on January 1, 2021, dependable, Inc borrows $10,000 from a local bank by signing a 6% note July 1, 2021 on January 31, the adjusting entry will include a debit to interest expenses for. $100 $300 $50 no entry is required because no payment are due until july 1

Q: onita Company borrows $39,000 on July 1 from the bank by signing a $39,000, 8%, one-year note…

A: Solution a: journal entry to record the proceeds of the note: Accounts title Debit Credit Cash…

Q: On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied…

A: In this question, we need to record the issue of notes payable. By issue of notes payable, the…

Q: West County Bank agrees to lend Blossom Company $388000 on January 1. Blossom Company signs a…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…

Q: On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3…

A: Accounting for the issue of non-interest-bearing notes. The bank has discounted the note on a 12%…

Q: Whispering Winds Corp. had the following transactions involving notes payable. July 1, 2022 Borrows…

A: S No Account tittles and Explanation Amount Amount 01-Jul-19 cash  $       55,000        8%…

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

A:

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: C.S. Oriole Company had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Prepare the journal entries: Date Accounts title and explanation Debit ($) Credit ($) 1-Jul-22…

Q: Prepare journal entry for Windsor, Inc. to record the receipt of the proceeds of the note.  Prepare…

A: Solution:- Given, Windsor, Inc. borrows $67,200 from Wildhorse Co.  Signing a 4%, one-year note…

Q: On November 1, 2021, Calexico Trading accepted a 90-day, 8% P2,000,000 note from ABC Co. Calexico…

A: Notes Payable / Receivable The purpose issuing the Notes receivable / Notes payable to collect the…

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: 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 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 September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied…

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

Q: Delta took out a one year, 8% $100,000 loan on March 31, 2021. Interest is due upon maturity of the…

A: The adjustment entries are prepared to adjust the revenues and expenses of the current period.

Q: Skysong, Inc. had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Interest accrued on Dec. 31, 2022 = (52500*8%*6/12)+(63000*6%*2/12) = $2100 + 630  = $2730

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $1,000 note receivable that offers 18…

A: The 6 months note issued on September 1, 2021. The interest will be earned for 4 months in 2021…

Q: C.S.Vaughn Company had these transactions involving notes payable. July 1, 2022 Borrows $51,500 from…

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

Q: Concord Company borrows $61,200 on July 1 from the bank by signing a $61,200, 10%, one-year note…

A: Interest accrued on december 31 = Amount borrowed x rate of interest x No. of months / 12 = $61,200…

Q: Academy Grill Supply On October 1, 2019, the company received a $50,000 promissory note from a…

A: Notes receivable records the value of promissory note that a business is owed and ought to receive…

Q: C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022…

A: Note payable are a form of debt taken by a company on which it has to pay regular interest payments.

Q: Oriole Company borrowed $10,200 by signing a 12%, one-year note on September 1, 2020. information…

A: Journal entry: It is also called as book of original entry. It is used to record a financial…

Q: Parker & Washington, Inc. borrows $120,000 on January 1, 2021 anuary 1, 2022. P&W closes its books…

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: Sheffield Corp. lends Riverbed industries $54000 on August 1, 2022, accepting a 9-month, 15%…

A: Adjusting entry: It is prepared at the end of the year to correct the errors that was previously…

Q: 16. On October 1, 2020, Zachary's Balloons borrowed $4,000 on a 12%, one-year note payable. Interest…

A: Semiannual Interest = $4,000 * 12% * 6/12 Semiannual Interest = $240

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

A: From September 30, 2020 to December 31, 2020; Interest has been accrued for 3 months. So the…

Q: Travis County Bank agrees to lend Brickyard Corporation $200,000 on January 1. Brickyard signs a…

A: Supporting calculation:

Q: Adjusting entries

A: Interest on note payable = Amount of note payable * Interest rate * Number of months elapsed/Number…

Q: 37, Best Company uses accrual accounting and closes its books every December 31. On April 1, 2022,…

A: Interest receivable from April 1, 2022 to December's 31, 2022 = issue  price of note × interest rate…

Q: On October 1, Ramos Co. signed a $90,000, 60-day note at the bank to be paid on November 30. (Assume…

A: given that, 1) on October 1st ram and co-signed a bill of $90000 2) term of bill = 60days 3)…

Q: On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied…

A: Notes payable: It is an instrument where the borrower borrows the money from the lender and issues…

Q: On September 1, 2021, Alled Moving Corp. borrows $90,000 cash from First National Bank. Alled signs…

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

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: 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: Metlock, Inc. Iends Grouper industries $45600 on August 1, 2022, accepting a 9-month, 15% interest…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

Q: Splish Corporation borrowed $58,500 on November 1, 2020, by signing a $60,000, 3-month,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: A company borrowed P100,000 on September 30, 2019 by signing a six-month note that specifies…

A: The notes payable is a contract which specifies a payment to be made after a specified period along…

Q: On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied…

A: Lets understand the basics. Journal entry is required to make to record an event or transaction that…

Q: C.S. Ivanhoe Company had the following transactions involving notes payable. July 1, 2022…

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

Q: On November 1, 2021, a firm issues a $10,000 6% 6-month note payable. Interest is paid with the…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: Gallery located in Maine produces journals and photo albums. On May 1, 2021, G borrowed $250,000…

A: Accrued interest on Dec 31, 2021 = Face value of Note x rate of interest x No. of months/12 =…

Q: On April 1, 2021, MNO Company borrowed $15,000 on an 8% note payable. The maturity date of the note…

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

Q: On October1, 2020 Sue's Carpet Service borrows $ 125.000from the Bank on a 3-month, $ 125.000, 8%…

A: Given: Amount borrowed = $125,000 Period = 3 months Rate = 8%

Q: On 1 July 2021, The Company borrowed $84,000 by signing a 2-year note payable at 8% annual interest…

A:

Q: On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan.…

A: Working Note: 1. 31-Dec 2021 Interest payable account = ($44,000 *6%*2/12) = $440 2. 1-Feb 2022 =…

Q: Ivanhoe Company borrows $48,000 on July 1 from the bank by signing a $48,00O, 14%, 1-year note…

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

Q: Muscat Company borrowed OMR100,000 from the bank signing a 12 %, 3-month note on January 1. the…

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

Q: On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan.…

A: Notes: Accrued Interest = $44000 x 6% x 2/12 = $440 Interest expense = $44000 x 6% x 1/12 = $220