My text book is Hospitality Industry Financial Accounting (4th edition). I am in chapter 9 -- RECEIVABLES AND PAYABLES now. There is a question asks for journalize the transactions for this note payable. The scenario is the following: In 20X8 and 20X9, Dorothy's Restaurant made the following transactions: 1. On July 1, 20X8, Dorothy's Restaurant borrowed $20,000 from the Kansas Bank at 12 percent interest for nine months. 2. On December 31, 20X8, it accrued interest on the note. 3. On April 1, 20X9, it repaid the loan to Kansas Bank, including interest.

My text book is Hospitality Industry Financial Accounting (4th edition). I am in chapter 9 -- RECEIVABLES AND PAYABLES now. There is a question asks for journalize the transactions for this note payable. The scenario is the following: In 20X8 and 20X9, Dorothy's Restaurant made the following transactions: 1. On July 1, 20X8, Dorothy's Restaurant borrowed $20,000 from the Kansas Bank at 12 percent interest for nine months. 2. On December 31, 20X8, it accrued interest on the note. 3. On April 1, 20X9, it repaid the loan to Kansas Bank, including interest.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 5CP

See similar textbooks

Similar questions

Helen Parish started a design company on January 1, Year 1. On April 1, Year 1, Parish borrowed cash from a local bank by issuing a one-year $41,600 face value note with annual interest based on an 11 percent discount. During Year 1, Parish provided services for $34,850 cash. Required Answer the following questions. (Hint: Record the events in T-accounts prior to answering the questions.) What is the amount of total liabilities on the December 31, Year 1, balance sheet? What is the amount of net income on the Year 1 income statement? What is the amount of cash flow from operating activities on the Year 1 statement of cash flows? Provide the general journal entries necessary to record issuing the note on April 1, Year 1; recognizing accrued interest on December 31, Year 1; and repaying the loan on March 31, Year 2.
Good morning tutor. Can you help me with these problem? The subject is Financial Accounting and Reporting. Instruction: Read and Answer the following questions, provide also the solution and detailed explanation on how you come up with the answer. Joseph Company assigned an accounts receivable to a bank in the amount of P1,000,000 on October 1, 20x1, as security for a loan of P800,000. The bank charged a 3% commission on the accounts. The interest rate on the note is 12%. Joseph collected P300,000 on assigned accounts after deducting P50,000 of discounts during the month. Moreover, Joseph wrote off a P53,000 assigned account. Joseph paid to the bank the amount collected plus one (1) month's interest on the note. On October 31, 20x1, Joseph estimated that 8% of the assigned accounts were doubtful in collection. Questions: How much is the doubtful expense to be recognized by Joseph Company for the above transaction? What is Joseph Company’s accounts receivable balance on October 31,…
i am doing chart of accounting and for general journal, Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining $31,000 was financed through the bank (Hint: I still need to PAY this). what type of category and debit & credit section?
My text book is Hospitality Industry Financial Accounting (4th edition). I am in chapter 12 -- CURRENT LIABILITIES AND PAYROLL now. There is a question asks me to "create the journal entries needed for Lakeside for November 1, 20x1; December 31,20x1; and February 1, 20x2." The scenario is the following: Lakeside Restaurant, Inc., borrowed $40,000 from Empire Savings on November 1, 20x1. The note was written for $40,000 at 12 percent interest for ninety days and was due on February 1, 20x2.
The accounting records and bank statement of Jeff's Seashell Store provide the following information at the end of April. The closing 'Cash' account balance was $29000, and the bank statement shows a closing balance of $31000. On reviewing the bank statement it is found an account customer has deposited $2500 into the bank account for a March sale and the monthly insurance premium of $550 was automatically charged to the account. Interest of $1500 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $950 to a supplier has been recorded twice in the accounts. After the calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?A. 33,350 B. None of the other answers C. 31,450 D. 29,000 E. 35,350
Picasso Graphics is a graphics arts design consulting firm. Pablo Taylor, its treasurer and vice president of finance, has prepared a classified balance sheet as of July 31, 2016, the end of its fiscal year. This balance sheet will be submitted with Picasso Graphics' loan application to Paris Trust & Savings Bank. In the Current Assets section of the balance sheet, Pablo reported a $56,000 receivable from Becky Holt, the president of Picasso Graphics, as a trade account receivable. Becky borrowed the money from Picasso Graphics in January 2014 for a down payment on a new home. She has orally assured Pablo that she will pay off the account receivable within the next year. Pablo reported the $56,000 in the same manner on the preceding year's balance sheet. Evaluate whether it is acceptable for Pablo to prepare the July 31, 2016, balance sheet in this manner. Must be 150+ words, good grammar and source a similar real life experience or similar concepts discussed in financial…
Picasso Graphics is a graphics arts design consulting firm. Pablo Taylor, its treasurer and vice president of finance, has prepared a classified balance sheet as of July 31, 2016, the end of its fiscal year. This balance sheet will be submitted with Picasso Graphics’ loan application to Paris Trust & Savings Bank.In the Current Assets section of the balance sheet, Pablo reported a $56,000 receivable from Becky Holt, the president of Picasso Graphics, as a trade account receivable. Becky borrowed the money from Picasso Graphics in January 2014 for a down payment on a new home. She has orally assured Pablo that she will pay off the account receivable within the next year. Pablo reported the $56,000 in the same manner on the preceding year’s balance sheet.Evaluate whether it is acceptable for Pablo to prepare the July 31, 2016, balance sheet in this manner.
Picasso Graphics is a graphics arts design consulting firm. Pablo Taylor, its treasurer and vice president of finance, has prepared a classified balance sheet as of July 31, 2016, the end of its fiscal year. This balance sheet will be submitted with Picasso Graphics' loan application to Paris Trust & Savings Bank. In the Current Assets section of the balance sheet, Pablo reported a $56,000 receivable from Becky Holt, the president of Picasso Graphics, as a trade account receivable. Becky borrowed the money from Picasso Graphics in January 2014 for a down payment on a new home. She has orally assured Pablo that she will pay off the account receivable within the next year. Pablo reported the $56,000 in the same manner on the preceding year's balance sheet. Evaluate whether it is acceptable for Pablo to prepare the July 31, 2016, balance sheet in this manner.
Picasso Graphics is a graphics arts design consulting firm. Pablo Taylor, its treasurer and vice president of finance, has prepared a classified balance sheet as of July 31, 2016, the end of its fiscal year. This balance sheet will be submitted with Picasso Graphics' loan application to Paris Trust & Savings Bank. In the Current Assets section of the balance sheet, Pablo reported a $56,000 receivable from Becky Holt, the president of Picasso Graphics, as a trade account receivable. Becky borrowed the money from Picasso Graphics in January 2014 for a down payment on a new home. She has orally assured Pablo that she will pay off the account receivable within the next year. Pablo reported the $56,000 in the same manner on the preceding year's balance sheet. Evaluate and share on thoughts on whether it is acceptable for Pablo to prepare the July 31, 2016, balance sheet in this manner
You are to enter up the necessary accounts for the month of June from the following information relating to a small printing firm. Then balance off the accounts and extract a trial balance as at 30 June 2020. June 1 Started in business with capital in cash of $800 and $2200 in the bank. June 2 Bought goods on credit from the following persons: J Ward $610; P Green $214; M Taylor $174; Gemmill $345; P Tone $542 June 4 Sold goods on credit to: J Sharpe $340; G Boycott $720; F Titmus $1,152 June 6 Paid rent by cash $180 June 9 J Sharpe paid us his account by cheque $340. June 10 F Titmus paid us $1000 by cheque June 12 we paid the following by cheque: M Taylor $174; J Ward $610 June 15 Paid carriage by cash $38 June 18 Bought goods on credit from P Green $291; S Gemmill $940 June 21 Sold goods on credit to G Boycott $810 June 30 Paid rent by cheque $230
Suppose that the company has a balance sheet as follows at the beginning of the year. In that single year, the following transactions occur. One of the customers pays his $1,400 amount of debt by check. The company immediately pays its $1,200 amount of debt by endorsing these checks. After a while, another customer pays $900 cash for an outstanding debt. The company deposits $800 of this amount to its bank. Then, the company decides to pay one half of its debts via EFT(electronic funds transfer), and the other half of its debts by issuing its own checks. Lastly, the payee cashes these checks from the bank. Assuming that there are no more transactions throughout the year, what would be the total asset at the end of that year?
Suppose that the company has a balance sheet as follows at the beginning of the year. In that single year, the following transactions occur. One of the customers pays his 1.400 TL amount of debt by check. The company immediately pays its 1.200 TL amount of debt by endorsing these checks. After a while, another customer pays 900 TL cash for an outstanding debt. The company deposits 800 TL of this amount to its bank. Then, the company decides to pay one half of its debts via EFT, and the other half of its debts by issuing its own checks. Lastly, the payee cashes these checks from the bank. Assuming that there are no more transactions throughout the year, what would be the total asset at the end of that year? A) 1.000 TL B) 1.400 TL C) 1.800 TL D) 2.000 TL