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- Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.Dallas Company loaned to Ewing Company on December 1, 2019. Ewing will pay Dallas $720 of interest ($60 per month) on November 30, 2020. Dallass adjusting entry at December 31, 2019, is: a. Interest Expense ........... 60 c. Interest Receivable ....... 60 Cash ......................... 60 Interest Income ........ 60 b. Cash ............................ 60 d. No adjusting entry is required. Interest Income ........ 60Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
- Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Rent for the 3 months totals S3,600. On December 31, 2019, Hurd will report Prepaid Rent of: a. $0 b. $1,200 c. $2,400 d. $3,600Payroll Accounting McLaughlin Manufacturing has the following data available for its March 31, 2019, payroll: *All Subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, re9eetivety. Federal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the first $1,000,000. Required: 1. Compute the taxes payable and wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny) 2. CONCEPTUAL CONNECTION McLaughlin Manufacturing would like to hire a new employee at a salary of $80,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin?What is the entry for this transaction? March 6: Mr. collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby. The interest rate was 15% and the Note was written on July 1th, 2019
- On October 1, 2021, Pastina signed a $50,400 note that requires interest to paid annually on September 30 at 12% and will have principal due in 10 years. What is the journal entry and the amount to be entered in the journal?On April 15, 2021, Sampson Consulting provides services to a customer for $110,000. To pay for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Because the note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 2021, and one-half month of interest revenue in April 2024.) Required: 1. Record the acceptance of the note on April 15, 2021. 2. Record the interest collected on April 15 for 2022 and 2023, and the adjustment for interest revenue on December 31, 2021, 2022, and 2023. 3. Record the cash collection on April 15, 2024.Triage has paid the following rent bills in the year ended 31 December 2020: £3,000 for the 3 months ended 28 February 2020 £4,500 for the 3 months ended 31 May 2020 £4,500 for the 3 months ended 31 August 2020 £6,000 for the 3 months ended 30 November 2020 In March 2021 he received a bill for £6,000 for the 3 months ended 28 February 2021. What is the charge to P/L for rent for the year ended 31 December 2022? a) £24,000 b) £20,000 c) £18,000 d) £19,000
- On December 31, 2019, Don accepted a note receivable from Mike’s Builders for $1,000 as a good faith promise to pay for electrical engineering services rendered that week. The terms of the note are: Face $1,000, Interest 7%, Due in 180 Days. Prepare Don’s journal entry for December 31, 2019. Pay close attention to what I am asking for.On April 15, 2021, Sampson Consulting provides services to a customer for $99,000. To pay for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Because the note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 2021, and one-half month of interest revenue in April 2024.) Required: Record the acceptance of the note on April 15, 2021. Record the interest collected on April 15 for 2022 and 2023, and the adjustment for interest revenue on December 31, 2021, 2022, and 2023. Record the cash collection on April 15, 2024. Prepare the journal entries for the above transactions. (Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 1. Record the acceptance of the note. 2. Record the adjusting entry for…On July 1, 2019, John Deere signed a $100,000, one year, 6% note payable. The principal and interest will be paid on June 30, 2020. How much interest expense should be reported on the income statement for the year ended December 31, 2019? $6,000 $3,000 $0 $1,500
