Journalize Laughlin Enterprises’ entries to record:

Q: Cosimo Enterprises issues a $260,000, 45-day, 5% note to Dixon Industries for merchandise…

A: Requirement a 1:Journalize the entry to record the issuance of the note:

Q: A business issued a 60-day, 10% note for $80,000 to a creditor on account. Journalize the entries to…

A:

Q: Silver Company purchased merchandise for resale on January 1, 2021, for P5,000 cash plus a P20,000,…

A: Carrying amount of the note payable = Present value of principal + Present value of interest…

Q: Note Receivable Quick Tire and Lube received a 120-day, 7% note for $12,000, dated April 9, from a…

A: The note receivable is issued on April 9 for 120 days. The due date of the note from April 9 after…

Q: Cosimo Enterprises issues a $260,000, 45-day, 5% note to Dixon Industries for merchandise inventory.…

A: The entries to record journal entries in the books of Cosimo enterprises are as follows

Q: Entries for notes payable Bennett Enterprises issues a $612,000, 30-day, 6%, note to Spectrum…

A: Notes payable or receivable are kind of instrument which commonly used by the traders to sell or buy…

Q: Adjusting Entries for Interest The following note transactions occurred during the first year for…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: Entries for Discounted Note Payable A business issued a 30-day note for $48,000 to a creditor on…

A: Introduction: A note payable is a promissory note in writing. Under this agreement, a borrower…

Q: Autumn Designs & Decorators issued a 120-day, 9% note for $48,000, dated April 13 to Zebra Furniture…

A: Interest on Note = Face value of note x rate of interest x No. of days/360 days =48000*9%*120/360 =…

Q: Journalizing Installment Notes On the first day of the fiscal year, a company issues $39,000, 10%,…

A: Notes payable is a form of liability for the business, which needs to be paid out either in short…

Q: Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise…

A: Notes Payable - Notes Payable is the promissory notes issued by the supplier against promise to pay…

Q: Bennett Enterprises issues a $372,000, 60-day, 6%, note to Spectrum Industries for merchandise…

A: Interest on Notes = Face value of Notes x rate of interest x no. of days/360 = $372000*6%*60/360 =…

Q: A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day…

A: Total Interest = face value of notes x interest rate x no. of days/360 days = $24000*5%*90/360 =…

Q: ote, the company endorsed the note with recourse (discounted) to YZ Finance Company at a 9 percent…

A: (a) Compute the company's proceeds from the note as follows: -

Q: June 23 Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account. Sept.…

A: Note Receivable :- It is a written promise to receive money in the future date.  This amount…

Q: Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industrièš för merchandls Assume…

A: Journal is the book of original entry in which all the transactions of the business are recorded…

Q: Petalo Company borrowed $20 million cash on December 1, 2021, to provide working capital for year-…

A: Issuance of promissory notes raises the current liability portion of the company. Sometimes, in…

Q: Bennett Enterprises issues a $648,000, 60-day, 9%, note to Spectrum Industries for merchandise…

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

Q: A business issued a 120-day, 15% note for $83,000 to a creditor on account. Journalize the entries…

A: Interest expense = $83,000 x 15% x 120/360 = $4,150

Q: A business issued a 90-day note for $57,000 to a bank. The note was discounted at 6%. Assume a…

A: Interest expense = Face value of Notes x rate of discount x No. of days /360 =57000*6%*90/360 = $855

Q: Note Receivable Hasty and Tasty Foodservice received a 120-day, 8% note for $48,000, dated April 9,…

A: a.Calculation of due date of the note: Thus, August 7 will be the due date of the note.

Q: Entries for notes payable Bennett Enterprises issues a $432,000, 60-day, 8%, note to Spectrum…

A: Notes Payables issue: If a company wishes to acquire a loan from a lender or prolong payment terms…

Q: Entries for notes payable Bull City Industries is considering issuing a $100,000, 7% note to a…

A: Interest on Note = Principal * Interest rate * Time

Q: Bennett Enterprises issues a $580,000, 45-day, 6% note to Spectrum Industries for merchandise…

A:

Q: Ramsey Company issues an $550,000, 45-day note to Buckner Company for merchandise inventory. Buckner…

A: Given:Issue price of notes = $550,000Tim period = 45 daysBuckner’s discount rate = 4%As the rate of…

Q: Journalize the following entries on the books of Winston Co. for August 1, September 1, and November…

A: Interest expense = Notes payable x rate of interest x days/360 = $75000*6%*90/360 = $1,125

Q: Entries for Discounting Notes Payable Ramsey Company issues an $800,000, 45-day note to Buckner…

A: Journal entries in the Books of Ramsey's Company

Q: Ramsey Company issues an $800,000, 45-day note to Buckner Company for merchandise inventory. Buckner…

A: a) Prepare journal entry to be recorded by Ramsey

Q: Journalizing Installment Notes On the first day of the fiscal year, a company issues $26,000, 12%,…

A: INSTALLMENT NOTES ARE LONG - TERM LIABILITIES THAT CARRY INTEREST COSTS AND MUST BE PAID BACK AT…

Q: Valley Designs issued a 90-day, 8% note for $24,000, dated April 19, to Bork Furniture Company on…

A: The person who promised to pay the specified amount by signing a note is treated as notes payable as…

Q: Bennett Enterprises issues a $384,000, 45-day, 7%, note to Spectrum Industries for merchandise…

A: Interest on Note = Face value x arte of interest x no. of days / 360 days = $384,000 x 7% x 45/360 =…

Q: Clark Company paid Sherman Company for merchandise with a $4,000, 60-day, 9% note dated April 1. If…

A: Maturity of the note means the amount of notes receivable has been received with interest. The note…

Q: Journal Entries for Accounts and Notes Payable Simon Company had the following transactions:

A: Recording of a transaction on a chronological order is known as journal entry.  Interest on note…

Q: ntries for Discounted Note Payable A business issued a 60-day note for $36,000 to a creditor on…

A: a.Journalize the entry to record the issuance of the note.

Q: Bennett Enterprises issues a $852,000, 60-day, 9%, note to Spectrum Industries for merchandise…

A: Notes payable can be defined as the long-term liabilities that a company owes its financiers such as…

Q: Entries for notes payable A business issued a 45-day, 6% note for $210,000 to a creditor on…

A: Note payable is a form of loan or debt taken by the business on which it has to pay interest amounts…

Q: Entries for Discounting Notes Payable Ramsey Company issues an $800,000, 45-day note to Buckner…

A: Solution:- a) Journalize Ramsey’s entries to record as follows under:- Working note:- Interest…

Q: A business issued a 120-day, 15% note for $83,000 to a creditor on account. Journalize the entries…

A: Increase in assets should be debited and decrease in assets should be credited. Increase in…

Q: Entries for Discounted Note PayableA business issued a 90-day note for $36,000 to a creditor on…

A: a. Prepare journal entry.

Q: Journal Entries for Accounts and Notes Payable Logan Company had the following transactions:…

A: Journal Entry - It is an record of each business transactions in day to day life for a particular…

Q: Entries for Notes Recelvable valley Designs issued a 90-day, 9% note for s60,000, dated April 17, to…

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

Q: Bennett Enterprises issues a $400,000, 90-day, 5% note to Spectrum Industries for merchandise…

A: Notes payable is a liability account in the balance sheet which can be classified as either…

Q: Bennett Enterprises issues a $480,000, 45-day, 9%, note to Spectrum Industries for merchandise…

A: Interest on Note = Face value of note x rate of interest x no. of days/360 = $480000 x 9% x 45/360 =…

Q: Entries for notes payable Bennett Enterprises issues a $684,000, 30-day, 6%, note to Spectrum…

A: Note payable :— Note Payable is Liability in nature. It represent Under Current Liabilities in the…

Q: Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise…

A: Interest on Notes = Face value of note x rate of interest x no. of days / 360 days = $130,000 x 6% x…

Q: Entries for Notes Payable A business issued a 45-day, 6% note for $210,000 to a creditor on account.…

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