Do not give solution in image format Journal entry worksheet< 1 23 4Record the interest accrued on the note as of December 31, 2021.Note: Enter debits before credits.DateDecember 31, 2021Record entryShow Transcribed TextJournal entry worksheet< 1 2 3Note: Enter debits before credits.DateFebruary 28, 2022Record entryRecord the receipt of the payment for interest for the period ending February28, 2022.Show Transcribed TextClear entryNote: Enter debits before credits.5General JournalDateJournal entry worksheetFebruary 28, 2022Record entry5General JournalClear entry5Record the receipt of the payment for the principal on the note's maturitydate.General JournalDebitCClear entryView general journalDebitCreditView general journalDebitCreditCredit>View general journal PA8-3 (Algo) Recording Notes Receivable Transactions [LO 8-3]C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolls office. As part of thearrangement, CSM agreed on February 28, 2021, to advance Jeff $70,000 on a one-year, 8 percent note, with Interest to be paid atmaturity on February 28, 2022. CSM prepares financial statements on June 30 and December 31.Required:Prepare the journal entries that CSM will make: (If no entry is required for a transaction/event, select "No Journal Entry Required" Inthe first account fleld. Do not round Intermediate calculations. Round your final answers to whole dollar amount.)1. When the note is established2. Prepare the journal entries to accrue Interest on June 30 and December 31.3. to record the principal payment at the maturity dateView transaction listJournal entry worksheet< 1 2 3 4 5Record the receipt of a note on February 28, 2021 for a $70,000 loan to anemployee.Note: Enter debits before credits.DateFebruary 28, 2021Record entryShow Transcribed TextJournal entry worksheet< 1 2 3 4 5Note: Enter debits before credits.General JournalDateJune 30, 2021Clear entryRecord the interest accrued on the note as of June 30, 2021.Record entry3General JournalClear entryDebitCreditView general journalDebitCreditView general journal>>

A record is often kept in the accounting records, but it can also be kept in a single account,…

Journal entry worksheet Record the interest accrued on the note as of December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 Record entry General Journal Clear entry Show Transcribed Text Journal entry worksheet < 1 2 3 Debit Credit View general journal Record the receipt of the payment for interest for the period ending February 28, 2022.

Journal entry worksheet Record the interest accrued on the note as of December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 Record entry General Journal Clear entry Show Transcribed Text Journal entry worksheet < 1 2 3 Debit Credit View general journal Record the receipt of the payment for interest for the period ending February 28, 2022.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

E9-3. Non-Interest-Bearing Notes Payable LO 9.3 On November 16, 2019, Clear Glass Company borrowed $20,000 from First American Bank by issuing a 90-day, non-interest-bearing note. The bank discounted this note at 12% and remitted the difference to Clear Glass. Required: Prepare the journal entries of Clear Glass to record the preceding information, the related calendar year-end adjusting entry, and payment of the note at maturity. Show how the preceding items would be reported on the December 31, 2019, balance sheet.
10- SK Inc, factors $400,000 of accounts receivable with Mars Finance Company on a without recourse basis on July 1,2020. The receivables records are transferred to Mars Finance, which will receive the collections. Mars Finance assesses a finance charge of 1 ½% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale.Instructions:a) Prepare the journal entry on July1,2020, for SK Inc. to record the sale of receivables without recourse.b) Prepare the journal entry on July1,2020, for Mars Finance Company. to record the purchase of receivables without recou
35.On December 31, 2021, the Trust Finance Company had a P5,000,000 note receivable from Leila Company. The note bears 10% interest. The books reported accrued interest of P500,000 on this date. Because of financial distress being suffered by Leila Company, Trust Finance agreed to the restructuring and modification of the terms of its loan to Burgundy as follows: ·reduction of principal to P3,500,000; ·reduction of interest to 7% payable annually beginning Dec. 31, 2022; ·accrued interest on Dec. 31, 2021 is condoned; and ·principal payment was reset to Dec. 31, 2023. The prevailing market rate of interest for similar obligations on the date of restructuring decreased to 9%. Use present value factors rounded to two decimal places. How much impairment loss should Trust Finance Company record on December 31, 2021 as a result of the restructuring?
E9.8 (LO 2), AP On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Ling Co. estimated that 2% of its net accounts receivable of $450,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $1,100. On June 12, 2022, Shoemaker paid the amount previously written off. Instructions A. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. Journalize entries for the sale of accounts receivable.
E9-2. Notes Payable LO 9.3 On December 1, 2019, Insto Photo Company purchased merchandise, invoice price $25,000, and issued a 12%, 120-day note to Ringo Chemicals Company. Insto uses the calendar year as its fiscal year and uses the perpetual inventory system. Required: Prepare journal entries on Insto’s books to record the preceding information, including the adjusting entry at the end of the year and payment of the note at maturity.
655. On December 31, 2010, Green Company finished consultation services and accepted inexchange a promissory note with a face value of P300,000, a due date of December 31, 2013,and a stated rate of 5%, with interest receivable at the end of each year. The fair value of theservices is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 10%The carrying amount of the note receivable as of December 31, 2020 isa. 262,694b. 247,920c. 300,000d. 273,953
40.On January 1, 2021, BNY Company had Accounts Receivable and Allowance for Uncollectible Accounts of P4,650,000 and P120,000, respectively. Sales (all on credit) during 2020 amounted to P15,000,000. Accounts of P75,000 were written off during the year. Analysis of BNY Company's accounts receivable at December 31, 2021 revealed the following:Age Amount Est. uncollectible0-60 da P3,250,000 1%61-120 da 2,200,000 3%Over 120 da 800,000 10%There are no other transactions affecting accounts receivable. How much is the carrying amount/amortized cost of accounts receivable at December 31, 2021?
BE8.9 (LO 3), AN Presented below are data on three promissory notes. Determine the missing amounts. Date of Note Terms Maturity Date Principal Annual Interest Rate Total Interest a. April 1 60 days ? $600,000 9% ? b. July 2 30 days ? 90,000 ? $600 c. March 7 6 months ? 120,000 10% ? BE8.10 (LO 3), AP On January 10, 2022, Masterson Co. sold merchandise on account to Tompkins for $8,000, terms n/30. On February 9, Tompkins gave Masterson Co. a 7% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the accounts receivable. (Omit cost of goods sold entries.)\\n
Culver Corp. factors $351,000 of accounts receivable with Larkspur Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Larkspur Finance, which will receive the collections. Larkspur Finance assesses a finance charge of 1.90% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. Prepare the journal entry on July 1, 2020, for Culver Corp. to record the sale of receivables without recourse. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Culver Corp. factors $351,000 of accounts receivable with Larkspur Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Larkspur Finance, which will receive the collections. Larkspur Finance assesses a finance charge of 1.90% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. Prepare the journal entry on July 1, 2020, for Larkspur Finance Corporation to record the purchase of receivables without recourse. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
46. CPA Company had the following information relating to its accounts receivable: · Accounts receivable, 12/31/2020- P780,000· Credit sales during 2021- P3,290,000· Collections from customers during 2021 (excluding recovery of P20,000)- P3,640,000· Accounts written off during 2021- P85,000· Collection of accounts written off in prior years- P20,000· Estimated uncollectible accounts per aging at 12/31/2021- P63,000 At December 31, 2021, CPA Company's accounts receivable before allowance for uncollectible accounts should be
47. On June 30, 2021, CPA Company factored P2,500,000 of accounts receivable for P2,250,000. The allowance for uncollectible accounts for these factored receivables was P50,000. On December 1, 2021, CPA Company assigned accounts receivable of P3,500,000 as collateral of a P2,000,000, 12% annual interest rate loan from a commercial bank. CPA received the P2,000,000 less 2% finance charge based on the loan. How much is the total loss/expenses related to factoring and assignment of receivables for the year 2021?