20Υ7 Received from Unitarian Clothing & Bags Co, on account, a Dec. 7 $75,000, 60-day, 3% note dated December 7. Recorded an adjusting entry for accrued interest on the 31. note of December 7. 31. Recorded the closing entry for interest revenue. 20Υ8 Received payment of note and interest from Unitarian Feb. 5. Clothing & Bags Co.

20Υ7 Received from Unitarian Clothing & Bags Co, on account, a Dec. 7 $75,000, 60-day, 3% note dated December 7. Recorded an adjusting entry for accrued interest on the 31. note of December 7. 31. Recorded the closing entry for interest revenue. 20Υ8 Received payment of note and interest from Unitarian Feb. 5. Clothing & Bags Co.

Name: Entires for notes receivable, including year-end entries.The following
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Description: Entires for notes receivable, including year-end entries.The following selected transactions were completed by interlockingDevices Co., a supplier of zippers for clothing.journalize the entries to record the transactions. 20Υ7Received from Unitarian

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 6SEA: JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At the end of the year, the following interest is...

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JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal. Interest on 4,000, 90-day, 7% note (for 15 days) 11.67 Interest on 7,000, 60-day, 6% note (for 18 days) 21.00 32.67
A business issued a $5,000, 60-day, 12% note to the hank. The amount due at maturity is: A. $4,900 B. $5,000 C. $5,100 D. $5,600
JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the end of the year, the following interest is payable, but not yet paid. Record the adjusting entry in the general journal. Interest on 5,000, 60-day, 7% note (for 12 days) 11.67 Interest on 2,500, 30-day, 8% note (for 9 days) 5.00 16.67
Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the journal entry to recognize payment of the short-term note on December 4.
Reversing Entries Thomas Company entered into two transactions involving promissory notes and properly recorded each transaction. 1. On November 1, it purchased land at a cost of 8,000. It made a 2,000 down payment and signed a note payable agreeing to pay the 6,000 balance in 6 months plus interest at an annual rate of 10%. 2. On December 1, it accepted a 4,200, 3-month, 12% (annual interest rate) note receivable from a customer for the sale of merchandise. On December 31, Thomas made the following related adjustments: Required: 1. Assuming that Thomas uses reversing entries, prepare journal entries to record: a. the January 1, reversing entries b. the March 1, 4,326 collection of the note receivable c. the May 1, 6,300 payment of the note payable 2. Assuming instead that Thomas does not use reversing entries, prepare journal entries to record the collection of the note receivable and the payment of the note payable.
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense