adjusting entry should be made

Q: On November 7, Mura Company borrows $150,000 cash by signing a 90-day, 10%, $150,000 note payable.…

A: Accrued interest is the term of accounting which states the interest amount that has been incurred…

Q: Honeycomb Company issued a note receivable to a customer on September 1. The face value of the note…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: On April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend…

A: For Indigo Company: Accounts payable has been decreased. Notes payable have been increased by the…

Q: On November 19, Nicholson Company receives a $21,600, 60-day, 5% note from a customer as payment on…

A: Number of  days between  Nov 19 to Dec 31 = 42 Interest  revenue  = $21600 × 5% ×42/360 days = $126

Q: As promise for future payment, Carlock Systems received a six-month, 12% note for $50,000 from a…

A: Interest revenue = Notes receivables x rate of interest x months/12

Q: Coronado Music Store borrowed $33600 from the bank signing a 10%, 3-month note on September 1.…

A: Working notes Monthly principal amount $33600 / 12 = 2800 Monthly interest  2800 * 10% = 280 When an…

Q: On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $10,800. What…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: b.Rodriguez is the borrower and debits Accounts Payable

A: Account Payable-It is an Liability of a company. Account payable is generated when a company…

Q: On October 1, Black Company receives a 8% interest-bearing note from Reese Company to settle a…

A: Lets understand the basics. For calculating interest revenue needs to record, we need to use below…

Q: Sheridan Company lends Carla Vista Company $9400 on April 1, accepting a four-month, 6% interest…

A: Introduction: The amount of interest generated by a corporation over a given time period is referred…

Q: On November 19, Nicholson Company receives a $24,000, 60-day, 6% note from a customer as payment on…

A: Note receivable is recognized as a negotiable instrument. It represents the claim amount due on the…

Q: Green Lee lends Blue Who $200,000 on October 1st 2016, accepting a 9-month, 8% interest note. All…

A: Total Interest = $200,000 x 8% x 9/12 = $12,000   Interest accrued till Dec 31, 2016 = $12,000 x 3/9…

Q: A company borrowed 20.000 TL from the bank signing a 9%, 3-month note on September 1. Principal and…

A: >The adjusting entries are made at the end of period to provide for correct balances for various…

Q: West County Bank agrees to lend Ivanhoe Company $292000 on January 1. Ivanhoe Company signs a…

A: On 30th march company is required to book interest expense on 200000   Interest Expense to be…

Q: Sheffield Corp. had the following transactions involving notes payable. July 1, 2020   Borrows…

A: Note payable is a written promissory note, under which the borrower promises to pay the lender a sum…

Q: On August 31, 2021, XYZ Company received a 9%, nine-month note receivable from Hugo Company, one of…

A: Given information; Outstanding accounts receivable = $360,000 Note receivable for 9 months issued…

Q: ) Included in Gonzalez Company’s December 31 trial balance is a note receivable of $12,000. The note…

A: Date Account Titles and Explanation Debit Credit December 31 Interest receivable…

Q: Hamada Company borrows $20,000 on October 1 from Arab bank by signing a $20,000, 10%, six month note…

A: Given, Amount borrowed = $20,000 Interest Rate = 10%

Q: C.S. Lewis Company had the following transactions involving notes payable. July 1, 2012 Borrows…

A: Notes Payable: Notes Payable refers to a liability where a borrower records a written promise to…

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $1,200 note receivable that offers 6%…

A: Interest revenue for the period from September 1, 2021 to December 31, 2021 will be recognized in…

Q: The ledger of Windsor, Inc. on July 31, 2022, indludes the selected accounts below before adjusting…

A: Journal entry is a process of recording the business transactions in the books of accounts for the…

Q: XYZ Company lends KLM Company $60,000 on April 1, accepting a three month, 9% interest note. XYZ…

A: Adjusting entries include all the incomes and expenses which have been earned or incurred and…

Q: On December 1, 2021, abc  Ltd. borrowed $180,000 from a local bank by signing a four-month, 5%…

A: Since amount was borrowed on December 1 , interest will be accrued for 1 month from December 1 to…

Q: Ventura Company adjusts its accounts monthly and closes its accounts on December 31. OnOctober 31,…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Harper Company lends Hewell Company $36,000 on March 1, accepting a four-month, 4% interest note.…

A: Interest accrued on March 31 = Amount lends x rate of interest x No. of months /12 months…

Q: C.S. Vaughn Company had the following transactions involving notes payable. July 1, 2020   Borrows…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Harper Company lends Hewell Company $10,800 on March 1, accepting a four-month, 6% interest note.…

A: Annual interest=Note value×6%=$10,800×6%=$648

Q: Travis County Bank agrees to lend Brickyard Corporation $200,000 on January 1. Brickyard signs a…

A: Supporting calculation:

Q: 37, Best Company uses accrual accounting and closes its books every December 31. On April 1, 2022,…

A: Interest receivable from April 1, 2022 to December's 31, 2022 = issue  price of note × interest rate…

Q: On October 1, 2019, Muscat Company borrowed OMR 8,000 cash by signing a note payable due in one year…

A: We have the following information: Borrowed OMR 8,000 on October 1, 2019 Note payable is signed…

Q: On November 1, Jasper Company loaned another company $230,000 at a 12.0% interest rate. The note…

A: Solution: Adjusting entries are journal entries usually made at the end of an accounting period to…

Q: On September 1, Sky Mountain Company borrowed $57,000 on a 8%, 9-month note payable to Coast…

A: solution given Amount borrowed $57000 Date of borrowing September 1 Rate of interest…

Q: Maxx Company borrowed P10,000 from the bank signing a 9%, 3-month note on September 1. Principal and…

A: Adjusting entries are also known as closing entries because these are prepared at the time of…

Q: Bramble Corp. lends Sheffield Corp. $50400 on April 1, accepting a four-month, 9% interest note.…

A: Adjusting entry is the entry passed in the books of account on reporting date to record the…

Q: (a) Determine the due date of the note. (b) Determine the maturity value of the note. (c) Journalize…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: Make the journal entries. Make the adjusting entries for each expense accrued at the end of the…

A: Financial transactions are recorded in the form of a journal entries.

Q: On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a…

A: The interest revenue is the interest earned for the period on the note receivable, etc.

Q: 7. )River Ridge Music School borrowed $30,000 from the bank signing a 6%, 6-month note on November…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Gray Inc. lends White Ltd. $60,000 on April 1, accepting a 6-month, 4.5% interest note. Interest is…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Ivanhoe Company borrows $48,000 on July 1 from the bank by signing a $48,00O, 14%, 1-year note…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: Muscat Company borrowed OMR100,000 from the bank signing a 12 %, 3-month note on January 1. the…

A: Interest accrued on March 31= Face value of note x rate of interest x no. of months / 12 =…

Q: On October 1, Black Company receives a 4% interest bearing note from Reese Company to settle a…

A: Accounts receivable = $19400 Periods remaining in the current year = 3 months Interest rate = 4% per…

Q: Royal Bank agrees to lend Backyard Corporation $200,000 on January 1. Backyard signs a $200,000, 4%,…

A: A note payable is a written debt instrument.  Its Represents money borrowed by a company or…

Q: On June 1, Sunland Company borrows 108,000 from First Bank on a 6 month, $108,000, 8% note.…

A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…