The following information is available for the required adjusting entries: 4. $36,000 was recorded to prepaid rent on January 1, 2020 to cover 2 years .

4. Determine the ending balance of AccountsReceivable as of December 31, 2019. 5. What is the net realizable value of thereceivables at the end of 2019? 6. The company has a notes receivable ofRp24,000 at January 15, 2019 for 3 months at10% interest rate. Prepare journal entry as ofApril 15, 2019, on its due date.

PART - E Toner Limited (“Toner") borrows $180,000 on 1 July 2020 from Lighthouse Bank and signs a $180,000, 5%, 1-year promissory note. Assuming yearly accounting periods and a financial year end balance date of 31 December. Required: (i) Prepare the general journal entries to record the issuance of the promissory note. (ii) Prepare the general journal entries to record the adjusting journal entries as at 31 December 2020. (iii) Prepare the general journal entries to record the repayment on 1 July of 2021.

On January 1, 2019, a company sells a piece of equipment for a list price of $260,000. It receives $30,000 and accepts a note receivable for the remainder.  The balance due is on December 31, 2021, and the note pays an annual interest of 3% every December 31st.                                  Required:                          Assuming the customer’s borrowing rate is 5%, prepare all journal entries for 2019 and 2020 under IFRS.

At December 31, 2021, Sheridan Company had a five-month, 5%, $79,200 note receivable that was issued on October 1, 2021. Interest and principal are payable at maturity on March 1, 2022.     Prepare the December 31, 2021, adjusting entry for accrued interest.  Prepare the January 1, 2022, reversing entry.

On November 1, Senorita Blankets sold goods for P12,000 and accepted a six-month non-interest bearing note. Current interest rates were 10%. The December 31 adjusting entry should be:

On January 1, 2019, James Co. received a 10%, five year note from a customer. Interest is paid every December 31. The note has a face value of P12,000,000. The effective rate on the date of the receipt of the note was 12% 1. Determine the initial amount of the note. 2. Prepare an amortization table to show the balance of the note at the end of each reporting period from 2019 to 2023. 3. Compute for the interest income recognized by James during each period from 2019 to 2023. On January 1, 2019, Frank Co. received a 14%, three-year note from a customer. The interest on the note is paid every June 30 and December 31. The note has a face value of P1,000,000. The effective rate applicable on the note is 12%. 1. Determine the initial amount of the note. 2. Prepare an amortization table to show the balance of the note at the end of each reporting period from 2019 to 2021. 3. Compute for the interest income recognized by Frank during each period from 2019 to 2021.

On January 1, Luther Co. issued a $1,000,000, 5 year, 8% installment note payable with payments of $200,000 principal plus interest due on January 1 of each year for the next 5 years.  Prepare the adjusting journal entry at December 31 to accrue interest for the year (you can attach Excel or Word rather than typing in answer box).