On August 15, 2022, Pharoah Company signs a $248000, 7%, twelve-month note payable. Which of the following entries correctly records the accrued interest on December 31, 2022? Dr Interest Expense $5786.67            Cr Interest Payable $5786.67 Dr Interest Expense $10850.00            Cr Interest Payable $10850.00 Dr Interest Expense $17360.00            Cr Interest Payable $17360.00 Dr Interest Expense $6510.00            Cr Interest Payable $6510.00

Q: On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the…

A: Interest:   An interest is the cost of the funds loaned to the business by any lender.

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: On January 1, 2020, Sunland Company, a calendar-year company, issued $897000 of notes payable, of…

A: Solution: Current liability = Amount due in next 1 year = 224,250 Long term Debt = Due after 1 year…

Q: Fame Company has an 8% note receivable dated June 30, 2019 in the original amount of P 1,500,000.…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

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 Aug 31, 20X1, ABC Corp received a P2,000,000 12% 4-year note from a customer. Note is collectible…

A: Principal payment on September 1, 20X2 = P2,000,000 / 4 = P500,000

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: 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 June 1, Davis Inc. issued an $76,100, 12%, 120-day note payable to Garcia Company Assume that the…

A: No. of days for which interest to be recognized in the following year = Total days of notes - total…

Q: . 2022, Clark Co. received a P3,000,000, 10% note from a customer upon baid in six equal semi-annual…

A: The time value of money implies that a sum of money is worth more now than the same sum that it will…

Q: On January 1, 2021, Hosana Co. sold equipment in exchange for a P 850,000, 4 year, 11% note,…

A: Lets understand the basics. Compounded interest means interest on interest. In other words, it is a…

Q: On January 2, 2020, Brook Company acquired machinery by Issuing a 5%, $350,000 note due in 5 years…

A: Current portion of liability means the obligation that an entity would settle within a year and…

Q: On June 1, Davis Inc. issued an $81,200, 8%, 120-day note payable to Garcia Company Assume that the…

A: Interest revenue = face value of not x rate of interest x No. of days / 360 days

Q: Justin Company signed a $90,000, three-month, 9% note payable, on December 1. If the accounting…

A: Interest accrued on December 31= Face value of bonds x rate of interest x no. of month/12 = $90000 x…

Q: On May 1, 2020, Zachary Corporation borrowed $2,500 on a two-year, 6% note payable. Interest is due…

A: The company borrowed amount on the dated May 1, 2020. Interest will be payable after six months.…

Q: On July 8, Jones Inc. issued an $70,600, 8%, 120-day note payable to Miller Company. Assume that the…

A: Notes payable is a negotiable instrument where a borrower records a promise to pay a certain amount…

Q: On 1 Dec. 2020, Segma Trading Co. borrowed $300,000 for 90 days at 5% by signing a note payable on…

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

Q: On January 1, 2019, a company acquired transportation equipment by paying cash of P400,000 and…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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 December 1, Martin Company signed a $5,000 3-month 6% note payable, with the principle plus…

A: Interest accrued at December 31 on the note = Face value of the note x rate of interest x no. of…

Q: On January 1, 2019, ABC Company sold an equipment with carrying amount of P1,500,000. The customer…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $19,800. What…

A: Concept used:

Q: On June 1, Davis Inc. issued an $68,700, 8%, 120-day note payable to Garcia Company Assume that the…

A: Solution We are provided with the following information Interest rate = 8% Amount of note payable =…

Q: On January 1. 2020, Sheridan Company, a calendar-year company, issued S608000 of notes payable, of…

A: A current liability is an obligation which needs to be settled within a period of 12 months and any…

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

A:

Q: XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued…

A: Formula: Interest amount = Loan amount x Interest rate x Time period

Q: y 8, Jones Inc. issued an $79,100, 6%, 120-day note payable to Miller Company. Assume that the…

A: In the given situation, there is a note payable with 6% rate for 120 days. We need to find the…

Q: On July 8, Jones Inc. issued an $84,700, 11%, 120-day note payable to Miller Company. Assume that…

A: Annual Interest=Issue amount×Interest rate=$84,700×11%=$9,317

Q: Sunland Company lends Monty industries $49200 on August 1, 2022, accepting a 9-month, 9% interest…

A: Note ​Receivable: Note​ receivable is an instrument gives the holder right to receive the amount…

Q: On May 31, Baker Co. issued an $35,679, 8%, 120-day note payable to Samunck Co. Assume Baker's…

A: Solution a:  Interest EXPENSE recognized by Baker in the current fiscal year = $35,679*8%*30/360 =…

Q: Windsor, Inc. lends Flint industries $43200 on August 1, 2022, accepting a 9-month, 6% interest…

A: The note receivable is prepared for the amount due from the debtors.

Q: BE11-2 Peralta Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year…

A: Journal entry refers to a recording/ classifying of business transactions into books of accounts…

Q: On January 1, 2021, CPS Co. borrowed $340,000 cash from iLend and issued a five-year $340,000, 4%…

A: Interest Expense: The cost of debt which is incurred during a particular accounting period is called…

Q: On July 1, 2020 Walker Inc. signed a $600,000, 15 month, 10% note payable. At due date, the…

A: This is based on bill of exchange, in the given case since note is payable in 15 months and the same…

Q: On January 1, 2021, Biliran Company received a 5%, P10,000,000, note collectible in installment plus…

A: On January 1, 2021, Biliran Company received a 5%, P10,000,000 note collectible in instalment plus…

Q: The following are three notes held by SANDMAN Company starting January 1, 2019: a. 5 year term note,…

A: Present value of a note = sum of all present values of future cash flows from the note = present…

Q: On December 31, 2023, Sandy Company has a Note Receivable of $6,000. The note will be collected in…

A: Current asset can be converted into cash within 12 months whereas long term assets has a life of…

Q: On October 1, 2021, Oberley Corporation loans one of its employees $25,000 and accepts a 12-month,…

A: Given: Note receivable = $25,000 Due period = 12 month Interest rate = 8%

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 June 1, Davis Inc. issued an $64,900, 7%, 120-day note payable to Garcia Company Assume that the…

A: Interest to be received is calculated by multiplying the principal with rate of interest and time .…

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: 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 January 1, 2021. This Company acquired a machine by issuing a 3-year, 3%, P4,000,000 note…

A: As per IFRS 9, a Financial instrument, the financial liability is initially recognized at amortized…

Q: On July 1, Alton Co. issued an $74,700, 10%, 120-day note payable to Seller Co. Assume that the…

A: Interest will be recognized on $74700 and the interest rate charged is 10%.  Amount of interest…

Q: On October 1, 2021, Chrysanthemum Co. purchased equipment by issuing a 9% promissory note with face…

A: Interest payable on Decemeber 31,2022  = 9% x (1500000-400000) x3/12= 24750

Q: On January 1, 2019, James Co. received a 10%, five year note from a customer. Interest is paid every…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: On December 1, Victoria Company signed a 90-day, 6% note payable, with a face value of $15,000. What…

A: Interest accrued = Note payable x Interest rate x 30/360 = $15000 x 6% x 1/12 = $75

Q: On October 1, 2021, Oberley Corporation loans one of its employees $40,000 and accepts a 12-month,…

A: The books of accounts are maintained under the accrual basis of accounting where revenue and…