Dandy Candy bought a delivery vehicle for $45,000 by issuing an 8% installment note on January 1, 2021. Dandy will make 12 monthly payments of $3,914.50 at the end of each month. Period Cash Payment (Credit) Interest Expense (Debit) Reduction of Note Payalbe (Debit)) Note Payable Balance At issue --- --- --- $45,000 01/31/21 $3,914.50 $300.00 $3,614.50 41,385.50 02/28/21 3,914.50 ? ? ? 03/31/21 3,914.50 ? ? ? 04/30/21 3,914.50 ? ? ? 05/31/21 3,914.50 ? 3,711.85 26,684.93 Required: Using the partially completed amortization table above, prepare the journal entries for the end of March and the end of April. Round your answers to the nearest cent.         2021 Mar. 31 Interest Expense  fill in the blank 2 fill in the blank 3   Notes Payable  fill in the blank 5 fill in the blank 6   Cash  fill in the blank 8 fill in the blank 9   Record monthly payment     Apr. 30 Interest Expense  fill in the blank 11 fill in the blank 12   Notes Payable  fill in the blank 14 fill in the blank 15   Cash  fill in the blank 17 fill in the blank 18   Record monthly payment

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note.   1. On what…

A: The note payable is the liability for the business which is to be paid on due date with interest.

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: еВook Show Me How Journalizing Installment Notes On the first day of the fiscal year, a company…

A: AN INSTALLMENT NOTE IS AN OBLIGATION OR LIABILITY THAT REQUIRES THE BORROWER TO REPAY THE PRINCIPAL…

Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…

A: Given information is: Selkirk Company obtained a $15,000 note receivable from a customer on January…

Q: MCM Company issued a note receivable to a customer on September 1, 2020. The face value of the note…

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

Q: On January 1, 2021, Cullumber Corp. borrows $9,000 by signing a 3-year, 3% note payable. The note is…

A: Period Cash payment Interest expense at 3% Reduction of principal Principal balance Jan 1, 2021…

Q: On March 1, 2021, X Co. assigns $60,000 of its accounts receivable as a collateral for a loan from…

A: Interest = 47000* 1% = 470 Principal repayment = 10,000

Q: On the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes…

A: Issue price of note is given at $26,000 and annual payment is $10,825 ($3,120 interest and $7,705…

Q: On January 1, Year 1, Bryson Company obtained a $12,000, four-year, 9% installment note from…

A: Amortization is the payment of liability with a fixed settlement schedule in steady installments…

Q: On January 1, Year 1, Luzak Company issued a $47,000, 4-year, 9% installment note to McGee Bank. The…

A: Journal Entry: It is the first and foremost procedure in an accounting cycle. The transactions are…

Q: Accounting for notes receivable, dishonored notes, and accrued interest revenue Consider the…

A: Journal entries are the transactions that are recorded in the primary book. They are chronological…

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: Al-Ahmadi Co. signed a three-month, 9%, note payable in the amount of OMR75,000 on Dec 1.  The note…

A: Formula: Interest amount = Principal amount x interest rate. Multiplying interest rate with…

Q: On January 1, 20x1, Drive Co. paid cash of P200,000 and issued a noninterest-bearing note P2,000,000…

A: Working note: Computation of present value of interest bearing note on January 1, 20x1:

Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…

A: The 150 days from November  1 will expire on March 31. Thetefore, Note will expire on March 31 next…

Q: On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 90-day note with a face amount…

A: (a) The issued note cannot be discounted. It is issued at face value. Therefore, the proceeds of the…

Q: Keesha Co. borrows $235,000 cash on November 1 of the current year by signing a 90-day, 11%.…

A: Mature date = 30 Jan

Q: On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note…

A: Formula: Discount amount = Face value amount x Discount rate

Q: On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was…

A: Req-a       Date Account Name Debit  Credit Oct. 1 Cash $89,100     Interest Expense ($90,000…

Q: On December 1, Victoria Company signed a 90-day, 4% note payable, with a face value of $12,600. What…

A: Given, Face value of the note = 12,600 Interest rate = 4%

Q: Sylvestor Systems borrows $96,000 cash on May 15 by signing a 60-day, 7%, $96,000 note.   1. On what…

A: SOLUTION- 1                                      CALCULATION OF DATE OF MATURE OF NOTE DATE OF…

Q: On May 1, Huxley, Inc borrowed $146,000 cash from First Banc Corp under a six-month…

A: Non-Interest bearing note refers to the note payable in which there is no interest rate. It is…

Q: On February 1, 2021, a company loans one of its employees $28,000 and accepts a eight-month, 7% note…

A: The note receivable is recorded as a current asset in the balance sheet of the company.  Given…

Q: On January 1, 20X1, the company received a $10,000 three-year note bearing interest at 10% annually.…

A: Journal entry is a primary entry that records initially the financial transactions of the company.

Q: Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1. On…

A: Interest on Notes = Face value of Notes x rate of interest x time = $110,000 x 12% x 60/360 = $2,200

Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…

A: Solution:- 1)Calculation of On what date does this note mature as follows under:- Basic…

Q: On January 1, 2017, Eagle borrows $100,000 cash by signing a four-year, 7% installment note. The…

A: Notes payable: It can be defined as a liability account that is used by the borrower to record the…

Q: On January 1, Year 1, Luzak Company issued a $120,000, five-year, 6% installment note to McGee Bank.…

A:

Q: On October 1, 2021, Oberley Corporation loans one of its employees $25,000 and accepts a 12-month,…

A: Given: Note receivable = $25,000 Due period = 12 month Interest rate = 8%

Q: Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on…

A: Notes receivable is a negotiable instrument that indicates the claims to be paid at a specific date…

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: On October 1, Ramos Co. signed a $90,000, 60-day note at the bank to be paid on November 30. (Assume…

A: given that, 1) on October 1st ram and co-signed a bill of $90000 2) term of bill = 60days 3)…

Q: On January 1, 2021, Eagle Company borrows $21,000 cash by signing a four-year, 5% installment note.…

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

Q: Vaughn Manufacturing lends Pina Colada industries $51600 on August 1, 2022, accepting a 9-month, 12%…

A: Note Interest means, with respect to any Investor at any time, the undivided interest in the Note…

Q: On January 1, 2024, Lucky-Fenn signed a $420,000, 6-year, 10% note. The loan required Lucky – Fenn…

A: Interest expense on Dec 31.2024 = Face value of notes x rate of interest x no. of months/12 =…

Q: the monthly payment is $5,800, what is the note's carrying value after the first month's payment is…

A: The original cost of an asset, as recorded in the books or balance sheet of a corporation, less the…

Q: On the first day of the fiscal year, a company issues $35,000, 5%, eight-year installment notes that…

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

Q: On February 1, 2021, a company loans one of its employees $21,000 and accepts a nine-month, 8% note…

A: Interest = Principal x rate of interest x no. of months/12 months

Q: On January 1, 2019, a company borrows $1,000 cash by signing a four-year, 5% installment note. The…

A: Given: Borrowed amount = $ 1,000 Rate of note = 5 % Amount for equal payment = $ 282

Q: Jane's Donut Co. borrowed OMR 50,000 on March 1, 2018, and signed a one-year note bearing interest…

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

Q: On January 1, 2020 Plumbus Inc. is issued a notes payable for $29,200. The note has an interest rate…

A:

Q: Sylvestor Systems borrows $ 110,000 cash on May 15 by signing a 60-day, 12%, 110,000 note 1. On what…

A: 1. On July 14th the note mature.

Q: On May 12, Scott Rinse accepted an $11,000, 14%, 90-day note for a time extension of a bill for…

A: Given data, Principal amount (P) = $11,000 Rate (R) = 14% or 0.14 Time (T) = 90 days / 360 days Bank…

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: Solution: (a). Calculate due date as follows :   Number of days in month  Cumulative days…

Q: On January 1, 2022 Hideki Matsuyama provides services in exchange for a $10,000 zero-interest…

A: Solution: Present value of note on Jan 1, 2022 = $10,000 * PV of 1 at 15% for 4 periods = $10,000 *…

Q: On December 1, Victoria Company signed a 90-day, 6% note payable, with a face value of $15,000. What…

A: Interest accrued = Note payable x Interest rate x 30/360 = $15000 x 6% x 1/12 = $75