Honeycomb Company issued a note receivable to a customer on September 1.  The face value of the note was $20,000 at 5% interest for 7 months. What is the accrued interest journal entry for Honeycomb assuming their fiscal year is December 31?

Q: The following note transactions occurred during the year for Towell Company: On Nov. 25, Towell…

A: Interest is an expense which is to be paid to the lender or creditor for making late payment for the…

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

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

Q: On September 1, Purifier Company borrowed $12,000 on a 6-month, 4%, short-term note payable. How…

A: Interest expense recorded on December 3 = Amount borrowed  x rate of interest x No. of months / 12…

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

A:

Q: A company sold 10,000 TVs in July and estimates warranty expense for these TVs to be $25,000. During…

A: Warranty expenses: Warranty expense is the cost that a business expects to or has already incurred…

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $20,700. What…

A: Adjusting entries are a collection of journal entries produced at the end of an accounting period to…

Q: Shady Tree Company issued a note receivable to a customer. The face value of the note was $12,000 at…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $10,800. What…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: FDN Company received a four-month note receivable in the amount of P93,000,000 on September 1. The…

A: The accrued revenue is the revenue earned but not received yet. It is recorded as an asset in the…

Q: On January 5, Daisy Co., which follows a calendar year accounting, issued $1,000,000 of notes…

A: Long term debt = Total notes payable - current portion = $1000000 - 250000 = $750,000

Q: On October 1, Eder Fabrication borrowed $60 million and issued a nine-month, 12% promissory note.…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to…

A: Lets understand the basics. Adjustment entry is need to pass to record correct amount of revenue and…

Q: On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu…

A: Calculate the interest amount as follows: Interest = Face value * Interest rate*Periods

Q: On October 1, Eli's Carpet Service borrows $125,000 from First National Bank on a 3-month, $125,000,…

A: Accrued Interest means the Interest which is already due but not paid with in the specific due date…

Q: FDN Company received a four-month note receivable in the amount of PHP41,000,000 on September 1. The…

A: Accrued Income : Accrued Incomes are those incomes which have been earned during the accounting…

Q: ABC Company received a four-month note receivable in the amount of P74,000,000 on September 1. The…

A: Introduction: As per accrual concept any income or expenses shall be recognized only when they are…

Q: ) Included in Gonzalez Company’s December 31 trial balance is a note receivable of $12,000. The note…

A: Date Account Titles and Explanation Debit Credit December 31 Interest receivable…

Q: On November 25 of the current year, a company borrows $8,000 cash by signing a 90-day, 5% note…

A: The accrued interest payable shall be recorded on December 31 in accordance with the accrual basis…

Q: On December 1, Williams Company borrowed $45,000 cash from Second National Bank by signing a 90-day,…

A: >Notes Payables are the note issued by the borrower, agreeing to pay the amount of note, along…

Q: On October 1, Eder Fabrication borrowed $60 million and issued a nine-month promissory note.…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: On July 1, Year 1, the Barley Company loaned $50,000 to the Jackson Co. The note has a stated…

A: Given:Principal loaned - $50,000Interest rate – 10%Date of note issued – July 1, Year 1Maturity date…

Q: The amount of interest to be accrued at the end of September is

A: Accrued interest on note payable is the outstanding interest amount which is accrued or outstanding…

Q: On December 1, Martin Company signed a $5,000 3-month 6% note payable, with the principle plus…

A: Interest accrued at December 31 on the note = Face value of the note x rate of interest x no. of…

Q: On October 1, Eder Fabrication borrowed $84 million and issued a nine-month, 15% promissory note.…

A: Journal entries is an process of recording accounting transactions of the firm which involves…

Q: On October 1, Eder Fabrication borrowed $74 million and issued a nine-month promissory note.…

A:

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

A: Since you have specifically asked for part b and c, we are answering the same for you.   Note…

Q: On January 1, the first day of the fiscal year, Shiller Company borrowed $86,000 by giving a…

A: Notes payable is a form of amount borrowed or taken out from some other person. This is a liability…

Q: On July 1, Alaskan Adventures issues a $160,000, eight-month, 6% note. Interest is payable at…

A: Accrued Interest expense for the year end = Face value of Notes x rate of interest x no. of month…

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $22,500. What…

A: Accrued interest on December 31 on the note = Face value of note x rate of interest x no. of days /…

Q: Assume 360 days in a year. Do not round your intermediate calculations and round your final answer…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: Norton Company received a 90-day, 6% note for $300,000, dated May 12 from a customer on account.…

A: Norton Company    A 90-day, 6% note for $300,000, dated May 12 from a customer on account   (A) the…

Q: A company isues a note receivable in place of an outstanding accounts receivable balance. The note…

A: Notes Receivables Issued: It is possible to get a note receivable by writing a promise to receive a…

Q: Slack Inc. borrowed $320,000 on April 1. The note requires interest at 12% and principal to be paid…

A: Accrual basis: Accrual basis is a method of accounting. In this method recording of revenues are…

Q: FDN Company received a four-month note receivable in the amount of P68,000,000 on September 1. The…

A: Accrued interest income will be calculated in proportion of time for an amount at a specified rate.…

Q: On February 1, Maris Company received a 9,000, 10%, four-month note receivable. The cash to be…

A: Interest on note = Face value of note x rate of interest x no. of months x 12 = 9000 x 10% x 4/12 =…

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

A: Note receivable:Note receivable refers to a written promise received by the creditor from the debtor…

Q: Spring Designs & Decorators issued a 120-day, 4% note for $60,000, dated April 13 to Jaffe…

A: a.Due date of the note = August 11

Q: In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note ,…

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

Q: (a) Determine the due date of the note. (b) Determine the maturity value of the note. (c) Journalize…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note,…

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

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

A: Introduction: A journal entry is a record of a business transaction in an organization's accounting…

Q: a. Determine the due date of the note.   b. Determine the maturity value of the note. Assume 360…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: On July 8, Jones Inc. issued an $76,900, 10%, 120-day note payable to Miller Company. Assume that…

A: Answer:   Option c.

Q: On October 1, Eder Fabrication borrowed $79 million and issued a nine-month promissory note.…

A: Liabilities: Liabilities are referred to as the obligations of the business towards the creditors…

Q: ShadyTree Company issued a note receivable to a customer. The face value of the note was $12,000 at…

A: The question is based on the concept of Financial Accounting.

Q: Valley Designs issued a 90-day, 9% note for $96,000, dated April 19, to Bork Furniture Company on…

A: Notes receivable are made by Debtors as a promissory note that they will make the payment on due…

Q: Logan Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of…

A: The question is based on the concept of Financial Accounting.