A business borrowed $69,372
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A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
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A: Accrued interest is the term of accounting which states the interest amount that has been incurred…
Q: On November 7, Mura Company borrows $350,000 cash by signing a 90-day, 8%, $350,000 note payable.…
A: Note means an instrument issued by company acknowledging the debt due from company to bond holder.…
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A: Solution: Issuance of note to a creditor on accounts means a note payable issued to the creditor for…
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A: The financial transactions are initially recorded in the form of journal entry.
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A: Working notes Monthly principal amount $33600 / 12 = 2800 Monthly interest 2800 * 10% = 280 When an…
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A: Adjusting entries are entries that are passed at the end of the period to accurately present income,…
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A: Notes Payable is the liabilities which will be paid in certain period of time. It is financing…
Q: On May 15, Wild Quest Clothiers borrowed some money on a 4-month note to provide cash during the…
A: Note is a financial instrument which is used to make financial transactions. A note receivable is an…
Q: On December 1, Williams Company borrowed $50,000 cash from Second National Bank by signing a 90-day.…
A: Note payable is a form of debt taken by the company on which business has to pay interest on…
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A: Note payable is a kind of loan which is repaid after certain period of time with specific rate of…
Q: Martinez Co. borrowed $69,569 on March 1 of the current year by signing a 60-day, 7%,…
A: From March 1 to April 30 = 60 days Interest is paid on the funds used by the business to generate…
Q: On October 1, Eli's Carpet Service borrows $125,000 from First National Bank on a 3-month, $125,000,…
A: Accrued Interest means the Interest which is already due but not paid with in the specific due date…
Q: A business borrowed $59,037 on March 1 of the current year by signing a 30 day, 11% interest bearing…
A: The entry to record the payment should include Debit to Interest Expenses for $541.
Q: a- ABC Corporation borrowed 24,000 on December 1, 2011, by issuing a two-month, 8 percent note…
A: A journal entry is the first step in chronicling financial transactions in the books of business…
Q: Seaport Corp. had the following transactions during 2024: February 1 Borrowed $20,000 from a bank…
A: Journal entries are the daily transactions recorded in the books of accounts whereas the adjusting…
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A: On December 31, 2018, entry will be passed for booking of interest accrued for the year 2018.…
Q: business issued a 45-day, 4% note for $240,000 to a creditor on account. Journalize the entries to…
A: A journal entry is prepared by the company to record the non-economic & economic transactions of…
Q: Martinez Co. borrowed $62,310 on March 1 of the current year by signing a 60-day, 8%,…
A: The journal recorded at the time payment is : Interest expense A/c Dr 831 -…
Q: Hanna Company borrows $80,000 on July 1 from the bank by signing an $80,000, 10% one year note…
A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…
Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…
A: Notes payable are defined as the written promissory note or an agreement under which the borrower…
Q: Current Attempt in Progress On January 1, 2022, the ledger of Splish Brothers Inc. contained these…
A: Current Liabilities: These are all short-term financial obligations of an enterprise which are to…
Q: sued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for…
A: Solution: Issuance of note to a creditor on accounts means note is issued to a creditor for their…
Q: ABC Corporation borrowed 24,000 on December 1, 2011, by issuing a two-month, 8 percent note payable…
A: Journal entry is regarded as the first step of the accounting procedures of a company. From the…
Q: Required information (The following information applies to the questions displayed below.) On…
A: January 1::Issue of note payable.... Assets Cash=Liability Note payable.. Cash Account…
Q: May 15, Holt's Clothiers borrowed some money on a 4-month note to provide cash during the slow…
A: Journal entry is the process of documenting commercial transactions for the first time in the books…
Q: note for $96,000 to a creditor on account. The note was discounted at 7%. Journalize the entries to…
A: Nos. Date Account and Explanation Debit Credit a March 1 Account Payable ($96,000-$1,120 ) $94,880…
Q: A business issued a 120-day, 6% note for $10,000 to a creditor on account. The company uses a…
A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…
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A: The adjustment entries are made to adjust the revenues and expenses of the current year.
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A: Adjusting entries are also known as closing entries because these are prepared at the time of…
Q: In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note ,…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: abardeen corporation borrowed 58,000 from the bank on october 1, year 1. The note had a 4 percent…
A: Note payable: Note payable refers to the liability of the business, as business borrow money against…
Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…
A: Notes payable is a negotiable instrument used for differing payments. In this one-party agree to pay…
Q: In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note,…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…
A:
Q: On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 8%, $160,000 note payable. 1.…
A: Interest = Principal x Rate x Time
Q: A business issued a 45-day, 4% note for $260,000 to a creditor on account. Journalize the entries to…
A: Notes payable: A note payable is a liability account. In this borroer promised to lender/issuer to…
Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…
A:
Q: Question. Jamaica Corporation carried out the following transactions involving note payable. During…
A: The journal entries are prepared to record the non-economic and economic transactions of the…
Q: A business issued a 45-day, 6% note for $210,000 to a creditor on account. Required: Journalize…
A: Interest on notes = Notes payable x rate of interest x days/360 = $210,000*6%*45/360 = $1,575
Q: The transaction below pertains to Boyer Coe Company, whose fiscal year ends December 31. On November…
A: Note is a document which works as a promissory note at the time when an entity is taking or…
Q: On October1, 2020 Sue's Carpet Service borrows $ 125.000from the Bank on a 3-month, $ 125.000, 8%…
A: Given: Amount borrowed = $125,000 Period = 3 months Rate = 8%
Q: A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day…
A: Note Payable are a form of liability for the business, on which regular interest payments needs to…
Q: MFT Company borrowed P10,000 from the bank signing a 9%, 3-month note on September 1. Principal and…
A: Amount borrowed = $10,000 Interest rate = 9% Interest expense = 10,000 x 9% x 1/12 = 75
A business borrowed $69,372 on March 1 of the current year by signing a 30 day, 6% interest bearing note. Assuming a 360-day year, when the note is paid on March 31, the entry to record the payment should include a
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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 ExpenseJain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.Homeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $650,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 8.5%. Each year on December 31, the company pays down the principal balance by $80,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year.Cost of Bank Loan On March 1, Minnerly Motors obtains a business loan from a local bank. The loan is a 25,000 interest-only loan with a nominal rate of 11%. Interest is calculated on a simple interest basis with a 365-day year. What is Minnerlys interest charge for the first month (assuming 31 days in the month)?
- Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan include a repayment of principal in eight, equal installments, paid annually from the April 1 date. The annual interest rate on the loan is 5%, recognized on December 31. (Round answers to the nearest cent, if needed.) A. Compute the interest recognized as of December 31 in year 1. B. Compute the principal due in year 1.Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at the end of the month for 12 months. The interest rate is 12% annually. If the monthly payments are $888.49, what is the journal entry to record the cash received on Jan. 1 and the first payment made on Jan. 31?
- Notes Payable Rogers Machinery Company borrowed $330,000 on February 1, with a 6-month, 10%, interest-bearing note. Required: 1. Record the borrowing transaction. 2. Record the repayment transaction.McMasters Inc. specializes in BBQ accessories. In order for the company to expand its business, they take out a long-term loan in the amount of $800,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 9%. Each year on December 31, the company pays down the principal balance by $50,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year.Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
