To purchase inventory on January 1. 2021, Safeway signed a $600,000, three-year, noninterest-bearing note with payment in full due December 31, 2023. Safeway typically borrows at an 8% interest rate but will only have to pay $600,000 at the maturity of the note. Safeway's journal entry on January 1. 2021 to record the transaction would include: Multiple Choice a debit to Discount on notes payable for $123,701. a debit to Inventory for $600,000. a credit to Notes payable or $476,299. a debit to Notes payable for $600,000.

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…

rescue sequences llc purchased inventory by issuing a $45,000, 10%, 60-day note on october 1, 2019. what amount of interest expense should be recorded for 2019?

President Company purchased merchandise from Captain Corporation on September 30, 2024. Payment was made in the form of a noninterest-bearing note requiring President to make six annual payments of $4,200 on each September 30, beginning on September 30, 2027. Required: Calculate the amount at which President should record the note payable and corresponding purchase on September 30, 2024, assuming that an interest rate of 8% properly reflects the time value of money in this situation. Note: Use tables, Can someone please give me the correct answer for this?

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.

Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 1. 2. b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. 2.

Bennett Enterprises isues a $480,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 1. 2. b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. 2. 00

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

Bramble Supply Co. 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. How would I enter these into a journal?   Nov. 1   Loaned $ 13,200 cash to Manny Lopez on a  12-month,  10% note. Dec. 11   Sold goods to Ralph Kremer, Inc., receiving a $ 24,750,  90-day,  8% note. 16   Received a $ 29,100,  180 day,  8% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31   Accrued interest revenue on all notes receivable.

Valley Designs issued a 90-day, 10% note for $48,000, dated April 22, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. Question Content Area a.  Determine the due date of the note.   b.  Determine the maturity value of the note.$___   Question Content Area c1.  Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. notes receivable   - Select - 0 accounts receivable - valley designs   0 - Select -   Question Content Area c2.  Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. cash   - Select -  0 notes receivable   0 - Select - interest revenue   0 - Select -