A company borrowed $103,000 cash on September 1, 2019, and signed a one-year 6%, interest-bearing note payable. Assume no adjusting entries have been made during the year. Which of the following would be the required adjusting entry at the end of the December 31, 2019 accounting period?
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- Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000On January 1, 2019, Northfield Corporation becomes delinquent on a 100,000, 14% note to First National Bank, on which 16,651 of interest has accrued. On January 2, 2019, the bank agrees to restructure the note. It forgives the accrued interest, extends the repayment date to December 31, 2021, and reduces the interest rate to 10%. Required: Prepare a schedule for Northfield to compute the annual interest expense in regard to the preceding note for each year of the restructuring agreement.Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
- On September 1, 2019, Melanie Corp. borrowed $101,000 in cash and executed a 6-percent, interest-bearing note payable. Both the principle and interest are due on August 31, 2020. Assume that the correct adjusting entry was submitted on December 31, 2019, and that no more adjusting entries were made in 2020. What journal entry would need to be made in order to pay the debt on August 31, 2020? Multiple Options Interest is due 2,020 Payable Notes 101,000 Cash 103,020 Payable Notes 101,000 6,060 in interest costs 107,060 in money 6,060 in interest costs, 6,060 in cash Cost of interest: $4,040 Interest is due 2,020 Payable Notes 101,00 Cash 107,060Windsor Company borrowed $49,200 on November 1, 2025, by signing a $49,200, 10%, 3-month note. Prepare Windsor's November 1,2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, entry. (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit CreditJetsons Inc borrowed $500,000 on a 6% one-year, interest-bearing note dated November 1, 2019 with interest payable at maturity. The annual accounting period ends on December 31. Assume that adjusting entries are only made at December 31, the company's fiscal year-end. Prepare journal entries for each of the following dates: November 1, 2019. December 31, 2019. October 31, 2020.
- 18. Melanie Corp. borrowed $101,000 cash on September 1, 2019, and signed a one-year 6%, interest-bearing note payable. The interest and principal are both due on August 31, 2020. Assume that the appropriate adjusting entry was made on December 31, 2019 and that no adjusting entries have been made during 2020. Which of the following would be the required journal entry to pay the note on August 31, 2020? Multiple Choice Interest payable2,020 Notes payable101,000 Cash 103,020 Notes payable101,000 Interest expense6,060 Cash 107,060 Interest expense6,060 Cash 6,060 Interest expense4,040 Interest payable2,020 Notes payable101,000 Cash 107,060Sarasota Company borrowed $34,800 on November 1, 2025, by signing a $34,800, 9%, 3-month note. Prepare Sarasota's November 1, 2025, entry; the December 31, 2025, annual adjusting entry; and the February 1, 2026, entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit CreditMiranda Company borrowed $100,000 cash on September 1, 2019, and signed a one-year 6%, interest-bearing note payable. Assume no other entries have been made on the interest during the year. Which of the following would be the required adjusting entry at the end of the December 31, 2019 accounting period? Select one: а. Interest expense 6,000 Interest payable 6,000 b. Interest expense 2,000 Interest payable 2,000 С. Interest payable 2,000 Interest expense 2,000 d. Notes payable 100,000 Interest expense 6,000 Cash 106,000
- A company borrowed P100,000 on September 30, 2019 by signing a six-month note that specifies interest at an annual percentage rate of 12%. No interest or principal payment is due until the note matures on March 31, 2020. 6. Prepare the initial entries to record the loan. 7. What date should be used to record the December adjusting entry? 8. What are the accounts involved in the adjusting entries? 9. Prepare the adjusting entries.On November 16, 2019, Clear Glass Company borrowed $20,000 from First American Bank by issuing a 90-day, non-interest-bearing note. The bank discounted this note at 12% and remitted the difference to Clear Glass. 1. Prepare the journal entries of Clear Glass to record the preceding information, the related calendar year-end adjusting entry,and payment of the note at maturity. 2. Show how the preceding items would be reported On the December 31, 2019, balance sheet. 3. Next Level what is Clear Glass Company’s effective interest rate?Agrico Inc. accepted a 10-month, 13% (annual rate), $5,350 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. a-2. Prepare the journal entry to record the interest earned by Agrico during its year ended December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculation. Round your answers to 2 decimal places.)