Coronado Ltd. borrowed $75,600,000 on November 1, 2021, by signing a 77.301.000,3-month, zero-interest-bearing note. Prepare Coronado's November 1, 2021, entry the December 31. 2021, annual adjusting entry, and the February 1, 2022, entry. Of no entry is required, select "No Entry for the account titles and enter Ofor the amounts Credit account sites are automatically indented when amount is entered. Do not indent manually Record journal entries in the order presented in the problem) Account Titles and Explanation Debit Date Nov 1.2021 Dec 31, 2021 Feb 1,2022 Feb 1,2022 Cash Discount on Notes Payable Interest Expense Discount on Notes Payable Interest Expense (To record interest) Notes Pyible cash 75.000.000 283.500 $47.000 77301.000 Credit 282.500 567.000 77301,000

Coronado Ltd. borrowed $75,600,000 on November 1, 2021, by signing a 77.301.000,3-month, zero-interest-bearing note. Prepare Coronado's November 1, 2021, entry the December 31. 2021, annual adjusting entry, and the February 1, 2022, entry. Of no entry is required, select "No Entry for the account titles and enter Ofor the amounts Credit account sites are automatically indented when amount is entered. Do not indent manually Record journal entries in the order presented in the problem) Account Titles and Explanation Debit Date Nov 1.2021 Dec 31, 2021 Feb 1,2022 Feb 1,2022 Cash Discount on Notes Payable Interest Expense Discount on Notes Payable Interest Expense (To record interest) Notes Pyible cash 75.000.000 283.500 $47.000 77301.000 Credit 282.500 567.000 77301,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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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.
Sheridan Corporation borrowed $62,400 on November 1, 2020, by signing a $63,600, 3-month, zero-interest-bearing note. Prepare Sheridan's November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, 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.) Account Titles and Explanation Date (To record interest) (To pay note) Debit Credit
Windsor 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 Credit
Larkspur Corporation borrowed $78,000 on November 1, 2025, by signing a $79,755, 3-month, zero-interest-bearing note. Prepare Larkspur'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 11/1/25 12/31/25 2/1/26 > Account Titles and Explanation Cash (To record discount amortization) (To record repayment of note) Debit Credit
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Record the following transactions for Sheridan Company in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) .2020 May 1 Dec. 31 Dec. 31 2021 May Received a $27,450, 12-months, 8% note in exchange for Mark Chamber's outstanding accounts receivable. Date Accrued interest on the Chamber note. Closed the interest revenue account. 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) V > Account Titles and Explanation (To record accrued interest on note.) (To close the interest revenue account.) Debit Credit I