Entries for notes payable Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a 360-day year. For a compound transaction, if an amount box does not require an entry, leave it blank.

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

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Q: A business issued a 45-day note for $81,000 to a creditor on account. The note was discounted at 5%.…

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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: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a…

A: Introduction: Journals: Recording of a business transaction in a chronological order. First step in…

Q: Hi I'm stuck on this problem. My numbers aren't adding up and I'm completely lost because I have…

A: Notes payable: Notes Payable is a written promise to pay a certain amount on a future date, with the…

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

A: In the above question we have asked to pass journal entries at the time of issuance of notes payable…

Q: Prepare the journal entries for the following transactions: May 1 Sold $150,000 of goods to Georgia…

A: Loss on sale of receivable = Amount receivable x discount rate x no. of months /12 = $120,000 x 12%…

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 5% note for $93,000,…

A: Computation of due date is as follows:

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 5% note for $93,000,…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

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: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…

A: Present value if annuity due is when the payments, monthly or semi-annually or annually, are paid…

Q: Details of Notes Receivatle and Related Ertries Gen-X Ads Co. produces advertising videos. During…

A: Notes Receivable - Notes Receivable is the amount which will be promise to be paid on maturity…

Q: Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $52,000,…

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Q: Hi I'm stuck on this problem. My numbers aren't adding up and I'm completely lost because I have…

A: Amortization of notes payable: Amortization of notes payable is a process in which the loan amount…

Q: Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account.…

A: Given: Number of days to maturity = 120 days Discount rate = 10% Maturity value = $96,000 Date 9th…

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: Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $32,000,…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industrièš för merchandls Assume…

A: Journal is the book of original entry in which all the transactions of the business are recorded…

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: 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: 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: The Beta Company made a sale for $340,000 on credit. It accepted a note receivable from the…

A: Solution-  = $340000 * 4%  = 13600 Interest is calculated by applying Interest rate to the principle…

Q: Entries for Notes Payable A business issued a 60-day, 15% note for $86,000 to a creditor on…

A: Interest on Note = Note Amount x Interest (%) x Days of Note / 360

Q: Jasper makes a $25,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the collection…

A: Journal entries is recording of the transaction in the accounting journal in a chronological order.…

Q: Save & Exit On April 12, Hong Company agrees to accept a 60-day, 6%, $6,900 note from Indigo Company…

A: Interest rate = 6% Notes payable value = $ 6900 Period = 60-day

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: Indicate the best answer(s) for each question: On June 1, 2018, Coast Financial loaned Barr…

A: The revenue that is earned but not received yet is recorded as accrued revenue and it's an asset for…

Q: Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $78,000, dated April 22,…

A: Notes receivable are a balance sheet item, that records the value of promissory notes and its refers…

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

A: Discount on notes payable = Amount of note payable x discount rate = $90000 x 6% = $5400

Q: Sylvestor Systems borrows $69,000 cash on May 15 by signing a 60-day, 8%, $69,000 note. 1. On what…

A: Formula: Interest expense = Notes amount x Time period x Interest rate

Q: Travis County Bank agrees to lend Brickyard Corporation $200,000 on January 1. Brickyard signs a…

A: Supporting calculation:

Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…

A: The amount borrowed is the present value is the discounted value of future payments. This is…

Q: Canliss Mining Company borrowed money from a local bank. The note the company signed requires five…

A: Solution :  Calculate the PV of the Ordinary Annuity: Payment $10,000 n 5 i   7% Present…

Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

A: Notes payable is a negotiable instrument used for differing payments. In this one-party agree to pay…

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: A company lends its supplier $154,000 for 3 years at a 10% annual interest rate. Interest payments…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

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: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Required:…

A: a.  Following are the journal entry when note is issued with a 45-day term:

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

A: A bond is issued by the company for raising finance for the business working. It is considered a…

Q: Royal Bank agrees to lend Backyard Corporation $200,000 on January 1. Backyard signs a $200,000, 4%,…

A: A note payable is a written debt instrument.  Its Represents money borrowed by a company or…

Q: Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day, 5%, $70,000 note. 1. On what…

A: Notes payable are the written agreement in which maker of the note promises to pay a certain amount…

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…