8 - Entity A has withdrawn a loan from X bank and 4000 TL has been calculated as the loan expense (interest, commission, file fee) and added to the loan account. Which is the registration to be made? A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 300 BANK CREDITS 4000 102 BANKS 4000 B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 780 FINANCIAL EXPENSE 4000 300 BANK CREDITS 4000 C) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 BANKS 4000 300 BANK CREDITS 4000 D) CODE AND NAME OF THE ACCOUNT WILL BE DEBT 770 GENERAL ADMINISTRATIVE EXPENSE 4000 300 BANK CREDITS 4000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 653 COMMISSION EXPENSE 4000 300 BANK CREDITS 4000

8 - Entity A has withdrawn a loan from X bank and 4000 TL has been calculated as the loan expense (interest, commission, file fee) and added to the loan account. Which is the registration to be made? A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 300 BANK CREDITS 4000 102 BANKS 4000 B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 780 FINANCIAL EXPENSE 4000 300 BANK CREDITS 4000 C) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 BANKS 4000 300 BANK CREDITS 4000 D) CODE AND NAME OF THE ACCOUNT WILL BE DEBT 770 GENERAL ADMINISTRATIVE EXPENSE 4000 300 BANK CREDITS 4000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 653 COMMISSION EXPENSE 4000 300 BANK CREDITS 4000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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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
54. CPA Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5% loan with a bank. The entity was also assessed by the bank a finance charge of 6% on the transaction and is paid up front. What amount should be recorded as a gain or loss on the transfer of accounts receivables?
LOL Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5%loan with a bank. The entity was also assessed by the bank a finance charge of 6% on thetransaction and is paid up front. What amount should be recorded as a gain or loss on thetransfer of accounts receivables? A. PO B. P240,000 loss C. P100.000 gain D. P150,000 gain
Adobo Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5% loan with a bank. The entity was also assessed by the bank a finance charge of 6% on the transaction and is paid up front. What amount should be recorded as a gain or loss on the transfer of accounts receivables?
6 - The company has accrued TL 9000 of interest on its 6-month maturity account opened at the bank during the year. Since the withholding rate is 15%, which of the following is the record to be made by the company regarding the interest charged at the end of the term?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 Banks 7650 295 Pash. Paid Tax Fund 1350 642 Interest Income 9000B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 Banks 7650 193 Advance Payment. Tax and Fund. 1350 642 Interest Income 9000C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 Banks 9000 642 Interest Income 9000D) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 Banks 6375 193 Advance Payment. Tax and Fund. 1125 642 Interest Income 7500 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 102 Banks 9000 642 Interest Income 7650 360 Taxes and Funds Payable 1350
35 - Entity A has received a 3-year loan of 100000 TL from bank X and deposited it in the same bank account. Which of the following is true in the registration to be made?A) 400 BANK CREDITS ACCOUNT / DEBTEDB) 300 BANK CREDITS ACCOUNT / DEBTEDC) MAIN INSTALLMENTS AND INTERESTS OF 303 LONG-TERM LOANS / RECEIVABLED) 400 BANK CREDITS ACCOUNT / CREDITORE) 102 BANKS / CREDITORS
On January 1, 20x1, an entity obtains an 11%, ₱5,000,000 bank loan. The bank charges the entity an 8.74% nonrefundable loan origination fee. The principal on the loan matures on December 31, 20x4 but interest is due annually every December 31. Requirements: Compute for the initial carrying amount of the loan. Compute for the effective interest rate on the loan. Compute for the carrying amount of the loan on December 31, 20x1.
8. On January 1, 20x1, ABC Bank extended a P1,000,000 loan to XYZ. Principal is due on December 31, 20x5 but 10% interest is due annually starting December 31, 20x1. On December 31, 20x3, XYZ was delinquent and it was ascertained that the loan is credit-impaired. ABC assessed those interests accruing on the loan will not be collected however the principal is expected to be collected in two equal annual installments starting December 31, 20x4. The current rate on December 31, 20x3 is 14%. The carrying amount of the loan receivable on December 31, 20x4 will approximately be (use 6-decimal present value factor) The correct answer is: 454,545 REQUIRED: Provide a step-by-step solution.
The company is approved for a $2,000,000 loan. The bank deposited theproceeds of the loan. What is the entry to update the books?
A company received a P 500,000 line of credit from its bank. Some information about the credit line is as follows: Stated interest rate 10% Compensating balance requirement 20% Assuming that the company drew down the entire amount at the beginning of the year, and that the loan is discounted, what is the effective interest rate on the loan?
Moon Company assigned P1,500,000 of accounts receivable as collateral for a P1,000,000 loan with a bank. The bank assessed a 4% finance fee and charged interest on the note at 6% at maturity. What would be the journal entry to record the transaction?
6. A cheque for RO 2,000 is presented in the clearing on the 20-01-2020 for payment when the balance in the account is RO 550. The customer has a fixed deposit account with a bank for a sum of RO 1500.