Is my journal entry correct re: the following line item? March 6: Mr. Burns 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 6-Mar Cash    $          32,250     Interest Income      $            2,250   Notes Receivable- Mayor Quimby      $          30,000

Q: Record the journal entries for Bank’s Hardware Store for the following transactions. If an amount…

A: Journal entry:   Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Oriole Supply Co. has the following transactions related to notes receivable during the last 2…

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

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: Keesha Co. borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000…

A: Note payable is issued to creditors for the money borrowed. It includes the terms for the interest,…

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 July 31, 2020, Clear Company discounted at the bank a customer's 600,000 interest-bearing note,…

A: Solution: Maturity value of note = Principal + Interest = 600,000 + (600,000*10%*6/12) = 600,000 +…

Q: Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1,…

A: Definition: Liabilities: The claims creditors have over assets or resources of a company are…

Q: Ellsworth Enterprises borrowed $425,000 on an 8%, interest-bearing note on September 30, 2020.…

A: Notes Payable is the liabilities which will be paid in certain period of time. It is financing…

Q: On December 31, 2019, Don accepted a note receivable from Mike’s Builders for $1,000 as a good faith…

A: Interest accrued on March 31, 2020 = Face value of Note x rate of interest x No. of Days / 360 days…

Q: Roni Lockard signed a $26,500 simple discount promissory note at a certain bank. The discount rate…

A: Discount note: Selling the note with discount value which means less than the face value.

Q: Ireland Corporation obtained a $62,000 note receivable from a customer on June 30, 2021. The note,…

A: Interest on note = face Value of note x rate of interest x no. Of year = 62000 x 5% = $3,100

Q: March 6: Mr. collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby.…

A: Notes Receivable: Notes Receivable refers to a written promise to receive the said amount given at a…

Q: On November 1, 2019, Norwood borrows $200,000 cash from a bank by signing a five-year installment…

A: Amortization schedule of loan: It can be defined as a table that shows the expense of interest,…

Q: On August 31, 2018, BetsyTotten borrowed $1,000 from Iowa State Bank. Totten signed a note payable,…

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

Q: heridan, Inc. issued a $125,000, 4-year, 9% note at face value to Flint Hills Bank on January 1,…

A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by…

Q: Swifty Company had the following select transactions. Apr. 1. 2020 Accepted Goodwin Company's…

A: Accrued interest on Dec 31, 2020 = Face value of notes x rate of interest x no. of months/12 =…

Q: On March 31, 2018, Dučóté Bödy Shop was införmed that a 1,000 hote that he was noloaing will be The…

A: Note receivable in general is a promise which is to be in written to receive cash of specific amount…

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 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: Arvan Patel is a customer of Bank’s Hardware Store. For Mr. Patel’s latest purchase on January 1,…

A: Total interest on Note = face value of note x rate of interest x no. of years = $459,505 x 14% x 2…

Q: On November 1, 2019, Edwin Inc. borrowed cash and signed a $60,000, 1-year note payable.…

A: Every business transaction should indeed be documented in at least two locations, according to the…

Q: Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1,…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Which journal entry below would be properly used to record an issuance of an installment note…

A: Notes payable are the negotiable instruments used for deferring payments. In this one-party agree to…

Q: How much revenue does Hideki recognize on January 1, 2022?

A: Solution:- Given, On January 1, 2022 Hideki Matsuyama provides services in exchange for a $10,000…

Q: 4. On December 31, 2019, Don accepted a note receivable from Mike's Builders for $1,000 as a good…

A: The accrued interest is the interest expense due for payment but not paid yet.

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

A: Discounting of receivables: It is a method of financing. In this method, a company can finance…

Q: As of December 31, 2021, Mr. Koekie Dano holds a 60-day. 10% note of P240,000 signed by Ms. Joy…

A: Data given: Koekie  Dano holds 60 day, 10% note of P 240,000 Principal = P 240,000 n= 60 days i= 10%

Q: On December 31, 2019, Don accepted a note receivable from Mike’s Builders for $1,000 as a good faith…

A: Total interest on Note = Face value of note x rate of interest x No. of days /  360 = $1,000 x 7% x…

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: Melinda Almazan, an angel investor decided to invest P1,200,000 excess cash in certificate of…

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

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: What is the entry for this transaction? March 6: Mr. collected $30,000 of the 1/1/2020 balance of…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due to the…

Q: Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1,…

A: Annual Interest revenue = $490,000*11% Annual Interest revenue = $53,900

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: What is the amount shown as Cash on Mickey Mouse’s December 31, 2019 Statement of Financial…

A: The balance as per the bank statement and as per the books is reconciled and adjusted to deduce the…

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: Take me to the text On October 1, 2020, Cervera Company borrowed $325,000 from the local bank. The…

A: A note payable is a written liability that agrees to pay a certain sum of money at a later date or…

Q: On July 20, 2021, Benildo Corp. discounts a 120 days, 15% P250,000 note of a customer dated July 10,…

A: Notes are given interest rate and they are paid on maturity with interest also but they can be…

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

A: Part-A Amount which will be Discounted by Bank  = $ 90,000 x 6% x 60360…

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

Q: Live Media Co. borrowed $125,000 on May 1, 2021 from OneUnited Bank by signing a $125,000, 11%,…

A: Formula: Maturity amount = Face value of the Note + Interest on the note where, Interest on the note…

Q: Question. Jamaica Corporation carried out the following transactions involving note payable. During…

A: The journal entries are prepared to record the non-economic and economic transactions of the…

Q: Ellsworth Enterprises borrowed $425,000 on an 8%, interest-bearing note on September 30, 2020.…

A: Notes payable represents the liability of the company which is represented in the balance sheet.

Q: Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1,…

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

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: Lee.com accepted a $70,000, 6 % , 120-day note on July 26. Lee discounts the note on October 28 at…

A: Total days till October 28 = Days left in July + August + September + October 28 = 5+31+30+28 = 94…

Q: Ireland Corporation obtained a $62,000 note receivable from a customer on June 30, 2021. The note,…

A: Maturity value  = principal  + interest  accrued