Jasper makes a $79,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should beDebit Notes Receivable for $79,000, credit Cash S79,000.Debit Accounts Receivatble $79,000, credit Notes Receivable $79,000Debit Cash $79,000, credit Notes Recevable for $79,000.Debit Notes Payable $79,000: credit Accounts Payable $79,000Debit Notes Receivable $79.000, credit Sales $79.000

Financial transactions are tracked via journal entries. You insert transaction data into your…

Jasper makes a $79,000, 90-day. 7% cash loan to Claybon Co. Jasper's entry to record the transaction should be O Debit Notes Receivable for $79,000, credit Cash S79,000 O Debit Accounts Receivable $79.000, credit Notes Receivable $79.000 Debit Cash $79,000, credit Notes Receivable for $79,000. Debit Notes Payable $79,000, credit Accounts Payable $79,000 $79.000, credit Sales $79.000

Jasper makes a $79,000, 90-day. 7% cash loan to Claybon Co. Jasper's entry to record the transaction should be O Debit Notes Receivable for $79,000, credit Cash S79,000 O Debit Accounts Receivable $79.000, credit Notes Receivable $79.000 Debit Cash $79,000, credit Notes Receivable for $79,000. Debit Notes Payable $79,000, credit Accounts Payable $79,000 $79.000, credit Sales $79.000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?
Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yarnell engaged in the following activities involving notes receivable: a. On September 1, 2019, Yarnell sold a $10,000 system to Ross Company. Ross gave Yarnell a 6-month, 7% note as payment. b. On December 1, 2019, Yarnell sold a $6,000 system to Searfoss Inc. Searfoss gave Yarnell a 9-month, 9% note as payment. c. On March 1, 2020, Ross paid the amount due on its note. d. On September 1, 2020, Searfoss paid the amount due on its note. Required: Prepare the necessary journal and adjusting entries for Yarnell Electronics to record these transactions.