n June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000, 8% note.     (a) Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1

Q: On November 7, Mura Company borrows $150,000 cash by signing a 90-day, 10%, $150,000 note payable.…

A: Accrued interest is the term of accounting which states the interest amount that has been incurred…

Q: On October 1, 2010, the company deposits 12.000 TL in a bank account for 1 year at 10%. Which entry…

A: Accrued revenues are those revenues which are earned but not received in the business. These are…

Q: On Aug 1, ABC received a 60 day, 10% note for 12,000 from McAnn’s Auto in settlement of an existing…

A: Date   Accounts and Explanation   Debit   Credit   Aug. 1  Notes Receivable 12,000…

Q: Sheridan Company borrows $37,800 on July 1 from the bank by signing a $37,800, 8%, one-year note…

A: Sheridan Company has borrowed on July 1. Interest for 6 months is due as on 31st December. Interest…

Q: adjusting entry should be made

A: Interest revenue = Amount of note receivable * Rate of interest * Number of months expired/12 months…

Q: On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 8%, $160,000 note payable.…

A:

Q: On November 1, Bahama Cruise Lines borrows $3.1 million and issues a six-month, 9% note payable.…

A: Journal entry:-Way of recording any transaction of a company with debit and credit side. It works on…

Q: Peralta Company borrows $53,400 on July 1 from the bank by signing a $53,400, 8%, one-year note…

A: a) journal to record proceeds Cash A/ C.  dr.  53400    To Notes payable. 53400

Q: n June 1, Crane Company Ltd. borrows $66,000 from Acme Bank on a 6-month, $66,000, 8% note. The note…

A:

Q: On October 1, Black Company receives a 8% interest-bearing note from Reese Company to settle a…

A: Lets understand the basics. For calculating interest revenue needs to record, we need to use below…

Q: C.S. Oriole Company had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Prepare the journal entries: Date Accounts title and explanation Debit ($) Credit ($) 1-Jul-22…

Q: Norbert Corporation borrowed $24,000 on December 1, 2011, by issuing a two-month, 8 percentnote…

A: Interest accrued on December 31, 2011 = Face value of note x rate of interest x months /12 = $24,000…

Q: On October 1, Eli's Carpet Service borrows $125,000 from First National Bank on a 3-month, $125,000,…

A: Accrued Interest means the Interest which is already due but not paid with in the specific due date…

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: On 7/1, the Knight's Stop took out a loan in the amount of $35,000 from Fairwinds Credit Union and…

A: Concept : Journal Entry records a business transaction following double entry accounting system.In…

Q: Hamada Company borrows $20,000 on October 1 from Arab bank by signing a $20,000, 10%, six month note…

A: Given, Amount borrowed = $20,000 Interest Rate = 10%

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

A: In an organization's accounting system, a journal entry is a record of a business transaction.…

Q: 1 Loaned $84,000 to a cashier of the company and received back a one-year, 10 percent note. b.…

A: a)   Date General Journal Debit Credit Jan 1 Note Receivable $84,000           To Cash…

Q: Concord Company borrows $52,800 on July 1 from the bank by signing a $52,800, 12%, one-year note…

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: C.S. Lewis Company had the following transactions involving notes payable. July 1, 2012 Borrows…

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

Q: On June 1, Monty Corp. Ltd. borrows $61,500 from Acme Bank on a 6-month, $61,500, 8% note. The note…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: On April 1, a company provides services to one of its customers for $13,000. As payment for the…

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

Q: On March 1, Klien Company accepted a 60-day, 3%, $21,900 note receivable from J. Brown in exchange…

A: Notes Receivable - Notes Receivable is a promissory note issued by the customer in repayment of his…

Q: C.S.Vaughn Company had these transactions involving notes payable. July 1, 2022 Borrows $51,500 from…

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

Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

A: Notes payable are defined as the written promissory note or an agreement under which the borrower…

Q: On October 1, Eli's Carpet Service borrows $125,000 from First District Bank on a 3-month, $125,000,…

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

Q: C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022…

A: Note payable are a form of debt taken by a company on which it has to pay regular interest payments.

Q: On October 1, 2010, the company deposits 12.000 TL in a bank account for 1 year at 10%. Which entry…

A: Interest Revenue = Deposit amount * Rate * Period

Q: On June 30, Year 3, Perez Company's total current assets were $495,500 and its total current…

A: 1. WORKING CAPITAL : = CURRENT ASSETS - CURRENT LIABILITIES  2. CURRENT RATIO : = CURRENT ASSETS /…

Q: C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On March 1, 20x4, Popular Bank agrees to lend $100.00 to your company through a written contract for…

A: A note a legal document between two parties whereby one party agrees to pay the other a preagreed…

Q: C.S. Lewis Company had the following transactions involving notes payable. July 1, 2015   Borrows…

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

Q: on november 1, 2018, Downtown  Jewelers accepted a 3-month, 15% note for $6,000 in sttlement of an…

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period, as…

Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

A: Notes payable is a negotiable instrument used for differing payments. In this one-party agree to pay…

Q: Concord Company borrows $52,800 on July 1 from the bank by signing a $52.800, 12%, one-year note…

A: When a company accepts note payable, it is recorded as a liability and the cash is received. The…

Q: During Year 1, a company accepts the following notes receivable. 1. On April 1, the company provides…

A: Journals are the books of primary entries. The business transactions are recorded at the initial…

Q: On August 1, Vermillion Ltd. accepted a $27,800 note from Borges Ltd. in settlement of an account…

A: Interest accrued = Face value of notes  x rate of interest x no. of months / 12 months

Q: C.S. Ivanhoe Company had the following transactions involving notes payable. July 1, 2022…

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

Q: On October1, 2020 Sue's Carpet Service borrows $ 125.000from the Bank on a 3-month, $ 125.000, 8%…

A: Given: Amount borrowed = $125,000 Period = 3 months Rate = 8%

Q: On June 1, Granulite Inc borrows $150,000 from the bank by signing a 2-month, 2.0% bank loan.…

A: Journal Entries - It refers to the primary books of accounts in which transactions are recorded in…

Q: On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan.…

A: Working Note: 1. 31-Dec 2021 Interest payable account = ($44,000 *6%*2/12) = $440 2. 1-Feb 2022 =…

Q: Ivanhoe Company borrows $48,000 on July 1 from the bank by signing a $48,00O, 14%, 1-year note…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: Muscat Company borrowed OMR100,000 from the bank signing a 12 %, 3-month note on January 1. the…

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

Q: On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan.…

A: Notes: Accrued Interest = $44000 x 6% x 2/12 = $440 Interest expense = $44000 x 6% x 1/12 = $220

Q: On October 1, Black Company receives a 4% interest bearing note from Reese Company to settle a…

A: Accounts receivable = $19400 Periods remaining in the current year = 3 months Interest rate = 4% per…

Q: . Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows…

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

Q: On September 15, Jas Motor Service Center issued a 90-day, 18% note amounting to P10,000 for a loan…

A: The entries are passed in the books of Jas Motors Service Centre Date Particulars Debit Credit…

Q: On June 1, Sheffield Company borrows $111,000 from First Bank on a 6-month, $111,000, 8% note.…

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