On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31, 2018, the business should record interest payable of 5900. note receivable of $18,000. cash payment of $18,000. nothing. (The note is already on the books.)

Q: On March 1, 2018, Bodie Co. accepted a $7,900 face value note as evidence of a loan it made to T…

A: Solution: Time period in 2018 = March 1 to Dec 31 = 10 months Face value of note = $7,900 Interest…

Q: On January 1, 2022, De Vera Company loaned Dagpin Company amounting to P2,000,000 and received a…

A: The usage rate is known as the effective interest rate that is actually paid by the borrower of the…

Q: At December 31 year-end, Crain Corporation has an $8,400 note receivable from a customer. Interest…

A: A note receivable is a document which is written promise made which indicates an amount to be…

Q: A private enterprise sold some merchandise for $160,000 on January 1, 2020. The customer paid…

A: It is the current value of future sum of money to be received at specified interest rate

Q: Bramble Corp. had the following transactions involving notes payable. July 1, 2019 Borrows 56,500…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

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: Ellsworth Enterprises borrowed $425,000 on an 8%, interest-bearing note on September 30, 2020.…

A: Notes Payable is the liabilities which will be paid in certain period of time. It is financing…

Q: On December 31, 2011 , Bunny Co. received a 10% note with face amount of P1,500,000. Both principal…

A: Interest receivable on December 31, 2012 = Face value of notes x rate of interest x no. of months in…

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 Septèmber 1, 2021, Trinoma Entertainment borrowed P24,000,000 cash to fund à new Fun Park. The…

A: Journal entry shows the recording of transactions during an accounting year and every transaction…

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

A: A journal entry is a type of accounting entry that is used to record commercial transactions in a…

Q: Martinez Co. borrowed $69,569 on March 1 of the current year by signing a 60-day, 7%,…

A: From March 1 to April 30 = 60 days Interest is paid on the funds used by the business to generate…

Q: Martinez Co. borrowed $58,220 on March 1 of the current year by signing a 60-day, 11%,…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A: Interest accrued on December 31, 2018 = Amount borrowed x rate of interest x period = $18,000 x 5% x…

Q: On August 31, 2018, BetsyTotten borrowed $1,000 from Iowa State Bank. Totten signed a note payable,…

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

Q: Martinez Co. borrowed $79,200 on March 1 of the current year by signing a 60-day, 9%,…

A: The interest expense  is calculated as  follows  $79200 × 9% × 60/360   = $1188

Q: Keesha Co. borrows $200,000 cash on November 1, 2018, by signing a 90-day, 9% note with a face value…

A: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3 schedules. Please…

Q: On January 1, 2018, King Inc. borrowed $190,000 and signed a 4-year, note payable with a 10%…

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

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

A: The calculation as,

Q: On April 1, 2020, NYC Corporation secures a loan with a finance company, using its accounts…

A: Formula: Finance charge amount = Receivable amount x % of charge

Q: A business borrowed $59,037 on March 1 of the current year by signing a 30 day, 11% interest bearing…

A: The entry to record the payment should include Debit to Interest Expenses for $541.

Q: On January 1, 2018, a business borrowed $15,000 on a five-year, 6% note payable. At December 31,…

A: On December 31, 2018, entry will be passed for booking of interest accrued for the year 2018.…

Q: On May 1, Year 1, Benz's Sandwich Shop loaned $12,000 to Mark Henry for one year at 7 percent…

A: a. Interest income = Loan amount x interest rate x no. of months/12 = $12000*7%*8/12 = $560

Q: On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $600,000.…

A: Cash received = Total amount of promissory note - Finance charges = $450,000 - $600,000*1.8% =…

Q: On May 15, Holt's Clothiers borrowed some money on a 4- month note to provide cash during the slow…

A: The detailed assumptions made by accountants while compiling a company's income statement, balance…

Q: Keesha Company borrows $290,000 cash on December 1 of the current year by signing a 180-day, 8%,…

A: Solution: To borrow cash, business issues notes payable that contain principal amount of note,…

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

A:

Q: On February 1, 2021, a company loans one of its employees $28,000 and accepts a eight-month, 7% note…

A: The note receivable is recorded as a current asset in the balance sheet of the company.  Given…

Q: Wellington Company had the following transactions involving notes payable. Nov. 1, 2020   Borrows…

A: Book are closed on Dec. 31 and note matures on Feb. 1. So, an adjusting entry for interest accrued…

Q: Ventura Company adjusts its accounts monthly and closes its accounts on December 31. OnOctober 31,…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: On October 31, 2021, COVID borrowed $400,000 at 11% interest and pledged $500,000 in accounts…

A: The loan is the amount a business organization borrows from any financial institution or any third…

Q: Dan Dayle started a business by issuing an $83,000 face value note to First State Bank on January 1,…

A: Interest is computed as per the following formula Interest=Principal*rate*term

Q: On January 1, MM Co. borrows $340,000 cash from a bank and in return signs an 8% installment note…

A: An installment note is an obligation or liability that requires the borrower to repay the principal…

Q: May 15, Holt's Clothiers borrowed some money on a 4-month note to provide cash during the slow…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: The following information relates to the Crane Company at the end of 2020. The accounting period is…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: Nova Company reported the following receivables on December 31, On June 1, 2018, Yola Company loaned…

A: The amount of interest that has been recognized as revenue but has not yet been paid by the borrower…

Q: On January 1, 2018, King Inc. borrowed $190,000 and signed a 5- year, note payable with a 10%…

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

Q: Keesha Co. borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000…

A: Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

Q: LARA Company secured a bank loan of $ 90,000, on 1/4/2020. In return, it signed a 10 month, 6%, note…

A: The adjustment entries are made to adjust the revenues and expenses of the current year.

Q: Travel borrowed $33,000 on September ​1, 2018​, by signing a​ one-year note payable to State One…

A: Given that, loan amount = $33000 date of borrowal = 1 Sep 2018 Interest payment for 3 months = $355

Q: ⦁ ABC Corporation borrowed 24,000 on December 1, 2011, by issuing a two-month, 8 percent note…

A: Since there are multiple questions, we will solve first for you. To get the remaining questions…

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

Q: Assuming the customer’s borrowing rate is 5%, prepare all journal entries for 2019 and 2020 under…

A: At first, we will find out the present value of the note payable.

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 June 1, 2018, Bodie Co. accepted a $9,300 face value note as evidence of a loan it made to T…

A: Solution: Interest revenue will be recognized in 2018 will be interest for 7 months that is from…

Q: Swifty Company had the following select transactions. Apr. 1, 2020   Accepted Goodwin Company’s…

A: Journal entries refers to the systematic documentation of the financial transactions of a company in…

Q: Mission Corp. borrowed $25,000 cash on April 1, 2016, and signed a one-year 8%, interest-bearing…

A: Amount paid to bank = Principal + Interest expense Interest expense = Note Payable x rate x number…