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Business Accounting Intermediate Accounting

(1) Long-term notes payable: Long-term notes payable represent a legal and written promise made by the business to pay a debt with interest over a period of more than a year. It is reported under the long-term liability section of the balance sheet . Notes Receivables: Notes receivable is a legal agreement made between a borrower and the creditor. This agreement is acts as a written legal document between the parties; for example: Borrower pays cash as per the written document to the seller on a particular future date. To prepare: Journal entries to record (a) the issuance of the note by B Plastics and (b) L&T Bank’s receivable on October 1, 2018. Explanation: a) Journal entry to record the issuance of the note by B Plastics. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2018 Cash 14,000,000 October 1 Notes payable 14,000,000 ( To record the issuance of note. ) Table (1) Cash is an asset and is increased due to issuance by $14,000,000. Thus, debit cash account with $14,000,000. Notes payable is a liability and is increased by $14,000,000 due to issuance of note. Therefore, credit notes payable with $14,000,000. b) Journal entry to record Bank L’s receivable on October 1, 2018. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2018 Notes Receivable 14,000,000 October 1 Cash 14,000,000 ( To record the acceptance of notes receivable. ) Table (2) Notes receivable is an asset and is increased by $14,000,000 due to acceptance of notes receivable. Therefore, debit notes receivable with $14,000,000. Cash is an asset and is decreased by $14,000,000 due to acceptance of notes receivable. Therefore, credit cash with $14,000,000. (2) To prepare: Journal entries by both firms to record all the subsequent events related to the note through January 31, 2019. Explanation: Journal entry to record the accrual of interest payable. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2019 Interest Expense 420,000 December 31 Interest Payable 420,000 ( To record the accrual of interest payable ) Table (3) Interest expense is an expense and it decreases the value of stockholders’ equity. Thus, debit interest expense account by $420,000. Interest payable is a liability due to accrual of interest and it increases by $420,000. Therefore, credit interest payable account by $420,000. Working note: Calculate interest expense for 3 months (from October 1 to December 31) on the notes payable. Interest expense = Principal amount × Rate of interest × Time = $ 14 , 000 , 000 × 12 % × 3 12 = $ 420 , 000 Journal entry to record the interest revenue earned, but not received. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2019 Interest Receivable 420,000 December 31 Interest Revenue 420,000 ( To record the interest revenue earned, but not receive ) Table (4) Interest receivable is an asset and is increased by $420,000 due to recording of interest revenue earned. Thus, debit interest receivable with $420,000. Interest revenue is revenue and it increases the value of equity due to receipt of interest revenue earned. Thus, credit interest revenue account by $420,000. Working note: Calculate interest revenue for 3 months (from October 1 to December 31) on the notes receivable. Interest revenue = Principal amount × Rate of interest × Time = $ 14 , 000 , 000 × 12 % × 3 12 = $ 420 , 000 Journal entry to record the payment of notes payable and interest for B Plastics at maturity. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2019 Notes Payable 14,000,000 January 31 Interest Expense 140,000 Interest Payable 420,000 Cash 14,560,000 ( To record the payment of notes payable and interest ) Table (5) Notes payable is a liability and it decreases by $14,000,000 for recording of payment of notes payable and interest. Therefore, debit notes payable with $14,000,000. Interest expense is an expense and it decreases the value of equity due to notes payable. Therefore, debit interest expense account by $140,000. Interest payable is a liability and it decreases by $420,000. Therefore, debit interest payable account by $420,000. Cash is an asset account and it decreases by $14,560,000. Therefore, credit Cash account with $14,560,000. Working note: Calculate interest expense for 1 month (from December 31 to January 31) on the notes payable. Interest expense = Principal amount × Rate of interest × Time = $ 14 , 000 , 000 × 12 % × 1 12 = $ 140 , 000 Journal entry to record for Bank L at maturity. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2019 Cash 14,560,000 January 31 Notes Receivable 14,000,000 Interest Revenue 140,000 Interest Receivable 420,000 ( To record the collection of note receivable and interest ) Table (6) Cash is an asset account and it increases by $14,560,000 due to collection of notes receivable and interest. Thus, debit Cash account with $14,560,000. Notes receivable is an asset account and it decreases by $14,000,000. Thus, credit notes receivable with $14,000,000. Interest revenue is revenue and it increases the value of equity. Thus, credit interest revenue account by $140,000. Interest receivable is an asset account and it decreases by $420,000. Thus, credit interest receivable account by $420,000. Working note: Calculate interest revenue for 1 month (from December 31 to January 31) on the note receivable. Interest revenue = Principal amount × Rate of interest × Time = $ 14 , 000 , 000 × 12 % × 1 12 = $ 140 , 000 (3)(a) To prepare: Journal entry to record the issuance of the noninterest-bearing note by B Plastics on October 1, 2018. Explanation: Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2018 Cash 13,440,000 October 1 Discount on Notes Payable 560,000 Notes Payable 14,000,000 ( To record the issue of notes at 12% discounted rate ) Table (7) Cash is an asset account and it increases due to issue of notes at 12% discounted rate. Thus, debit Cash account with $13,440,000. Discount on notes payable is a contra liability and decreases the liability due to issuance of notes at the discounted rate. Thus, discount on notes payable account with debited with $560,000. Thus, credit notes payable with $14,000,000. Journal entry to record the interest expense for three months. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2018 Interest Expense 420,000 December 31 Discount on Notes Payable 420,000 ( To record the interest expense for 3 months ) Interest expense is an expense and it decreases the value of stockholders’ equity. Thus, debit interest expense account by $420,000. Discount on notes payable is a contra liability and is increased to interest expense made for 3 months. Thus, credit discount on notes payable with $420,000. Working notes: Calculate interest expense for 3 months (from October 1 to December 31) on the notes payable. Interest expense = Principal amount × Rate of interest × Time = $ 14 , 000 , 000 × 12 % × 3 12 = $ 420 , 000 Journal entry for B Plastics for the interest payment of note. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2019 Interest Expense 140,000 January 31 Discount on Notes Payable 140,000 (To record the interest expense for 1 month) Table (9) Interest expense is an expense and it decreases the value of stockholders’ equity. Thus, debit interest expense account by $140,000. Discount on notes payable is a contra liability and is increased to interest expense made for 1 month. Thus, credit discount on notes payable with $140,000. Journal entry for B Plastics for the payment of note at maturity. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2019 Notes Payable (L–) 14,000,000 January 31 Cash (A–) 14,000,000 ( To record the payment of notes at maturity ) Table (10) Notes payable is a liability and decreased due to payment of notes made at maturity. Hence, liability is decreased and so, debit with $14,000,000. Cash is an asset and decreased due to payment made. So, credit cash with $14,000,000. Working note: Calculate interest expense for 1 month (from December 31 to January 31) on the notes payable. Interest expense = Principal amount × Rate of interest × Time = $ 14 , 000 , 000 × 12 % × 1 12 = $ 140 , 000 b. To calculate: The effective interest rate. Explanation: Annual effective interest rate = Interest for 4 months × 12 4 = 4.1666 % × 12 4 = 12.5 % Firstly, determine the amount of discount for 4 months by multiplying principal amount, rate of discount, and time. Secondly, determine the amount of cash proceeds by determining the difference between notes payable and amount of discount for four months. Next, determine interest rate for four months by dividing discounts and cash proceeds. Annual effective interest rate is determined by multiplying interest for four months and 12 months by 4 months. Working notes Step 1: Calculate the amount of discount for 4 months (from October 1 to January 31). Discount for 4 months = Principal amount × Rate of discount × Time = $ 14 , 000 , 000 × 12 % × 4 12 = $ 560 , 000 Step 2: Calculate the amount of cash proceeds. Cash proceeds = Notes payable – Discount for 4 months = $14,000,000 – $560,000 = $13,440,000 Step 3: Calculate interest rate for four months. Interest rate for 4 months = Discounts Cash Proceeds × 100 = $ 560 , 000 $ 13 , 440 , 000 × 100 = 4.1666 % Conclusion: Thus, annual effective interest rate is 12.5%.

(1) Long-term notes payable: Long-term notes payable represent a legal and written promise made by the business to pay a debt with interest over a period of more than a year. It is reported under the long-term liability section of the balance sheet . Notes Receivables: Notes receivable is a legal agreement made between a borrower and the creditor. This agreement is acts as a written legal document between the parties; for example: Borrower pays cash as per the written document to the seller on a particular future date. To prepare: Journal entries to record (a) the issuance of the note by B Plastics and (b) L&T Bank’s receivable on October 1, 2018. Explanation: a) Journal entry to record the issuance of the note by B Plastics. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2018 Cash 14,000,000 October 1 Notes payable 14,000,000 ( To record the issuance of note. ) Table (1) Cash is an asset and is increased due to issuance by $14,000,000. Thus, debit cash account with $14,000,000. Notes payable is a liability and is increased by $14,000,000 due to issuance of note. Therefore, credit notes payable with $14,000,000. b) Journal entry to record Bank L’s receivable on October 1, 2018. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2018 Notes Receivable 14,000,000 October 1 Cash 14,000,000 ( To record the acceptance of notes receivable. ) Table (2) Notes receivable is an asset and is increased by $14,000,000 due to acceptance of notes receivable. Therefore, debit notes receivable with $14,000,000. Cash is an asset and is decreased by $14,000,000 due to acceptance of notes receivable. Therefore, credit cash with $14,000,000. (2) To prepare: Journal entries by both firms to record all the subsequent events related to the note through January 31, 2019. Explanation: Journal entry to record the accrual of interest payable. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2019 Interest Expense 420,000 December 31 Interest Payable 420,000 ( To record the accrual of interest payable ) Table (3) Interest expense is an expense and it decreases the value of stockholders’ equity. Thus, debit interest expense account by $420,000. Interest payable is a liability due to accrual of interest and it increases by $420,000. Therefore, credit interest payable account by $420,000. Working note: Calculate interest expense for 3 months (from October 1 to December 31) on the notes payable. Interest expense = Principal amount × Rate of interest × Time = $ 14 , 000 , 000 × 12 % × 3 12 = $ 420 , 000 Journal entry to record the interest revenue earned, but not received. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2019 Interest Receivable 420,000 December 31 Interest Revenue 420,000 ( To record the interest revenue earned, but not receive ) Table (4) Interest receivable is an asset and is increased by $420,000 due to recording of interest revenue earned. Thus, debit interest receivable with $420,000. Interest revenue is revenue and it increases the value of equity due to receipt of interest revenue earned. Thus, credit interest revenue account by $420,000. Working note: Calculate interest revenue for 3 months (from October 1 to December 31) on the notes receivable. Interest revenue = Principal amount × Rate of interest × Time = $ 14 , 000 , 000 × 12 % × 3 12 = $ 420 , 000 Journal entry to record the payment of notes payable and interest for B Plastics at maturity. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2019 Notes Payable 14,000,000 January 31 Interest Expense 140,000 Interest Payable 420,000 Cash 14,560,000 ( To record the payment of notes payable and interest ) Table (5) Notes payable is a liability and it decreases by $14,000,000 for recording of payment of notes payable and interest. Therefore, debit notes payable with $14,000,000. Interest expense is an expense and it decreases the value of equity due to notes payable. Therefore, debit interest expense account by $140,000. Interest payable is a liability and it decreases by $420,000. Therefore, debit interest payable account by $420,000. Cash is an asset account and it decreases by $14,560,000. Therefore, credit Cash account with $14,560,000. Working note: Calculate interest expense for 1 month (from December 31 to January 31) on the notes payable. Interest expense = Principal amount × Rate of interest × Time = $ 14 , 000 , 000 × 12 % × 1 12 = $ 140 , 000 Journal entry to record for Bank L at maturity. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2019 Cash 14,560,000 January 31 Notes Receivable 14,000,000 Interest Revenue 140,000 Interest Receivable 420,000 ( To record the collection of note receivable and interest ) Table (6) Cash is an asset account and it increases by $14,560,000 due to collection of notes receivable and interest. Thus, debit Cash account with $14,560,000. Notes receivable is an asset account and it decreases by $14,000,000. Thus, credit notes receivable with $14,000,000. Interest revenue is revenue and it increases the value of equity. Thus, credit interest revenue account by $140,000. Interest receivable is an asset account and it decreases by $420,000. Thus, credit interest receivable account by $420,000. Working note: Calculate interest revenue for 1 month (from December 31 to January 31) on the note receivable. Interest revenue = Principal amount × Rate of interest × Time = $ 14 , 000 , 000 × 12 % × 1 12 = $ 140 , 000 (3)(a) To prepare: Journal entry to record the issuance of the noninterest-bearing note by B Plastics on October 1, 2018. Explanation: Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2018 Cash 13,440,000 October 1 Discount on Notes Payable 560,000 Notes Payable 14,000,000 ( To record the issue of notes at 12% discounted rate ) Table (7) Cash is an asset account and it increases due to issue of notes at 12% discounted rate. Thus, debit Cash account with $13,440,000. Discount on notes payable is a contra liability and decreases the liability due to issuance of notes at the discounted rate. Thus, discount on notes payable account with debited with $560,000. Thus, credit notes payable with $14,000,000. Journal entry to record the interest expense for three months. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2018 Interest Expense 420,000 December 31 Discount on Notes Payable 420,000 ( To record the interest expense for 3 months ) Interest expense is an expense and it decreases the value of stockholders’ equity. Thus, debit interest expense account by $420,000. Discount on notes payable is a contra liability and is increased to interest expense made for 3 months. Thus, credit discount on notes payable with $420,000. Working notes: Calculate interest expense for 3 months (from October 1 to December 31) on the notes payable. Interest expense = Principal amount × Rate of interest × Time = $ 14 , 000 , 000 × 12 % × 3 12 = $ 420 , 000 Journal entry for B Plastics for the interest payment of note. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2019 Interest Expense 140,000 January 31 Discount on Notes Payable 140,000 (To record the interest expense for 1 month) Table (9) Interest expense is an expense and it decreases the value of stockholders’ equity. Thus, debit interest expense account by $140,000. Discount on notes payable is a contra liability and is increased to interest expense made for 1 month. Thus, credit discount on notes payable with $140,000. Journal entry for B Plastics for the payment of note at maturity. Date Accounts and Explanation Post Ref Debit ($) Credit ($) 2019 Notes Payable (L–) 14,000,000 January 31 Cash (A–) 14,000,000 ( To record the payment of notes at maturity ) Table (10) Notes payable is a liability and decreased due to payment of notes made at maturity. Hence, liability is decreased and so, debit with $14,000,000. Cash is an asset and decreased due to payment made. So, credit cash with $14,000,000. Working note: Calculate interest expense for 1 month (from December 31 to January 31) on the notes payable. Interest expense = Principal amount × Rate of interest × Time = $ 14 , 000 , 000 × 12 % × 1 12 = $ 140 , 000 b. To calculate: The effective interest rate. Explanation: Annual effective interest rate = Interest for 4 months × 12 4 = 4.1666 % × 12 4 = 12.5 % Firstly, determine the amount of discount for 4 months by multiplying principal amount, rate of discount, and time. Secondly, determine the amount of cash proceeds by determining the difference between notes payable and amount of discount for four months. Next, determine interest rate for four months by dividing discounts and cash proceeds. Annual effective interest rate is determined by multiplying interest for four months and 12 months by 4 months. Working notes Step 1: Calculate the amount of discount for 4 months (from October 1 to January 31). Discount for 4 months = Principal amount × Rate of discount × Time = $ 14 , 000 , 000 × 12 % × 4 12 = $ 560 , 000 Step 2: Calculate the amount of cash proceeds. Cash proceeds = Notes payable – Discount for 4 months = $14,000,000 – $560,000 = $13,440,000 Step 3: Calculate interest rate for four months. Interest rate for 4 months = Discounts Cash Proceeds × 100 = $ 560 , 000 $ 13 , 440 , 000 × 100 = 4.1666 % Conclusion: Thus, annual effective interest rate is 12.5%.

Solution Summary: The author explains that long-term notes payable represent a legal and written promise made by the business to pay an interest-free debt.

Intermediate Accounting

Intermediate Accounting

9th Edition

ISBN: 9781259722660

Author: J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher: McGraw-Hill Education

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7.2 Ch 7: Notes Payable and Interest, Revenue recognition explained; Author: Accounting Prof - making it easy, The finance storyteller;https://www.youtube.com/watch?v=wMC3wCdPnRg;License: Standard YouTube License, CC-BY