is needed until the load is paid off

Philip Company has a P200,000, 9%, 120-day note receivable outstanding on December 31. The note is dated November 1, 2021. What is the adjusting entry on December 31, 2021?

[The following information applies to the questions displayed below.] Agrico Inc. accepted a 10-month, 12.8% (annual rate), $9,000 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. b-1. Prepare the horizontal model to record collection of the note and interest at maturity. (Use amounts with + for increases and amounts with – for decreases.) Please don't provide solution image based thanku

A company borrowed P100,000 on September 30, 2019 by signing a six-month note that specifies interest at an annual percentage rate of 12%. No interest or principal payment is due until the note matures on March 31, 2020. 6. Prepare the initial entries to record the loan. 7. What date should be used to record the December adjusting entry? 8. What are the accounts involved in the adjusting entries? 9. Prepare the adjusting entries.

On December 1, 2022, Old Car Co. borrowed money at the bank by signing a 90-day non-interest-bearing note for $30,000 that was discounted at 10%. Which of the following entries is correct?

On December 1, 2021, a company converted an existing account receivable in the amount of $6,000 to a note receivable to allow an extended payment period. The note is due in three months and includes an annual interest rate of 9%. The company prepares year-end financial statements on December 31 and recorded adjusting entries at that time. What entry should the company make on March 1, 2022, when the interest is paid at maturity? Multiple Choice Debit Cash and credit Notes Receivable for $6,135. Debit Cash for $6,135, credit Notes Receivable for $6,000, and credit Interest Revenue for $135. Debit Cash for $135 and credit Interest Revenue for $135. О Debit Cash for $135, credit Interest Receivable for $45, and credit Interest Revenue for $90.

Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of $51,800 in its bank account. The note has a 3-year term, compounds 5 percent interest annually, and requires an annual installment payment on December 31. Cucina Corporation has a December 31 year-end and adjusts its accounts only at year-end. Required: 1. Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. 2. Prepare the journal entries on (a) January 1, 2021, and December 31 of (b) 2021, (c) 2022, and (d) 2023. 3. If Cucina Corporation's year-end were March 31, rather than December 31, prepare the adjusting journal entry it would make for this note on March 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Use an online application, such as the loan calculator with annual payments at mycalculators.com, to complete the amortization schedule. (Do…

On August 1, 2021, Stucko Company borrowed $21,000 on an 8-month, 3%, short-term note payable. Which account will be credited on April 1, 2022, and for what amount? Stucko Company has a calendar year-end.

Problem: ABC Company issued a promissory note to RCBC Bank. Details from the promissory note are as follows: Date of note: November 1, 2020 Term of note: 180 days Principal: P120,000 Interest rate: 12% Determine the following: 1. What is the account to be credited on the adjusting entry on December 31, 2020? 2. How much is the amount to be credited on December 31, 2020? 3. How much is the total interest expense for the full term of the note.