utumn Designs & Decorators issued a 120-day, 7% note for $65,400, dated April 13 to Zebra Furniture Company on account. Required:   a. Determine the due date of the note.   b. Determine the maturity value of the note. Assume a 360-day year when calculating interest. Do not round your intermediate calculations and round your final answer to the nearest dollar.   c. Journalize the entries to record the following: (1) receipt of the note by Zebra Furniture and (2) receipt of payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note.   1. On what…

A: The note payable is the liability for the business which is to be paid on due date with interest.

Q: On the last day of October, Wright Company borrows $120,000 on a bank note for 60 days at 11 percent…

A: This question is asking about the Journal entries for 31 October of issue of notes, 30 November of…

Q: On February 1, Electronic Warehouse Co. issued a 45-day note with a face amount of $80,000 to Yamura…

A: Notes are issued by the organisation for receivables and payables that are to be received or paid in…

Q: Entries for notes receivable Valley Designs issued a 90-day, 10% note for $24,000, dated April 19,…

A: The journal entries are the first step in accounting to record transactions. The T0accounts are…

Q: Martinez Co. borrowed $71,059 on March 1 of the current year by signing a 60-day, 5%, interest-…

A: Interest = $71,059 x 5% x 60/360 = $592

Q: Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On…

A: Req : a       Computation of Present Value of Notes receivable:       Table Value are Based on:…

Q: Sylvestor Systems borrows $103,000 cash on May 15 by signing a 150-day, 4%, $103,000 note. 1. On…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On…

A: Journal: Recording of a business transactions in a chronological order.

Q: ired 2B rest at turity ure? Required 2B General Journal

A: Answer : Note mature date = 12 October 15 May + 150 days = 12 Oct.  16 Days remaining from May + 30…

Q: McKlien Corporation has a six-month, $10,000, 6% note receivable from L. Noel that was signed on…

A: The company sells goods either on a cash or credit basis. If goods or services are sold on credit it…

Q: A business issued a 60-day note for $87,000 to a bank. The note was discounted at 7%. Journalize the…

A: Businesses may issue short-term discount notes in consideration of goods, services, or cash.These…

Q: Note Receivable Quick Tire and Lube received a 120-day, 7% note for $12,000, dated April 9, from a…

A: The note receivable is issued on April 9 for 120 days. The due date of the note from April 9 after…

Q: Sylvestor Systems borrows $98,000 cash on May 15 by signing a 30-day, 7%, $98,000 note. 1. On what…

A: Notes Payable an instrument issued by the borrower to the lender. This act as a promissory note…

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 6% note for $30,000,…

A: The note receivable is an asset for the business which is issued by the debtors of the business.…

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note.   1. On what…

A: Note payable is one form of liability for the business, which needs to be paid or settled within a…

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

A: A journal entry is a type of accounting entry that is used to record commercial transactions in a…

Q: Sylvestor Systems borrows $75,000 cash on May 15 by signing a 60-day, 7%, $75,000 note. 1. On what…

A: In most cases, companies issue notes in order get financing. The notes do have a maturity period…

Q: Martinez Co. borrowed $69,569 on March 1 of the current year by signing a 60-day, 7%,…

A: From March 1 to April 30 = 60 days Interest is paid on the funds used by the business to generate…

Q: A. Determine the due date of the note. B. Determine the maturity value of the note. Assume a 360-day…

A:

Q: Zion Architects & Engineers issued on account 120-day, 8% note for $60,000, dated June 13 to…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…

A: Maturity value of the note = Face value of bonds + Interest

Q: Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe…

A: Maturity value of note = Note amount + Interest

Q: Journalize the transactions. Assume 360 days for interest calculations and record two entries for…

A: In accounting, journalizing transactions involves recording financial events in a systematic way to…

Q: Autumn Designs & Decorators issued a 120-day, 8% note for $78,000, dated April 13 to Zebra Furniture…

A: The note receivable is an asset for the business which is issued by the debtors of the business.

Q: Sylvestor Systems borrows $183,000 cash on May 15 by signing a 90-day, 6%, $183,000 note. 1. On what…

A: Notes payable are issued to raise the long-term or short-term funds. If the notes payable are to be…

Q: On May 16, 20X1, Safeway Company received a 90-day, 10 percent, $7,000 interest-bearing note from…

A: Bills Receivable:These are the note or a document that given by the debtor formally agree for the…

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 90-day, 8%, $50,000 note. 1. On what…

A: The note payable is treated as liability in the business. The note that matures in less than one…

Q: On January 1, Year 1, Wedekind Company issued a $213,000, five-year, 4% installment note to Shannon…

A: Journal entries are made to record the transactions as the first process in the books of accounts…

Q: ne 8, Alton Co. issued an $79,432, 10%, 120-day note payable to Seller Co. Assuming a 360-day year…

A: Solution: Maturity value of the note is amount that is arrived by adding total amount of interest…

Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

A: Notes payable are defined as the written promissory note or an agreement under which the borrower…

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: Since you have specifically asked for part b and c, we are answering the same for you.   Note…

Q: Autumn Designs & Decorators issued a 120-day, 7% note for $65,400, dated April 13 to Zebra Furniture…

A: The promissory note is a written and signed document issued to the borrower, the borrower makes a…

Q: Entries for notes receivable Valley Designs issued a 90-day, 8% note for $60,000, dated April 17, to…

A: The note receivable is reocrded as assets in the balance sheet. The journal entries are prepared to…

Q: On June 3, 20X1, Georgia State Company received a $10,400, 45-day, 10 percent note from Sampson…

A: Part 1:Answer:The entry required by Georgia State when Sampson Byrd paid the discounted note on the…

Q: A business issued a 60-day, 15% note for $92,000 to a creditor on account. Journalize the entries to…

A: (a) the issuance of the noteAccount Titles and ExplanationDebitCreditAccounts payable$92,000 Notes…

Q: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…

A: Note: We’ll answer the first two questions since the exact one wasn’t specified. Please submit a new…

Q: On March 1, Felton Company borrows $90,000 from Ottawa State Bank by signing a 6-month, 8%,…

A: Working note: Computation of interest expense: Interest expense=Amount borrowed×rate of…

Q: Sylvestor Systems borrows $174,000 cash on May 15 by signing a 90-day, 6%, $174,000 note. 1. On what…

A: Lets understand the basics.Notes payable an instrument issued by the borrower to the lender. This…

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.