On april 12 hong company agrees to accept a 60 day, 10% note from Indigo to extend the overdue accounts payable. what is the journal entry needed to record the transactio

Q: On November 1, Jasper Company loaned another company $270,000 at a 8.0% interest rate. The note…

A: Interest revenue reported in first year = Amount of loan x rate of interest x No. of months / 12

Q: Following are transactions of the Wipe-Out Company:   Mar. 2   Accepted an $11,140, 5%, 90-day note…

A: Acceptance of Notes is generally used to provide some extended time to debtors of company to pay…

Q: 1. On June 8, Williams Company issued an $70,894, 9%, 120-day note payable to Brown Industries.…

A: Interest = Value of Note * Interest Rate * No. of DaysInterest = $70,894 * 9% * 120/360Interest =…

Q: On April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend…

A: For Indigo Company: Accounts payable has been decreased. Notes payable have been increased by the…

Q: Nates Payable A business issued a 90-day, 6% nole for $67,000 bo a creditor on account, [llustrate…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

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

A:

Q: ollowing are transactions of the Wipe-Out Company:   Mar. 2   Accepted an $11,140, 5%, 90-day note…

A: The question is based on the concept of business accounting.

Q: On November 1, 2021, Dual Systems borrows $290,000 to expand operations. Dual Systems signs a…

A:

Q: The following selected transactions relate to liabilities of Company A. Company A's fiscal year ends…

A: From February 1 to May 1 = 3 months So the interest on the note is due for 3 months on May 1.

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

A: Note Payable is a written contract to pay a predetermined borrowed amount along with interest within…

Q: n April 12, Hong co. agrees to accept a 60 day 10% 6,000 note from indigo co. to extend the due date…

A: As accounts payable are decreasing, So we need to debit the accounts payable and notes payable are…

Q: READ THE BELOW QUESTIONS CAREFULLY. 1. January 1: If Tiger sold, on net/30 credit terms, a Pinnacle…

A: DATE PARTICULARS DEBIT  CREDIT 1)       JAN 1 A/C Receivables A/C  Dr 19,200             To…

Q: 13. On March 1 Lehigh sold merchandise to a customer in exchange for a $5,000, two-year,…

A: Journal entry: It is also called as book of original entry. All financial transactions happened in a…

Q: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…

A: Maturity value of the note = Face value of bonds + Interest

Q: Wildhorse Co. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.…

A: Interest accrued on dec 31 = face value of note x rate of interest x 6/12 = $64,800  x 8% x 6/12 =…

Q: On May 15, 201X, Reed Co. gave Fuligin Co. a 180-day, $9,000, 8% note. On July 14, Fuligin Co.…

A: Notes receivable is a category of debt instrument issued by corporations or big entities to raise…

Q: Prefix Supply Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on…

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

Q: A company grants a payment extension to its customer by converting that $15,000 accounts payable to…

A: Interest on 45 days note for 30 days  115000*12%*30/360=$150

Q: Parks Company receives a $25,000, 3-month, 8% promissory note from Todd Company settle

A: Journal is a place where journal entries are recorded in the book keeping system before ledger…

Q: Following are transactions of the Wipe-Out Company: Mar. 2 Accepted an $11,240, 5%, 90-day…

A: A journal entry is used to record a business transaction in the accounting records of a business. A…

Q: Save & Exit On April 12, Hong Company agrees to accept a 60-day, 6%, $6,900 note from Indigo Company…

A: Interest rate = 6% Notes payable value = $ 6900 Period = 60-day

Q: Seifert Supply Company sold merchandise to a customer on December 1, 2020 for $100,000. The…

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

Q: Raindrop Inc owes a past due bill to Jax Corp. On August 8, Jax agrees to accept a $5000, 8%,…

A: 1. Original interest and maturity value Interest= $ 5000*8%*120/360 = $ 133 Maturity value= Interest…

Q: n April 12, Hong Company agrees to accept a 60-day, 8%, $7,800 note from Indigo Company to extend…

A: Notes payable is debited by $7,800 since notes payable is a liability and a decrease in liability is…

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9, from a customer on…

A: Note receivable:Note receivable refers to a written promise received by the creditor from the debtor…

Q: Compute the maturity date for the above note.    multiple choice October 29 October 30 October 31…

A: Maturity date: The maturity date is the date on which a bill or instrument became payable. Journal…

Q: Prefix Supply Company received 120-day, 8% note for $450,000, dated April 9, from a customer on…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

Q: On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a…

A: The interest revenue is the interest earned for the period on the note receivable, etc.

Q: Pomona, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received…

A: 1. Interest income received in 60 day note from R.Elliot Interest rate: 6% $30,000* 6%* 60/360 =…

Q: West County Bank agrees to lend Wildhorse Co. $472000 on January 1. Wildhorse Co. signs a $472000,…

A: Total interest on notes = Amount borrowed x rate of interest x no. of month/12 = $472000*6%*6/12 =…

Q: On April 12 Hong co. agrees to accept a 60 day, 6% 6,900 note from indigo co to extend the due date…

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

Q: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Required:…

A: a.  Following are the journal entry when note is issued with a 45-day term:

Q: Moss County Bank agrees to lend the Pharoah Company $575000 on January 1. Pharoah Company signs a…

A: Journal entry:   It is a systematic record of a financial transaction of an organization recorded in…

Q: The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted…

A: 1. Interest Recognition - Interest is the income earned by the issuer of the notes on the account.…

Q: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: b)

Q: The following transactions are from Ohlm Company. Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note…

A: Bookkeeping can be defined as the recording, classifying, summarizes, interpreting, analyzing, and…