On January 1, Cooper Company accepted a one-year note for $5,000 at 4% from one of its customers. When the note matured on December 31, the customer was unable to pay, and the company treated it as a dishonored note. Prepare the journal entry that Cooper will make to record the dishonored note. Omit explanation.

Q: On Aug 1, ABC received a 60 day, 10% note for 12,000 from McAnn’s Auto in settlement of an existing…

A: Date   Accounts and Explanation   Debit   Credit   Aug. 1  Notes Receivable 12,000…

Q: BTS Company accepted a P400,000 face value, six-month, 9% note dated May 15 from a customer. After…

A: Interest accrued =  face value of note x rate of interest x no. of months/12 = P400,000 x 9% x 2/12…

Q: Mystic Magic issued a $120,000 note on January 1, 2018 to a customer, Amy Arnold, in exchange for…

A: 1. 01-Jan-18     Notes Receivable... Dr   120,000                           To accounts receivable…

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $20,700. What…

A: Adjusting entries are a collection of journal entries produced at the end of an accounting period to…

Q: On May 2, Splish Company lends $8,900 to Chang, Inc., issuing a 6-month, 10% note. At the November…

A: Interest revenue = Amount of Notes receivable x rate of interest x no. of months/12 = 8900*10%*6/12…

Q: On January 16, Gee Company accepted a P600,000, 10%, 90-day note from a customer. On February 15,…

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: On February 1, 2022, Hoya Kentinana Co. owed money to it’s supplier, the money tree, Inc. in the…

A: Answer are as follows

Q: n December 1, Sheridan Company introduces a new product that includes a one-year warranty on parts.…

A: Solution:  estimated warranty cost = Units sold * 5% *90 = 1400*5%*90  = $6,300

Q: On May 1, 2020, People's Networks sold computer networking supplies to Florida Autos for $46,300.…

A: working notes : b)  ($ 46,300*10%*6/12)  =$ 2,315 c)  ($ 46,300*10%*2/12) =$771.66

Q: Mystic Magic issued a $130,000 note on January 1, 2018 to a customer, Amy Arnold, in exchange for…

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

Q: On May 1, 2020, People's Networks sold computer networking supplies to Florida Autos for $46,300.…

A: From May 1 to Oct 31 = 6 months. So interest will be accrued for 6 months on Oct 31.   From Oct 31…

Q: Cheyenne Wholesalers accepts from Gates Stores a $24,000, 4-month, 8% note dated May 31 in…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: Window World extended credit to customer Nile Jenkins in the amount of $133,900 for his purchase of…

A: When services are provided on account to customers, then this will become accounts receivable for…

Q: On January 15, 2010, Raymond Company received a two-month, 9%, $5,000 note from William Pentel for…

A: Solution- Accounts rec. is debited for reinstating the debit balance of W. Pental and Note Rec. is…

Q: Proco had an account payable of $3,800 due to Shiroo Inc., on of its suppliers. The amount was due…

A: In  horizontal statement model, the transactions are shown in balance sheet equation as well as…

Q: April 1 Hoover Company received a 7%, 6-month s50,000 note dated April 1 from a customem whose…

A: Case-1 :Hoover Company received a 7% , 6Month $50000 note dated April 1 from customer whose account…

Q: On December 1, Windsor accepted an order from a new customer, Bonita Computers. Bonita has a…

A: A journal entry is a record of every business transaction which is either economic or non-economic.…

Q: Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account.…

A: Given: Number of days to maturity = 120 days Discount rate = 10% Maturity value = $96,000 Date 9th…

Q: On April 1, a company provides services to one of its customers for $13,000. As payment for the…

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

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

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

Q: On July 8, Jones Inc. issued an $83,300, 9%, 120-day note payable to Miller Company. Assume that the…

A: Accrued interest:   Accrued interest is the outstanding interest expense in the accounting period,…

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $22,500. What…

A: Accrued interest on December 31 on the note = Face value of note x rate of interest x no. of days /…

Q: Lonely Company accepted a P 200,000, 90-day, 12% interest bearing note dated November 15, 2021 from…

A: Note receivable agreement is more formal than an account receivable agreement. Here, Lonely company…

Q: EXO Company accepted a P400,000 face value, six-month, 9% note dated May 15 from a customer. After…

A: Interest accrued =  face value of note x rate of interest x no. of months/12 = P400,000 x 9% x 2/12…

Q: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions…

A: Notes are instrument issued by company acknowledging the debt raised by company . It is a liability…

Q: on january 1, cooper company accepted a one-year note for $5,000 at 4% from one of its customers.…

A: Journal entries are the transactions that are recorded in the primary book. They are chronological…

Q: Window World extended credit to customer Nile Jenkins in the amount of $139,900 for his purchase of…

A: Here narrate the details of wrote off the uncollectable accounts and reversal of the same because it…

Q: Window World extended credit to customer Nile Jenkins in the amount of $134,900 for his purchase of…

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

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: Mar Company provides the following information on December 31, 2020: Income taxes withheld from…

A: Current liabilities are those types of obligations that must be fulfilled within a year. Creditors,…

Q: The following selected transactions are from Garcia Company. Year 1 Dec. 16 Accepted a $20,400,…

A: General Journl Date General Journal Debit Credit Year 1       Dec 16 Note receivable - Rita…

Q: On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a…

A: Journal entry is the first step to record transaction in the books of account. Warranty cost = 5% of…

Q: Bramble Supply Co. has the following transactions related to notes receivable during the last 2…

A: Interest accrued on Nov. 1 notes = 13,200 x 10% x 2/12 = $220 Interest accrued on Dec. 11 notes =…

Q: Cook-Rite sold $152,000 of consumer electronics during July under a one-year warranty. The cost to…

A: The warranty Expenses are estimated on the basis of past year experiences.

Q: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions…

A: When goods has been purchased on this term (2/10,net30) , it means that 2% discount will be given if…

Q: During Year 1, a company accepts the following notes receivable. 1. On April 1, the company provides…

A: Journals are the books of primary entries. The business transactions are recorded at the initial…

Q: Lundquist Company received a 60-day, 9% note for $28,000, dated July 23, from a customer on…

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

Q: Marydale Products permits its customers to defer payment by giving personal notes instead of cash.…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: On November 16, Bell borrowed $10,000 from Graham and gave a 90-day, 12% note. On December 31, the…

A: As of the end of accounting period, the company that has lent money needs to record interest on a…

Q: CPA Co. received from a customer a one-year, P1,000,000 note bearing annual interest of 10%. After…

A: Factoring is the financial institution where firm can sell their account receivable at a discount…

Q: On December 1, 2017, Marin, Inc. assigns $ 3,380,000 of its accounts receivable to Sweet Acacia Bank…

A: It will deduct by bank in payment of notes.

Q: Morton Company had the following select transactions. Apr. 1, 2020 Accepted Remington Company's…

A: Answer -  Ineterest Receivables - 1. (25000*12%*9/12) = 2250 2. (15000*10%*6/12) = 750

Q: Bramble Supply Co. has the following transactions related to notes receivable during the last 2…

A: Calculation of Interest Revenue on December 31:   Notes Receivable - Manny Lopez ($13,200 * 10% *…

Q: A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer…

A: Introduction: Journals: Each and every business transactions are to be recorded in Journals.…

Q: On December 31, 2010, Chelsea Co. provides a service for its customer Villas Boas Co. inexchange for…

A: First step is to compute the amount of liability of Note payable to be recorded o Dec31, 2010.This…

Q: On December 1, Coronado Company introduces a new product that includes a one-year warranty on parts.…

A: Given units sold = 1,600 Estimated percentage of defective units = 5% Estimated defective units =…