Entries for Notes Payable A business issued a 60-day, 15% note for $86,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar.

Q: business issued a 60-day note for $99,000 to a creditor on account. The note was discounted at 7%.…

A: Solution: Issuance of note to a creditor on accounts means a note payable issued to the creditor for…

Q: A business issued a 60-day, 10% note for $80,000 to a creditor on account. Journalize the entries to…

A:

Q: Entries for Notes Payable A business issued a 45-day, 6% note for $210,000 to a creditor on account.…

A: Notes payable are a promissory note and a negotiable instrument. In this one party agree to pay a…

Q: Note Receivable Quick Tire and Lube received a 120-day, 7% note for $12,000, dated April 9, from a…

A: The note receivable is issued on April 9 for 120 days. The due date of the note from April 9 after…

Q: Accounting for a note receivable On June 6, Lakeland Bank & Trust lent $80,000 to Stephan…

A: When money is lent against notes, the notes receivable (asset) is debited and cash is credited.

Q: A business issued a 120-day, 6% note for $10,000 to a creditor on account. The company uses a…

A: Accounts payable (liability) of $10,000 have been issued a note of $10,000. This is done in order to…

Q: Entries for Discounted Note Payable A business issued a 30-day note for $48,000 to a creditor on…

A: Introduction: A note payable is a promissory note in writing. Under this agreement, a borrower…

Q: Autumn Designs & Decorators issued a 120-day, 9% note for $48,000, dated April 13 to Zebra Furniture…

A: Interest on Note = Face value of note x rate of interest x No. of days/360 days =48000*9%*120/360 =…

Q: Journalizing Installment Notes On the first day of the fiscal year, a company issues $39,000, 10%,…

A: Notes payable is a form of liability for the business, which needs to be paid out either in short…

Q: Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe…

A: Maturity value of note = Note amount + Interest

Q: A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day…

A: Total Interest = face value of notes x interest rate x no. of days/360 days = $24000*5%*90/360 =…

Q: A business issued a 45-day, 6% note for $210,000 to a creditor on account. Journalize the entries to…

A: Interest expense to be recorded = Value of note * Annual interest note * Period of note / 360

Q: Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture…

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

Q: Spring Designs & Decorators issued a 180-day, 9% note for $88,400, dated April 13 to Jaffe Furniture…

A: A. due date of the note = Date of issue of note + Life of note in days

Q: A business issued a 30-day, 7% note for $75,600 to a creditor on account. The company uses a 360-day…

A: In a journal entry for issuance of the note, the creditor will be debited, and the note payable will…

Q: A business issued a 120-day, 15% note for $83,000 to a creditor on account. Journalize the entries…

A: Interest expense = $83,000 x 15% x 120/360 = $4,150

Q: Prefix Supply Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on…

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

Q: sued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for…

A: Solution: Issuance of note to a creditor on accounts means note is issued to a creditor for their…

Q: A business issued a 90-day note for $57,000 to a bank. The note was discounted at 6%. Assume a…

A: Interest expense = Face value of Notes x rate of discount x No. of days /360 =57000*6%*90/360 = $855

Q: Entries for notes payable Bennett Enterprises issues a $432,000, 60-day, 8%, note to Spectrum…

A: Notes Payables issue: If a company wishes to acquire a loan from a lender or prolong payment terms…

Q: Entries for Notes Receivable Spring Designs & Decorators issued a 120-day, 4% note for $60,000,…

A: Answer a) Calculation of Maturity date of note Maturity date of note will be 120 days from April 13…

Q: Note Receivable Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12,…

A: Meaning :  1. Note Receivable:  Note receivable record the value of promissory note that a business…

Q: Hasty and Tasty Foodservice received a 120-day, 7% note for $84,000, dated June 12, from a customer…

A: In case of a credit sale, the customer is given an option to make payment for the sale within a…

Q: Journalizing Installment Notes On the first day of the fiscal year, a company issues $26,000, 12%,…

A: INSTALLMENT NOTES ARE LONG - TERM LIABILITIES THAT CARRY INTEREST COSTS AND MUST BE PAID BACK AT…

Q: Spring Designs & Decorators issued a 180-day, 6% note for $76,800, dated April 13 to Jaffe…

A: A. Following are the calculation of due date of the note:

Q: a.  Determine the due date of the note. July 18  b.  Determine the maturity value of the note. $…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Journal Entries for Accounts and Notes Payable Simon Company had the following transactions:

A: Recording of a transaction on a chronological order is known as journal entry.  Interest on note…

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

A: Introduction: A journal entry is a transcript of the a business deal in an organization's accounting…

Q: ntries for Discounted Note Payable A business issued a 60-day note for $36,000 to a creditor on…

A: a.Journalize the entry to record the issuance of the note.

Q: note for $96,000 to a creditor on account. The note was discounted at 7%. Journalize the entries to…

A: Nos. Date Account and Explanation Debit Credit a March 1 Account Payable ($96,000-$1,120 ) $94,880…

Q: A business issued a 120-day, 6% note for $10,000 to a creditor on account. The company  uses a…

A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…

Q: On the first day of the fiscal year, a company issues $60,000, 7%, five-year installment notes that…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Entries for notes payable A business issued a 45-day, 6% note for $210,000 to a creditor on…

A: Note payable is a form of loan or debt taken by the business on which it has to pay interest amounts…

Q: Entries for Discounted Note Payable A business issued a 60-day note for $60,000 to a bank. The note…

A: Interest expense=Note payable×Rate of interest×Interest time period=$60,000×8%×60360=$800

Q: A business issued a 120-day, 15% note for $83,000 to a creditor on account. Journalize the entries…

A: Increase in assets should be debited and decrease in assets should be credited. Increase in…

Q: Entries for Discounted Note PayableA business issued a 90-day note for $36,000 to a creditor on…

A: a. Prepare journal entry.

Q: The following note transactions occurred during the year for Towne Company: Nov. 25 Towne issued a…

A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made…

Q: Journalize the entries to record (a) the issuance of the note on March 1 and (b) the payment of the…

A: Bonds:   Bonds are long-term promissory notes that are represented by a company while borrowing…

Q: A business issued a 45-day, 6% note for $210,000 to a creditor on account. Required:   Journalize…

A: Interest on notes = Notes payable x rate of interest x days/360 = $210,000*6%*45/360 = $1,575

Q: A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day…

A: Note Payable are a form of liability for the business, on which regular interest payments needs to…

Q: Journal Entries for Accounts and Notes Payable Logan Company had the following transactions:…

A: Journal Entry - It is an record of each business transactions in day to day life for a particular…

Q: Entries for Notes Recelvable valley Designs issued a 90-day, 9% note for s60,000, dated April 17, to…

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

Q: A business issued a 45-day note for $80,000 to a creditor on account. The note was discounted at 5%.…

A:

Q: Entries for Notes Payable A business issued a 45-day, 6% note for $210,000 to a creditor on account.…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…