C.S. Oriole Company had the following transactions involving notes payable. July 1, 2022   Borrows $44,000 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022   Borrows $47,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022   Prepares adjusting entries. Feb. 1, 2023   Pays principal and interest to Lyon County State Bank. Apr. 1, 2023   Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions

Q: On January 1, 2022, Easy Company sold merchandise for 500,000 by accepting a note for 6 months with…

A:

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 September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied…

A: In this question, we need to record the issue of notes payable. By issue of notes payable, the…

Q: On October 1, 2020, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National…

A: Date Account Titles and Explanation Debit Credit October 1, 2020 Cash $730,000     Interest…

Q: On May 1, 2020, Janine Company secured a loan from NorthSouth Bank, P1,250,000 with 1% monthly…

A: Here in this question, we are required to calculate the interest amount and final payment amount.…

Q: Parker & Washington, Inc. borrows $120,000 on January 1, 2021. They must pay back the loan, with 6%…

A: Note payable means the instrument which is issued by company acknowledging the debt due by company…

Q: Larkspur, Inc. had the following transactions involving notes payable. July 1, 2022 Borrows $54,000…

A: Journal entries refer to the recording of transaction in an appropriate way. With the help of…

Q: On Septèmber 1, 2021, Trinoma Entertainment borrowed P24,000,000 cash to fund à new Fun Park. The…

A: Journal entry shows the recording of transactions during an accounting year and every transaction…

Q: On December 31, 2021, Doctor Jones Inc.'s "Accounts Receivable" balance per ledger of P1,250,000…

A: Trade liabilities are obligations to obtain merchandise or services that are no heritable from…

Q: Sunland Company had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Note payable is a kind of loan which is repaid after certain period of time with specific rate of…

Q: On October 1, Eli's Carpet Service borrows $300,000 from First National Bank on a 5-month, $120,000,…

A: Accrued Interest means the Interest which is already due but not paid with in the specific due…

Q: On August 31, 2018, BetsyTotten borrowed $1,000 from Iowa State Bank. Totten signed a note payable,…

A: Journal: Recording of a business transactions in a chronological order.

Q: Kingbird, Inc. had the following transactions involving notes payable. July 1, 2022 Nov 1, 2022 Dec.…

A: Notes are referred to as the promissory notes which are issued by the entity for an amount that is…

Q: During 2021, LeBron Corporation accepts the following notes receivable. 1. On April 1, LeBron…

A: Meaning of Notes Receivable: It is an asset of company that includes a promissory note from another…

Q: On December 1, Williams Company borrowed $45,000 cash from Second National Bank by signing a 90-day,…

A: >Notes Payables are the note issued by the borrower, agreeing to pay the amount of note, along…

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…

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: Weldon Corporation’s fiscal year ends December 31. The following is a list of transactions involving…

A: Provision to be created=920000*3%+3000-25000 =5600

Q: Skysong, Inc. had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Interest accrued on Dec. 31, 2022 = (52500*8%*6/12)+(63000*6%*2/12) = $2100 + 630  = $2730

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: HELLO reported the following items on its December 31, 2020 trial balance: Accounts Payable,…

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

Q: C.S.Vaughn Company had these transactions involving notes payable. July 1, 2022 Borrows $51,500 from…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022…

A: Note payable are a form of debt taken by a company on which it has to pay regular interest payments.

Q: On June 30, 2018, Munoz Company’s total current assets were $503,500 and its total current…

A: Working capital = Current assets - Current liabilities   Current ratio = Current assets / Current…

Q: C.S. Ivanhoe Company had the following transactions involving notes payable. July 1, 2022   Borrows…

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

Q: Keesha Company borrows $115,000 cash on November 1 of the current year by signing a 180-day, 11%,…

A: Introduction: A promissory note, also known as a note, is a written promise to pay a sum of money at…

Q: Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts…

A: The allowance for doubtful accounts is created to record estimated bad debt expense.

Q: On June 30, Year 3, Perez Company's total current assets were $495,500 and its total current…

A: 1. WORKING CAPITAL : = CURRENT ASSETS - CURRENT LIABILITIES  2. CURRENT RATIO : = CURRENT ASSETS /…

Q: On October 31, 2021, Bundle Company engaged in the following transactions: (1) Obtained a P500,000,…

A: Company B obtained P 500,000, six month loan from city bank that discounted at 12%. So, the amount…

Q: C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

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: C.S. Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows…

A: Interest accrued on Dec 31. 2019 = Amount borrowed x rate of interest x no. of months /12 Trident…

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

A: Supporting calculation:

Q: The following balances were reported by Nagpapangap Company on December 31, 2020 and 2019: 2020:…

A: Gross Purchase refers to Total Purchase it including cost of goods returned and Discounts also.…

Q: On September 1, 2021, Alled Moving Corp. borrows $90,000 cash from First National Bank. Alled signs…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Elburn Supply Co. has the following transactions related to notes receivable during the last 2…

A: Accrued interest = (30000*10%*2/12)+ (6750*8%*20/360) = $ 530

Q: Gravel Corporation borrowed $250,000 from a bank on January 1, 2019, by signing a10%, six-month…

A: Borrowings will increase the liability of Gravel Corporation.

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: Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts…

A: Working note:

Q: On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied…

A: Lets understand the basics. Journal entry is required to make to record an event or transaction that…

Q: C.S. Ivanhoe Company had the following transactions involving notes payable. July 1, 2022…

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

Q: Gallery located in Maine produces journals and photo albums. On May 1, 2021, G borrowed $250,000…

A: Accrued interest on Dec 31, 2021 = Face value of Note x rate of interest x No. of months/12 =…

Q: Swifty Company had the following select transactions. Apr. 1, 2020   Accepted Goodwin Company’s…

A: Journal entries refers to the systematic documentation of the financial transactions of a company in…

Q: Splish Brothers Company had the following select transactions. Apr. 1, 2022   Accepted Goodwin…

A: A journal entry is a report of a financial event in a company's accounting structure.

Q: Mission Corp. borrowed $25,000 cash on April 1, 2016, and signed a one-year 8%, interest-bearing…

A: Amount paid to bank = Principal + Interest expense Interest expense = Note Payable x rate x number…

Q: XYZ Corporation maintains its book on a cash basis. During 2021, the company collected $950,000 in…

A: Sales Revenue : (Accounts Receivable, Ending + Cash collection) - Accounts Receivable, Beginning =…

Q: The following transactions occurred during December 31, 2021, for the Microchip Company.   On…

A: Interest=$90,000×8%×312=$1,800

Q: . Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows…

A: The journal entries are prepared to keep the record of day to day transactions of the business.