Complete the table to calculate the interest amounts at December 31st and April 30th and use those calculated values to prepare your journal entries (assume that no reversing entries are recorded). (Do not round intermediate calculations. Use 360 days a year.)

Q: On July 8th, Jones Inc. issued a $75,600, 12%, $120 Day note payable to Miller company. Assume that…

A: From July 8th to July 31st = 23 days

Q: On the last day of October, Wright Company borrows $120,000 on a bank note for 60 days at 11 percent…

A: This question is asking about the Journal entries for 31 October of issue of notes, 30 November of…

Q: The following note transactions occurred during the year for Towell Company: On Nov. 25, Towell…

A: Interest is an expense which is to be paid to the lender or creditor for making late payment for the…

Q: On January 1, MM Co. borrows $340,000 cash from a bank and in return signs an 8% installment note…

A: Interest expense for first installment = Notes payable x rate of interest x no. of months in…

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: The following selected transactions are from Ohlm Company. (Use 360 days a year.) 2016 Dec. 16…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: On September 1, Purifier Company borrowed $12,000 on a 6-month, 4%, short-term note payable. How…

A: Interest expense recorded on December 3 = Amount borrowed  x rate of interest x No. of months / 12…

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: 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: 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: Martinez Co. borrowed $52,557 on March 1 of the current year by signing a 60-day, 12%,…

A: Notes payable is categorized as a negotiable instrument signed by the promisor who agreed to pay a…

Q: On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu…

A: Calculate the interest amount as follows: Interest = Face value * Interest rate*Periods

Q: Martinez Co. borrowed $58,220 on March 1 of the current year by signing a 60-day, 11%,…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: Following are selected transactions Deshawn Company for 2010 and 2011. 2010 Dec. 13 Accepted…

A: Date   Account title and explanation   Debit   Credit  2010        Dec. 13   Note receivable -…

Q: On December 1, Milton Company borrowed $390,000, at 7% annual interest, from the Tennessee National…

A: Interest amount from December 1 to December 31 i.e. 1 month = 390,000 x 7% x 1 month/12 months…

Q: On January 1, Yeargan Company obtained a $125,000, seven-year 5% installment note from Farmers Bank.…

A: Note​ payable: Note​ payable is an instrument through which borrower obtains money from a person…

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: Following are transactions of Danica Company. December 13 Accepted a $9,500, 45-day, 8% note in…

A: Maturity amount of the Note = Face value of the Note + Total interest on the notes Where, Total…

Q: On July 8, Jones Inc. issued an $70,600, 8%, 120-day note payable to Miller Company. Assume that the…

A: Notes payable is a negotiable instrument where a borrower records a promise to pay a certain amount…

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: Concord Company borrows $52,800 on July 1 from the bank by signing a $52,800, 12%, one-year note…

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: on June 8th Alton Co issued in 62700 8% 120 Day note payable to seller Co. Assume that the fiscal…

A: Notes payable is a negotiable instrument issued by a promisor that includes a promise to pay a…

Q: On January 1, Luther Co. issued a $1,000,000, 8%, 5-year installment note payable. The first note…

A: Notes Payable:- It is a Current liability where one person is liable to pay and another one is…

Q: Following are transactions of Danica Company 13 Accepted a $9,500, 45-day, 81 note in granting…

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

Q: On June 15, Julio borrowed $1,010.00 from Sheridan Credit Union at 6.7% per annum calculated on the…

A: Repayment Schedule: It is the tabular representation of loan payments occurring periodically showing…

Q: Concord Company borrows $61,200 on July 1 from the bank by signing a $61,200, 10%, one-year note…

A: Interest accrued on december 31 = Amount borrowed x rate of interest x No. of months / 12 = $61,200…

Q: On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to…

A: From November 1 to December 31 = 2 months Interest accrued on December 31 = $9,000 x 6% x 2/12 = $90…

Q: On May 25, Al Mathir Company made a credit sale of OMR 320,000 to Wasan Company and received a note…

A: Following are the journal entries:

Q: On January 1, the first day of the fiscal year, Shiller Company borrowed $86,000 by giving a…

A: Notes payable is a form of amount borrowed or taken out from some other person. This is a liability…

Q: Assume 360 days in a year. Do not round your intermediate calculations and round your final answer…

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

Q: Following are transactions for Vitalo Company. 1 Accepted a $3,000, 180-day, 5% note from Kelly…

A: The accrued interest the amount of interest due for receipt but not received yet.

Q: On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the…

A: Answer: The exact answer is $1,061 . So the nearest option to $1,061 is option D - $1,050 .

Q: The following selected transactions are from Ohlm Company. (Use 360 days a year.)   2016 Dec.   16…

A: Part 1-a:

Q: On May 25, Al Mujaaz Company made a credit sale of OMR 220,000 to Al Zahir Company and received a…

A: Accounts Receivable refers to payment which company would receive from customers who had purchased…

Q: 33. On August 1, 2011, Hampton Construction received a 9 percent, six-month note receivable from…

A: Answer: Assuming that Dusty Roads pays the note plus accrued interest in full. Entry for Collection…

Q: Keesha Co. borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000…

A: Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

Q: Maas, Incorporated, sells washers and dryers that include a maximum one-year warranty covering…

A: Total estimated warranty liability = 2% * Net sales Total estimated warranty liability = 2% *…

Q: The following selected transactions are from Garcia Company. Year 1 Dec. 16 Accepted a $20,400,…

A: General Journl Date General Journal Debit Credit Year 1       Dec 16 Note receivable - Rita…

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: On July 8, Jones Inc. issued an $72,300, 7%, 120-day note payable to Miller Company. Assume that the…

A: Solution:  Jones Inc should recognize the interest expense for 23 days. = From July 8 to July 31= 23…

Q: on Nov 1 alan co.  signed a 120 - day, 9% note payable with a face value of 18,000. alan made the…

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: a. Determine the due date of the note.   b. Determine the maturity value of the note. Assume 360…

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

Q: The following selected transactions for notes receivable are for Accustart Limited. May 1…

A: Step 1 Journal is the part of the book keeping.

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

A: Accrued interest on December 31 = Face Value of note receivable x interest rate x no. of months/12 =…

Q: The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted…

A: 1. Interest Recognition - Interest is the income earned by the issuer of the notes on the account.…

Q: The following transactions are from Ohlm Company. Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note…

A: Bookkeeping can be defined as the recording, classifying, summarizes, interpreting, analyzing, and…

Q: Following are transactions for Vitalo Company. 1 Accepted a $12,000, 180-day, 6% note from Kelly…

A: According to accrual concept, the revenues or expenses incurred during period should be treated in…