Journal Entries (Note Issued for Bank Loan) July 15  Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 8% by the bank. Sept. 13  Paid the $5,000 note, recognizing the discount as interest expense. Prepare general journal entries for the transactions. Assume 360 days in a year  DATE ACCOUNT TITLE   DEBIT CREDIT 20--Jul. 15   __________                        _____       _____              __________                        _____       _____             __________                         _____       _____   Sept. 13 _________                        ______      _____              _________                         ______      _____             __________                        ______      ______              ________                          ______      ______

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A: Note receivable means where bank has given loan to borrower with specified term regarding time of…

Q: On November 7, Mura Company borrows $350,000 cash by signing a 90-day, 8%, $350,000 note payable.…

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A: Note payable is promissory note issued for the amount borrowed to be payable on the particular date…

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A: Working notes Monthly principal amount $33600 / 12 = 2800 Monthly interest  2800 * 10% = 280 When an…

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A: From February 1 to May 1 = 3 months So the interest on the note is due for 3 months on May 1.

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Q: On October 1, Eli's Carpet Service borrows $300,000 from First National Bank on a 5-month, $120,000,…

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

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Q: On June 1, Vaughn Company borrows $144,000 from First Bank on a 6-month, $144,000, 8% note.

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

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

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Q: On June 30, 2018, the High Five Surfboard Company had outstanding accounts receivable of $600,000.…

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Q: On May 22, Jarrett Company borrows $8,800, signing a 90-day, 8%, $8,800 note. What is the journal…

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

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…

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A: Prepare journal entry:

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Q: Recording Note Transactions The following information is extracted from Tara Corporation’s…

A: Recourse liability: Borrower is  personally liable if  he hold a recourse debt .

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A: Step 1 Journal is the part of the book keeping.

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

A: