College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 17, Problem 2MC
To determine
State the account that is debited for interest earned but not yet received.
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9. Which accounts would be debited and credited in the entry to record accrued interest on a note payable?
Debit Credit
A. Interest Expense Interest Receivable
B. Interest Receivable Interest Revenue
C. Interest Expense Interest Payable
D. Interest Receivable Interest Payable
To record interest earned but not yet
* received, payee must accrued interest
Debit Interest Receivable, Credit Interest
Revenue
Debit Interest Revenue, credit Interest
Receivable
Debit cash, credit Interest Receivable,
Credit Interest Revenue
Debit cash, debit Interest Receivable,
Credit Interest Revenue
1) What is the difference between Interest Receivables and Account Receivables and Interest Income?2) What statements does each appear on and are al DR accounts?
Chapter 17 Solutions
College Accounting, Chapters 1-27
Ch. 17 - The maturity value of a note includes both...Ch. 17 - Prob. 2TFCh. 17 - The difference between the maturity value of a...Ch. 17 - Prob. 4TFCh. 17 - When a dishonored note is collected, interest is...Ch. 17 - Principal plus interest equals ______ of a note....Ch. 17 - Prob. 2MCCh. 17 - Prob. 3MCCh. 17 - Prob. 4MCCh. 17 - Accrued interest payable is reported as a ______...
Ch. 17 - Prob. 1CECh. 17 - Prob. 2CECh. 17 - Prob. 3CECh. 17 - Prob. 1RQCh. 17 - Prob. 2RQCh. 17 - Prob. 3RQCh. 17 - Prob. 4RQCh. 17 - Prob. 5RQCh. 17 - Prob. 6RQCh. 17 - Prob. 7RQCh. 17 - Prob. 8RQCh. 17 - Prob. 9RQCh. 17 - On which notes receivable and notes payable is it...Ch. 17 - Prob. 11RQCh. 17 - When a business borrows money from a bank on a...Ch. 17 - What kind of account is Discount on Notes Payable,...Ch. 17 - Prob. 14RQCh. 17 - Prob. 15RQCh. 17 - TERM OF A NOTE Calculate total time in days for...Ch. 17 - Prob. 2SEACh. 17 - DETERMINING DUE DATE Determine the due date for...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND...Ch. 17 - Prob. 5SEACh. 17 - JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED, RENEWED, AND PAID)...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN)...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the...Ch. 17 - NOTES RECEIVABLE ENTRIES J. K. Pratt Co. had the...Ch. 17 - NOTES RECEIVABLE DISCOUNTING Marienau Suppliers...Ch. 17 - ACCRUED INTEREST RECEIVABLE The following is a...Ch. 17 - NOTES PAYABLE ENTRIES Milo Radio Shop had the...Ch. 17 - ACCRUED INTEREST PAYABLE The following is a list...Ch. 17 - TERM OF A NOTE Calculate total time in days for...Ch. 17 - CALCULATING INTEREST Using 360 days as the...Ch. 17 - DETERMINING DUE DATE Determine the due date for...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, DISCOUNTED,...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED, RENEWED, AND PAID)...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN)...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the...Ch. 17 - NOTES RECEIVABLE ENTRIES M. L. DiMaurizio had the...Ch. 17 - NOTES RECEIVABLE DISCOUNTING Madison Graphics had...Ch. 17 - ACCRUED INTEREST RECEIVABLE The following is a...Ch. 17 - Prob. 13SPBCh. 17 - ACCRUED INTEREST PAYABLE The following is a list...Ch. 17 - Prob. 1MYWCh. 17 - Rochelle needed to borrow 3,000 for three months...Ch. 17 - Eddie Edwards and Phil Bell own and operate The...Ch. 17 - Prob. 1CP
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- On which notes receivable and notes payable is it necessary to record accrued interest at the end of the period?arrow_forwardWhich of the following is a contra-liability account? a. Taxes Payable b. Accumulated Amortization c. Discount on Notes Payable d. Notes Payablearrow_forwardWhat are accounts for notes payable and interest expense.arrow_forward
- Which of the following will be included in the adjusting entry to accrue interest * ?income or interest revenues A Debit To Interest Income A Debit To Cash A Credit To Interest Receivable A Debit To Interest Receivablearrow_forwardHow would part b be answered? How does one find the total amount $ of interest earned in accountarrow_forwardThe amortization of premium on notes receivable isa. deduction from accrued interest receivableb. an addition to interest incomec. an addition to accrued interest receivabled. a deduction from interest incomearrow_forward
- How to calculate the amount of interest paid/earnedarrow_forwardThe adjusting entry to record accrued interest expense is: Debit Interest expense and credit Interest Payable. The answer is true or falsearrow_forwardWhat does it mean when you have a debit balance of accrued interest income? Does a Debit balance accrued interest inome a deduction in net income?arrow_forward
- A credit balance on accruals account indicates?arrow_forwardAnswer the following questions correctly. a. The interest is computed on the principal and on the accumulated past interest . a. Compound Interestb. Interestc. Simple interestd. rate b. Which of the following are NOT true? I. Principal is the money given or paid invested in the origin date II. Origin date is a date on which money is paid by the borrower. III. Interest is an amount or earned for the use of the moneyIV. Simple Interest is an interest that is computed on the principal and then added to it.arrow_forwardThe entry to record interest expense on a bank loan payable is a a. debit to interest expense and credit to note payable. b. debit to note payable and credit to interest revenue. c. debit to interest payable and credit to interest revenue. d. debit to interest expense and credit to interest payable.arrow_forward
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