On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $11,000. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1.

Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…

A: Given information is: Selkirk Company obtained a $15,000 note receivable from a customer on January…

Q: On September 15, Berto Motor Service Center issued a 90-day, 18% note amounting to P10,000 for a…

A: Journal is the book of original entry in which all the transactions of the business are recorded…

Q: On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day…

A: Answer are as follows

Q: On November 30, accounts receivable in the amount of P900,000 were assigned to Turon Finance Co. by…

A: Accounts Receivable (AR) are the profits or revenues that a business expects to receive from…

Q: Dorman Company had the following items to report on its balance sheet: Employee advances $ 1,580…

A: What amount should appear in the "Other Receivables" category?

Q: On June 19, The business purchases inventory of 220.000 TL including 10% VAT. The business endorses…

A: On June 19, Business purchases inventory Cost of purchase of inventory = 220000 TL Including 10% VAT…

Q: The Continental Bank made a loan of $20,000 on March 25 to Dr. Hirsch to purchase equipment for her…

A: Given, Loan amount = $20,000 Date of loan = March 25

Q: On May 9 Rainbow Daycare established an open line of credit with its bank and immediately withdrew…

A: Line of credit: A line of credit is typically a loan taken by a business to tide over short-term…

Q: On November 30, accounts receivable in the amount of P900,000 were assigned to Hello Finance Co. by…

A: SOLUTION- ACCOUNTS RECEIVABLE   IS A BALANCE  OF MONEY DUE TO A FIRM FOR GOOD OR SERVICES DELIVERED…

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: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…

A: Maturity value of the note = Face value of bonds + Interest

Q: During 2021, LeBron Corporation accepts the following notes receivable. 1. On April 1, LeBron…

A: Meaning of Notes Receivable: It is an asset of company that includes a promissory note from another…

Q: On 7/1, the Knight's Stop took out a loan in the amount of $35,000 from Fairwinds Credit Union and…

A: Concept : Journal Entry records a business transaction following double entry accounting system.In…

Q: How much is Llido’s equity in the assigned accounts receivable as of December 31?

A: a Cash  $723,000     Finance Charges ($900,000*3%) $27,000      To Notes Payable…

Q: Journal entries for a-d

A: Notes Receivable are the assets which may or may not carry interest and are redeemable after a…

Q: On June 22, The business sold merchandise for 11.000 TL (including 10% VAT) FOB Destination. The…

A: Notes: Notes can be defined as a promise made by the borrower to the lender for making the payment…

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: On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day…

A: Answer -    PART 1 - No Date General journal Debit Credit           1 Nov-11 Cash   $…

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: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: Since you have specifically asked for part b and c, we are answering the same for you.   Note…

Q: On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day…

A: Warranty expenses on Nov 30  =  $ 4800 * 8% = $ 384 Warranty Liability on Dec 9 = 12 razors * $ 16 =…

Q: XYZ Company lends KLM Company $60,000 on April 1, accepting a three month, 9% interest note. XYZ…

A: Adjusting entries include all the incomes and expenses which have been earned or incurred and…

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 September 1, 2015, Excellent Company received an $80,000, 12%, 120-day note from a credit…

A: Cash received from bank = Maturity value - Discount charged by the bank

Q: Norton Company received a 90-day, 6% note for $300,000, dated May 12 from a customer on account.…

A: Norton Company    A 90-day, 6% note for $300,000, dated May 12 from a customer on account   (A) the…

Q: On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu…

A: Working Note: Interest on the Note = Face value of the note x rate of interest x no. of days / 360…

Q: What is the balance of the Estimated Warranty Liability account as of January 31?

A: The balance of the estimated warranty liability account will be calculated by drawing a ledger…

Q: City Graphics has the following notes payable transactions. July 5 Issued a $3,500 note to Roma…

A: Journal entry is recording of the transactions of the business in the books of accounts of the…

Q: On June 29, a retailer buys goods worthy P3,000. To take advantage of a 5% cash discount, the…

A: Calculations are as follows.

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: Harper Company lends Hewell Company $36,000 on March 1, accepting a four-month, 4% interest note.…

A: Interest accrued on March 31 = Amount lends x rate of interest x No. of months /12 months…

Q: The Continental Bank made a loan of $20,000 on March 25 to Dr. Hirsch to purchase equipment for her…

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

Q: A credit card company determines a card holder's minimum monthly payment by adding all new interest…

A: Total outstanding principal = $592+$429+$120+$104Total outstanding principal = $1245 Total days till…

Q: On April 1, 2018, Audrey Company assigned accounts receivable totaling P400,000 as collateral on a…

A: Journal Entries

Q: ABC Company accepted a P400,000 face value, 6-month, 10 percent note dated May 15 from a customer.…

A: The discounted note receivable is getting money from bank against customers' note receivable.

Q: On March 31, Dower Publishing discounted a $30,000 note at a local bank. The note was dated February…

A: Notes receivable: Notes receivable denotes a long-term asset that describes the amount to be…

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: 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: On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his…

A: Interest on notes = Face value of note x rate of interest x days / 360 = $6,000 x 12% x 90/360 =…

Q: On July 9, Mifflin Company receives a $10,200, 90-day, 6% note from customer Payton Summers to…

A: Journal entry refers to the process of recording commercial transactions for the first time in 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 October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day…

A: Journal entry is a first step in recording accounting transaction in the books of the company. It…

Q: On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day. 10 percent note from a customer at…

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

Q: Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same…

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

Q: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank.…

A: Formula: Cash received = Maturity value - Discount

Q: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2018. The note,…

A: Prepare journal entries.

Q: On September 15, Jas Motor Service Center issued a 90-day, 18% note amounting to P10,000 for a loan…

A: The entries are passed in the books of Jas Motors Service Centre Date Particulars Debit Credit…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.