On January 1, Marshall Co. Issued a $360000, three-year, 6% installment note payable with payments of $134,680 principal and interest due on January 1 for each of the next 3 years. Prepare the adjusting journal entry to accrue interest at December 31, Year 2. Round Answers to the nearest Decimal show the accounts and amounts and where they will appear on a classified balance sheet prepared on december 31 year 2. Round Answers to the nearest decimal.

Q: The December Trial Balance of Jane Corporation includes among others, the following: Long term…

A: Current liabilities: Current liabilities are short-term financial obligations of a company that are…

Q: On October 1, 2021, Sheffield Corporation issued $500,000 of 10-year, 5% bonds at 100. Interest is…

A: Formula: Interest amount = Notes amount x interest rate x Time period

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: Sheridan Company borrows $37,800 on July 1 from the bank by signing a $37,800, 8%, one-year note…

A: Sheridan Company has borrowed on July 1. Interest for 6 months is due as on 31st December. Interest…

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 January 5, Daisy Co., which follows a calendar year accounting, issued $1,000,000 of notes…

A: Long term debt = Total notes payable - current portion = $1000000 - 250000 = $750,000

Q: On December 1, 2020, Shaw Company accepted from Bogner a $10,000, 3-month, 8% note in lieu of an…

A: Journal entries are used by the management to record the transactions in the books of accounts.…

Q: The following journal entry was made by your predecessor to record the annual payment on a 5%,…

A: Note payable refers to a composed promissory note. Under this understanding, a borrower gets a…

Q: On the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes…

A: Issue price of note is given at $26,000 and annual payment is $10,825 ($3,120 interest and $7,705…

Q: The following is the PT ABC Balance Sheet PT ABC Trial balance 31 December 200X             Debit…

A: Notes Payable:-When the borrower's promise is written to pay some amount to the lender at a specific…

Q: On July 1, 2018, Ross-Livermore Industries issued nine-month notes in the amount of $400 million.…

A:

Q: On November 1, Bahama National Bank lends $4 million and accepts a six-month, 6% note receivable.…

A: Notes receivables: Notes receivables is a written promise to receive money in the future time. The…

Q: horizontal model to record collection of the note and interes

A: Interest income on note receivable = Value of note * Annual interest rate * Number of months until…

Q: Selected accounts from WooHoo Company's adjusted trial balance for the year ended December 31…

A: Liabilities Section of classified balance sheet   Liabilities due and payable within one year are…

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 July 8, Jones Inc. issued an $71,300, 10%, 120-day note payable to Miller Company. Assume that…

A: Definition:   Accrued interest: Accrued interest is the outstanding interest expense in the…

Q: On July 8, Jones Inc. issued an $85,000, 8%, 120-day note payable to Miller Company. Assume that the…

A: From July 8 to July 31 = 23 days Interest expense has been accrued for 23 days for the note payable.…

Q: On October 1, Eder Fabrication borrowed $60 million and issued a nine-month promissory note.…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: The adjusted trial balance for Bonita Industries at the end of the current year, 2021, contained the…

A: Liabilities can be defined as business obligations which needs to be fulfilled in the future time…

Q: On July 1, Orcas Lab issued a $100,000, 12%, eight-month note. Interest is payable at maturity. What…

A: Amount of interest expense = Notes payable x rate of interest x no. of months / 12

Q: On September 1, 2017, Brita Hawtof Company signed a $75,000, nine month, 6 percent note payable. The…

A: Prepare journal entry the interest accrued but not paid.

Q: On October 1, Eder Fabrication borrowed $84 million and issued a nine-month, 15% promissory note.…

A: Prepare the journal entry for the issuance of the note:

Q: On January 1, Luther Co. issued a $1,000,000, 8%, 5-year installment note payable. The first note…

A: Notes Payable:- It is a Current liability where one person is liable to pay and another one is…

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

A: Concept used:

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: On August 1, a $60,000, 7%, 3-year installment note payable is issued by a company. The note…

A: Principal =$60,000 Interest =$60,000×7%      =4200 Principal  + interest paid in 31 July =…

Q: On July 1, Alaskan Adventures issues a $160,000, eight-month, 6% note. Interest is payable at…

A: Accrued Interest expense for the year end = Face value of Notes x rate of interest x no. of month…

Q: On the first day of the fiscal year, a company, issues $65,000, 6%, five year installment notes that…

A: Notes payable is liability.

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: 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 September 1, Kennedy Company loaned $126,000, at 11% annual interest, to a customer. Interest and…

A: Solution: Adjusting entries are journal entries usually made at the end of an accounting period to…

Q: On July 1, 2020, Thomas Company, which follows calendar year accounting,  issued $240.000 note to be…

A: Long -term debt-  Long term debt refers to the liability which is repaid after 12months or more.…

Q: the following journal entry was made by your predecessor to record the annual payment on a 5%,…

A: Installment Note - Installment note refers to the type of promissory note in lieu of payment of the…

Q: On January 1, a company borrowed cash by issuing a $300,000, 5%, installment note to be paid in…

A:

Q: The company issued a ₱66,501 10% 120-day Notes Payable on September 30, 2020.  The adjusting entry…

A: Given information: Principle = 66,501 Rate of interest = 10% Period of note = 120 days

Q: On the first day of the fiscal year, a company issues $35,000, 5%, eight-year installment notes that…

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

Q: On July 1, 2016, Ross-Livermore Industries issued nine-month notes in the amount of $400 million.…

A: The amount of interest expense to be recorded in a year-end adjusting entry under following…

Q: On December 1, a company signed a $6,000, 90-day, 5% note payable, with principal plus interest due…

A: Answer:   Option b.

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, Eder Fabrication borrowed $79 million and issued a nine-month promissory note.…

A: Liabilities: Liabilities are referred to as the obligations of the business towards the creditors…

Q: On June 1, ACME Incorporated borrows $75,000 on a six-month, 4% note. Interest and principal are to…

A: The journal entries keep the record of business transactions on the regular basis. The note payable…

Q: The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted…

A: 1. Interest Recognition - Interest is the income earned by the issuer of the notes on the account.…

Q: (a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and…

A: Journal: It refers to an account in which all the financial transactions pertaining to a business…