On January 1, 2019, Johnson Corporation issued a 2-year note due December 31, 2020, with a face value of $10,000, receiving $7,694.68 in exchange. Required:   Prepare the journal entries to account for the note:   1. on the date the note is issued 2. at the end of 2019 3. at the end of 2020

Q: On January 1,2018, Ronaldo Co. Received a ₱1,000,000 note receivable from Quirante Inc. Principal…

A: If the anticipated future cash flows cannot be recovered, then impairment loss needs to be…

Q: On July 1, 2019, Lp Manufacturing Co. issued a five-year note payable with a face amount of P250,000…

A: The current liabilities section would include the maturity payment of $50000 and the interest…

Q: On January 1, 2020, Toto Company sold goods to Snow Company. Snow signed a noninterest-bearing note…

A: SOLUTION- THE PRESENT VALUE FACTOR IS USED TO DETERMINE THE WORTH OF THE AMOUNT OF MONEY RECEIVABLE…

Q: about the homework of Intermediate Accounting: Reporting and Analysis 3rd Edition Chapter 6, Problem…

A: Step 1 The discount on note receivable of $78 is obtained by multiplying the present value of…

Q: On December 31, 2021, Party Company received two P 50,000 notes receivable from customers in…

A: Receivables are collected from the persons who owe to the business. A note is carrying on an…

Q: Note Company provided the following information on its notes payable as of December 31, 2020: Note…

A: Liability is a sum of money an individual or organization owns. Current liabilities are an…

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 October 1, 2020, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National…

A: Date Account Titles and Explanation Debit Credit October 1, 2020 Cash $730,000     Interest…

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: Braddock Inc. had the following long-term receivable account balances at December 31, 2019. Note…

A: BRADDOCK INC.…

Q: Grouper Inc. had the following long-term receivable account balances at December 31, 2019. Note…

A: For entry 4 : Installment due = $ 45125 - ($ 140000*12%) = $ 28325

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: 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: A 180-day promissory note was issued by FDNACCT Co. on November 1, 2021 in exchange of goods bought…

A: Interest income is the amount of money received as an interest either from an investment, bonds, or…

Q: On April 1, 2020, Rasheed Company assigns $400,000 of its accounts receivable to the Third National…

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

Q: On September 1, 2019, Donna Equipment signed a one-year, 8% interest bearing note payable for…

A: Note means an instrument acknowledging as debt due from one party to another party. Interest bearing…

Q: On January 1, 2019, Heritage Company has a note payable to bank in the amount P2,800,000.…

A: Discount on note Payable: If Coupon rate is less than the prevailing market interest rate, bonds are…

Q: On June 30, 2019, BM Corporation issued a five-year note payable with a face amount of P1,000,000…

A: Accrued interest on December 31,2020 = (face value of note -  annual payment made on June 30, 2020)…

Q: On December 31, 2020, Sheridan Company has $5970000 of short-term notes payable due on February 14,…

A: ANSWER : Correct option is- $840,000.

Q: On Jan. 1, 2020, EC Company reported a note payable of P 1,200,000. The note is dated Oct. 1, 2019,…

A: Given that,  Notes payable as on Jan 1 2020 = P1200000  Rate of interest = 12%

Q: On January 1, 2020, Heritage Company has a note payable to bank in the amount 2,800,000.…

A: Notes payable refers to a written promise to pay a certain amount of money in the future to the…

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

A: Calculate the interest expense:

Q: On January 1, 2019, Diggs Co. lends some money in exchange for a 10% $100,000 10-year note. The…

A: Solution d: Note Amortization Schedule - Effective interest method Date Cash Paid Interest…

Q: On November 1, 2019, Edwin Inc. borrowed cash and signed a $60,000, 1-year note payable.…

A: Every business transaction should indeed be documented in at least two locations, according to the…

Q: Sammy Company, a calendar-year company, has a 6% note receivable dated November 1, 2020 in the…

A: Answer) In the given question, the company had note receivable of P 3,000,000 on November 1, 2020…

Q: On July 1, 2019, Lp Manufacturing Co. issued a five-year note payable with a face amount of P250,000…

A: Interest accrued on December 31, 2019 = Face value of note x rate of interest x no. of months/12 =…

Q: On July 1, 2019, Maricris Company received a P20,000 promissory note from Jordyn Company. The annual…

A: Interest receivable: It can be defined as the interest earned on the investment made but not yet…

Q: PINK Company reported a 10% note payable of ₱3,600,000 on June 30, 2021. The note is dated October…

A: Given that, Notes payable = ₱3600000 Rate of interest = 10% it is said that the Principle is repaid…

Q: On January 1, 2021, Mahogany Company issued a note with a face amount of P2,000,000. The note…

A: Notes Payables: A liability account for notes payable is where a borrower records a written…

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: 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 transactions transpired during the year for Teresa Company: • On January 1,2021,…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given, then first question is to be…

Q: A 5-year promissory note for $B200 issued on September 15, 2018, with interest at 6.5% compounded…

A: FORMULA FOR PROMISSORY NOTE: P=M1+RT M=MATURITY VALUE RRATE T=TIME

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: PINK Company reported a 10% note payable of ₱3,600,000 on June 30, 2021. The note is dated October…

A: Accrued interest is the amount of bond interest that has accumulated since the last time a bond…

Q: Isko Company, a calendar-year company, has a 6% note receivable dated November 1, 2020 in the…

A: The company had note receivable of P 3,000,000 on November 1, 2020 Out of which P 1,000,000 is…

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: A 5-year promissory note for $3200 issued on September 15, 2018, with interest at 6.5% compounded…

A: formula of promissory note: p=m1+rt m=maturity value r=rate of interest t=time in years

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

A:

Q: On September 1, 2021, Daylight Donuts signed a $110,000, 10%, six-month note payable with the amount…

A: Interest Payable on notes Payable: Interest must be paid on nearly all payable notes. Interest must…

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

A: calculation of installment value of note Payable= P 4000000 PV of payment=  4000000*3.037349 = P…

Q: On May 1, 2018, the DCM issued a 9% promissory note with a face value of ₱8,339,760 for a piece of…

A: Formula: Maturity value of note = Principal amount + Interest amount.

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: 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: 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: Clancy Co. accepted a two-year noninterest-bearing note for $1,166,400 on January 1, 2020. The note…

A:

Q: On July 1, 2020, ABC Company issued a five-year note payable with a face amount of P5,000,000 and an…

A: Balance sheet means where all assets , liabilities and capital is shown. Current liability means the…

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…