Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2017, accepting Tung’s $30,000, 6-month, 6% note. Prepare Milner’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.

Q: Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2018. Payment was…

A: Given information is: Lincoln Company purchased merchandise from Grandville Corp. on September 30,…

Q: For each of the following situations, indicate the liability amount, if any, which is reported on…

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

Q: Upland Company borrowed $40,000 on November 1, 2017, by signing a $40,000, 9%, 3-month note. Prepare…

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

Q: Alfred Company lends $40,000 with 9% interest to a customer on August 1, 2015, in exchange for a…

A: Interest revenue is credited for $1,500.

Q: On January 1, 2016, The Barrett Company purchased merchandise from a supplier. Payment was a…

A: Present value:

Q: On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $10,800. What…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: On September 11, 2016, Home Store sells a mower for $560 with a one-year warranty that covers parts.…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: On January 1, 2021, The Barrett Company purchased merchandise from a supplier. Payment was a…

A: Present value:   The value of today’s amount to be paid or received in the future at a compound…

Q: On November 19, Nicholson Company receives a $24,000, 60-day, 6% note from a customer as payment on…

A: Note receivable is recognized as a negotiable instrument. It represents the claim amount due on the…

Q: Mystic Magic issued a $130,000 note on January 1, 2018 to a customer, Amy Arnold, in exchange for…

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

Q: Superior Skateboard Company, located in Ontario, is preparing adjusting entries at December 31,…

A: A record is typically kept in the general ledger, but it can also be kept in a specific account,…

Q: Following are selected transactions Deshawn Company for 2010 and 2011. 2010 Dec. 13 Accepted…

A: Date   Account title and explanation   Debit   Credit  2010        Dec. 13   Note receivable -…

Q: Tamarisk Exporters sold goods to Coronado Electronics for $75,000 on October 1, 2017, accepting…

A: Interest accrued on december 31 = Face value of note x rate of interest x no. of months/12 =…

Q: Prepare 2017 entries for Nash. Assume that Nash estimates the total cost of servicing the warranties…

A: Given information is: Early in 2017, Nash Equipment Company sold 400 Rollomatics during 2017 at…

Q: Blossom Corporation sells rock-dlimbing products and also operates an indoor dlimbing facility for…

A: Notes Payable: Notes Payable refers to a liability where a borrower records a written promise to…

Q: Cars Inc. issued 120 day note in the amount of $360,000 on November 1, 2016 with an annual rate of…

A: Solution: Amount of interest accrued as of Dec 31, 2016 = Amount of note * Interest rate * Period…

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $20,700. What…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: On May 1, 2014, Nico Company sold merchandise to Customer Francis and received a P26,400 (face…

A: Present value of note receivable on May 1, 2014 = Face value of note x present value factor (10%, 1…

Q: On December 1, 2021, Liang Chemical provides services to a customer for $90,000. In payment for the…

A: Please find below all the journal entries -

Q: December 1, 2014 for the purchase of $250,000 of inventory. The face value of the note was $253,900.…

A: Here in this question, we are require to record the entry for amortization of notes. When notes is…

Q: Cardinal Company, a dealer in lawn equipment, accepted a 6 month note receivable from a customer on…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: n March 1, 2012, Forest Co. borrowed cash and signed a 36-month, interest-bearing note on which both…

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

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $22,500. What…

A: Accrued interest on December 31 on the note = Face value of note x rate of interest x no. of days /…

Q: On March 1, 2017, Parnevik Company sold goods to Goosen Inc. for $660,000 in exchange for a 5-year,…

A: Workings: Given values: Face value of note = $ 1062937

Q: What is the adjusting entry to be made on December 31 for the interest expense accrued to that date,…

A:

Q: The following selected transactions are from Ohlm Company. (Use 360 days a year.)   2016 Dec.   16…

A: Part 1-a:

Q: On June 1, 2019, Cooper Company purchased inventory costing $93,000 by signing a 6%, nine-month,…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On January 1, 2018, The Barrett Company purchased merchandise from a supplier. Payment was a…

A: Given values: Note period = 5 years. Annual payment = $ 20000 Lump sum payment = $ 100000

Q: On December 1, 2018, Davenport Company sold merchandise to a customer for $20,000. In payment for…

A: Compute the interest income for 2018.

Q: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions…

A: Notes are instrument issued by company acknowledging the debt raised by company . It is a liability…

Q: Streep Factory provides a 2-year warranty with one of its products which was first sold in 2017.…

A: Warranty Liability: Estimated liability is an exact dollar amount of debt or obligation which is…

Q: Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made…

A: Time value     of money: Time value of money refers to the concept that the value of money available…

Q: Philip Company has a P200,000, 9%, 120-day note receivable outstanding on December 31. The note is…

A: Here in this question, we are required to pass journal entry for the interest accrual. When any…

Q: hat the discount will be amortized equally over the 3-month period and that there was no adjusting…

A: Long term debt obligation raised from financial service organization is known as notes payable. It…

Q: Early in 2017, Nash Equipment Company sold 400 Rollomatics during 2017 at $6,100 each. During 2017,…

A: Total Sales value :  = 400 x 6100 = $ 2440000.   Spent $ 19000 for warranty.   Estimated total cost…

Q: Uncle Paul's Gifts signs a three-month note payable to help finance increases in inventory for the…

A: Adjusting entries are used to prepare at the end of an accounting period. It helps to ensure the…

Q: Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2020, accepting…

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

Q: On September 15, 2018, Oliver's Mortuary received a $7,200, nine-month note bearing interest at an…

A: Note Receivable is the amount receivable on account of note received from customer.

Q: Tom’s Surf Company, whose fiscal year ends December 31, completed the following transactions…

A: Short-term notes payable: Short-term notes payable is a written promise made by the business to pay…

Q: A gift shop signs a three-month note payable on May 1/2020 of OMR 36,000 with an annual interest of…

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Q: The following series of transactions occurred during 2020 and 2021 when Jenna Corp. sold merchandise…

A: The journal entries keep the record for daily transactions of the business.

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 December 1, 2021, Davenport Company sold merchandise to a customer for $20,000. In payment for…

A: Sometimes at the time of making sales on credit, the customer offer credit period more than normal…

Q: Takemoto Corporation borrowed $60,000 on November 1, 2017, by signing a $61,350, 3-month,…

A: Given the following information: Takemoto Corporation borrowed $60,000 on November 1, 2017, by…