On April 1, 2020, MMM company issues a $105,000, three -month, zero-interest-bearing note to Al-Ahli Bank. The present value of the note is $102,000.   Record all necessary entries in 2020 if you know the company prepare financial statement semiannually?

Q: On April 15, 2021, Sampson Consulting provides services to a customer for $99,000. To pay for the…

A: Journal entries are primary reporting of the transactions occurring in the business, in the books of…

Q: On January 1, 2021, Julee Enterprises borrows $30,000 to purchase a new Toyota Highlander by…

A: Journal entry for the issuance of notes payable:- Date General Journal Debit Credit Jan 01,…

Q: On January 1, 2019, Johnson Corporation issued a 2-year note due December 31, 2020, with a face…

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

Q: MCM Company issued a note receivable to a customer on September 1, 2020. The face value of the note…

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

Q: On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $30,500, 8% 90 day…

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

Q: On October 1, 2019, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000.…

A: Maturity date of Note = Issue date + Period = October 1, 2019 + 1 years = October 1, 2020 No. of…

Q: Alaska Inc. borrowed $16,000 by signing a one-year note payable on November 1, 2020. The note bears…

A: Formula: Interest expense = Notes amount x Interest rate x Time period

Q: Erza Company has a P180,000, 10%, 90-day note receivable outstanding at December 31. The note is…

A: Interest receivable is interest accrued but not received. Interest receivable is an asset. Increase…

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $5,000 note receivable that offers…

A: Interest = Principal x rate of interest x no. of months / 12 months

Q: Wildhorse Co. issued a five-year interest-bearing note payable for $324000 on January 1, 2019. Each…

A: Balance sheet is the financial statement which involves the total debt, liabilities, assets and…

Q: On the first day of each month, Bell Company received from Kaye Company an escrow deposit of…

A: The term escrow means the holding of an asset or money by a third person or party before…

Q: On September 1, 2020, Bramble Corp. issued a note payable to Fidelity Bank in the amount of…

A: Accrued interest = Principal outstanding * rate of interest * Time period

Q: On July 1, 2021, a company loans one of its employees $23,000 and accepts a ten-month, 8% note…

A: Revenue is the amount that a company earns from normal activities conducted by the business for…

Q: Assuming Valco Brothers Farm fulfills all the terms of the note, prepare the necessary journal…

A: Under Accrual Basis of accounting business transations are recorded as and when they occur. Here…

Q: On January 1, 2019, Brooks Inc, borrows $90,000 from a bank and signs a 5% installment note…

A: While making annual payment to bank, the annual payment consists of some portion of principal…

Q: heridan, Inc. issued a $125,000, 4-year, 9% note at face value to Flint Hills Bank on January 1,…

A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by…

Q: On February 10, 2021, after issuance of its financial statements for 2020, Crane Company entered…

A: Short term debt is the debt which matures within a period of an year. In simple words, the debt that…

Q: On November 1, 2021, New Morning Bakery signed a $194,000, 6%, six-month note payable with the…

A: The amount of cash payable at maturity can be calculated as sum of note face value and interest due

Q: . Prepare the journal entries of Clear Glass to record the preceding information, the related…

A: Discounting the note implies, the realization of a note amount for a discount before the due date of…

Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms…

A: Introduction: Journals: Each and every business transactions are to be recorded in Journals.…

Q: On November 16, 2019, Clear Glass Company borrowed $20,000 from First American Bank by issuing a…

A: The calculation as,

Q: You company provided the following information on Dec. 31, 2019: Accounts Payable Bank note payable…

A: Current Liabilities are those liabilities which are due and payable within one year. Out of the…

Q: On 1 September 2019, J & J Co. issued a note payable to National Bank in the amount of P900,000,…

A: The amount borrowed from a bank by signing a formal written contract is reported as notes payable in…

Q: On July 1, 2021, a company loans one of its employees $27,000 and accepts a eight-month, 8% note…

A:

Q: At the end of 2021, Worthy Co.’s balance for Accounts Receivable is $20,000, while the company’s…

A: Given information is: At the end of 2021, Worthy Co.’s balance for Accounts Receivable is $20,000,…

Q: On March 15, 2021, a six-month promissory note for $1,175 with interest at 4% was issued. Compute…

A: Present value of the note = Present value of principal + Present value of interest payments

Q: How much cash did Thunder Company receive from the bank? *

A: Given information is: On September 1, 2020, Thunder Company received an P80,000, 12%, 120-day note…

Q: December 11, 2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign…

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

Q: Zenephia Corp. accepted a nine-month note receivable from a customer on October 1, 2022. If Zenephia…

A: As per Revenue Recognition principle, revenue is recognized when the goods are sold or services are…

Q: On July 1, 2020, Thomas Company, which follows calendar year accounting,  issued $240.000 note to be…

A: Long -term debt-  Long term debt refers to the liability which is repaid after 12months or more.…

Q: On September 1, 2020, Sunland Company issued a note payable to Fidelity Bank in the amount of…

A: Principal outstanding on December 31,  2021 = Total amount of Notes payable - Instalment payment…

Q: Flipco signed a 10-year note payable on January 1, 2018, of $800,000. The note requires annual…

A:

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: On October 1, 2020, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers…

A: Journal: Journal is the method of recording monetary business transactions in chronological order.…

Q: Gravel Corporation borrowed $250,000 from a bank on January 1, 2019, by signing a10%, six-month…

A: Borrowings will increase the liability of Gravel Corporation.

Q: THREE FLAGS Co. borrowed $100,000 from the Bull Run Bank on September 1, 2018.  The note earns…

A: Interest accrued on December 31, 2018 = Amount borrowed x rate of interest x no. of months / 12 =…

Q: South Company borrows $88,500 on September1, 2019, from State Bank by signing an $88,500, 12%,…

A: The accrued interest is the interest due for payment but not paid yet.

Q: Coldwell, Inc. issued a $100,000, 4-year, 10% note at face value to Flint Hills Bank on January 1,…

A: Bonds:   Bonds are long-term promissory notes that are represented by a company while borrowing…

Q: On June 18, 2020, Woods Co. received from one of its customers, Webb Co., a 90 day, 11%, $6,000 note…

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

Q: On January 1, 2019, Brooks, Inc. borrows $90,000 from a bank and signs a 5% installment note…

A: Interest accrued on 12/31 = Amount borrowed x rate of interest x year = $90,000 x 5% x 1 years =…

Q: Coldwell, Inc. issued a $100,000, 4-year, 10% note at face value to Flint Hills Bank on January 1,…

A:

Q: On January 1, 2019, Eagle Company borrows $21,000 cash by signing a four-year, 5% installment note.…

A: Loan means the amount taken from another person to be repaid back with interest. When a fixed…

Q: On February 1, 2021, a company loans one of its employees $21,000 and accepts a nine-month, 8% note…

A: Interest = Principal x rate of interest x no. of months/12 months

Q: On September 30, 2021, Coronado Corporation received a three-year, 12%, $1,750,000 bank loan. The…

A: GIVEN   On September 30, 2021, CORONADO Corporation received a three-year, 12%, $1,750,000 bank…

Q: On July 1, 2021, ABC Co. borrowed P1,000,000 and issued a one-year note payable. The lender…

A: According to this question, we prepare the journal entries with reference to the given scenarios.…

Q: On January 1, 2021, Nees Manufacturing lends $10,000 to Roberson Supply using a 9% note due in eight…

A: Simple Interest: When at the time of returning the loan to the bank, we have to pay back an amount…

Q: During 2021, Wildhorse Co. borrowed cash from Sandhill Co. by issuing notes payable as follows: 1.…

A: Maintenance of books of account is very important for a business organisation. This process is known…