Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing. The entry to be recorded on March 1.

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Answer 1

Question

Chapter 9, Problem 6E

a

To determine

Concept Introduction:

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.

The entry to be recorded on March 1.

b

To determine

Concept Introduction:

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.

The entry to be recorded on September 27.

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On March 1, LGE asks to extend its past-due $3,200 account payable to Tyson. Tyson agrees to accept $700 cash and a 180-day, 8%, $2,500 note payable to replace the account payable. Note: Use 360 days a year. (1) Prepare the March 1 entry for LGE. (2) Prepare the August 28 entry for LGE when it pays the note and interest to Tyson. View transaction list Journal entry worksheet 1 2 Record LGE's entry to extend its past-due $3,200 account payable by paying cash of $700 and issuing a 180-day, 8 %, $2,500 note payable. Note: Enter debits before credits. Date March 01 Record entry General Journal Clear entry Debit Credit View general journal >

December 13 Accepted a $22, 000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. January 27 Received Lee's payment for principal and interest on the note dated December 13. March 3 Accepted a $16, 000, 6%, 90-day note in granting a time extension on the past-due account receivable of Tomas Company. March 17 Accepted a $18,000, 30-day, 6% note in granting H. Cheng a time extension on his past-due account receivable. April 16 H. Cheng dishonored his note. May 1 Wrote off the H. Cheng account against the Allowance for Doubtful Accounts. June 1 Received the Tomas payment for principal and interest on the note dated March 3. Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries. (Do not round Intermediate calculations. Use 360 days a year.) Complete this question by entering your answers in the…

On March 1. LGE asks to extend its past-due $9,200 account payable to Tyson. Tyson agrees to accept $2,200 cash and a 180 day. 8% $7,000 note payable to replace the account payable. Note: Use 360 days a year. (0) Prepare the March 1 entry for LGE. (2) Prepare the August 28 entry for LGE when it pays the note and interest to Tyson. Please use the picture and insert where the answers go!!

Answer 2

Question

Chapter 9, Problem 6E

a

To determine

Concept Introduction:

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.

The entry to be recorded on March 1.

b

To determine

Concept Introduction:

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.

The entry to be recorded on September 27.

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Answer 3

Question

Chapter 9, Problem 6E

a

To determine

Concept Introduction:

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.

The entry to be recorded on March 1.

b

To determine

Concept Introduction:

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.

The entry to be recorded on September 27.

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Answer 4

Question

Chapter 9, Problem 6E

a

To determine

Concept Introduction:

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.

The entry to be recorded on March 1.

b

To determine

Concept Introduction:

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.

The entry to be recorded on September 27.

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Answer 5

Chapter 9, Problem 6E

a

To determine

Concept Introduction:

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.

The entry to be recorded on March 1.

b

To determine

Concept Introduction:

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.

The entry to be recorded on September 27.

Answer 6

Chapter 9, Problem 6E

a

To determine

Concept Introduction:

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.

The entry to be recorded on March 1.

Answer 7

Chapter 9, Problem 6E

a

To determine

Concept Introduction:

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.

The entry to be recorded on March 1.

Answer 8

b

To determine

Concept Introduction:

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.

The entry to be recorded on September 27.

Answer 9

b

To determine

Concept Introduction:

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing.

The entry to be recorded on September 27.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 9 - Prob. 1QS Ch. 9 - Prob. 2QS Ch. 9 - Prob. 3QS Ch. 9 - Prob. 4QS Ch. 9 - Prob. 5QS Ch. 9 - Prob. 6QS Ch. 9 - Prob. 7QS Ch. 9 - Prob. 8QS Ch. 9 - Prob. 9QS Ch. 9 - Prob. 10QS

Short-term notes payable: It is a written promissory note to pay a specific amount on a stated future date within one year. Promissory notes can be sold or transferred from one party to another party, most of the notes payable are interest-bearing. The entry to be recorded on March 1.

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