On November 1, 2021, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 7% note payable. Interest is payable at maturity. Aviation’s year-end is December 31.Required:1. Record the note payable by Aviation Training.2. Record the appropriate adjustment for the note by Aviation Training on December 31, 2021.3. Record the payment of the note at maturity.

Q: On April 15, 2021, Sampson Consulting provides services to a customer for $99,000. To pay for the…

A: Journal entries are primary reporting of the transactions occurring in the business, in the books of…

Q: Jamaica Corporation carried out the following transactions involving note payable. During the fiscal…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

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

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Q: On January 1, 2021, Julee Enterprises borrows $30,000 to purchase a new Toyota Highlander by…

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

Q: On January 1, 2021, Corvallis Carnivals borrows $17,000 to purchase a delivery truck by agreeing to…

A:

Q: The following selected transactions relate to liabilities of United Insulation Corporation. United’s…

A: Solution:- Preparation of appropriate journal entries through the maturity of each liability as…

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: Bramble Corp. had the following transactions involving notes payable. July 1, 2019 Borrows 56,500…

A: Notes payable is a negotiable instrument signed by the promisor who agreed to pay a certain amount…

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $5,000 note receivable that offers…

A: Interest = Principal x rate of interest x no. of months / 12 months

Q: On October 12, 2020, Golf Co. received from one of its customers, Ping Co., a $30,500, 8% 90 day…

A: Interest accrued on December 31, 2020 = Face value of note x interest rate x no. of days/360 =…

Q: On January 1, 2021, Umbrella Insurance Company has collected $24,000 for multiple two-year insurance…

A: Insurance premium for a month = Total premium collected / Period of insurance = $24,000 / 24 months…

Q: Parker & Washington, Inc. borrows $120,000 on January 1, 2021. They must pay back the loan, with 6%…

A: Note payable means the instrument which is issued by company acknowledging the debt due by company…

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A: Journal entries refer to the recording of transaction in an appropriate way. With the help of…

Q: On Septèmber 1, 2021, Trinoma Entertainment borrowed P24,000,000 cash to fund à new Fun Park. The…

A: Journal entry shows the recording of transactions during an accounting year and every transaction…

Q: On January 1, 2019, Brooks Inc, borrows $90,000 from a bank and signs a 5% installment note…

A: While making annual payment to bank, the annual payment consists of some portion of principal…

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: Sheffield Corp. had the following transactions involving notes payable. July 1, 2020   Borrows…

A: Note payable is a written promissory note, under which the borrower promises to pay the lender a sum…

Q: On August 31, 2021, XYZ Company received a 9%, nine-month note receivable from Hugo Company, one of…

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

Q: Udala Uke's had the following transactions involving notes payable: July 1, 2021 Borrows $50,000…

A: The adjusting entry at the reporting date about the note payable is the journal entry to record the…

Q: On August 31, 2018, BetsyTotten borrowed $1,000 from Iowa State Bank. Totten signed a note payable,…

A: Journal: Recording of a business transactions in a chronological order.

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A: Notes are referred to as the promissory notes which are issued by the entity for an amount that is…

Q: On December 31, 2019, the Notes Payable account at Vanessa’s Boutique Shop had a balance of $62,800.…

A: Interest which has been accrued but which was not paid as on the balance sheet date is to recorded…

Q: On January 1, 2021, Nantucket Ferry borrowed $14,000,000 cash from BankOne and issued a four-year,…

A: Borrowings refers to a financial transaction wherein a borrower (any person or company) approaches a…

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: . Prepare the journal entries of Clear Glass to record the preceding information, the related…

A: Discounting the note implies, the realization of a note amount for a discount before the due date of…

Q: On December 1, Williams Company borrowed $45,000 cash from Second National Bank by signing a 90-day,…

A: >Notes Payables are the note issued by the borrower, agreeing to pay the amount of note, along…

Q: On March 15, 2021, Julio borrowed $910 from Sheridan Credit Union at 7.19% per annum calculated in…

A: A line of credit seems to be a sort of loan made to meet a short-term personal or commercial cash…

Q: On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $21 million cash…

A: Given information is: On August 1, 2021, Trico Technologies, an aeronautic electronics company,…

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A: Formula: Interest expense = Loan amount x Time period x Interest rate

Q: On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $600,000.…

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Q: XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued…

A: Formula: Interest amount = Loan amount x Interest rate x Time period

Q: The business  is expected to make principal payments totalling $400,000 towards the loan during the…

A: Note payable is a liability account so by paying the principal amount of $ 400000 will reduce the…

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A: Book are closed on Dec. 31 and note matures on Feb. 1. So, an adjusting entry for interest accrued…

Q: 1. Chapter-9 Homework Question. Help

A: Required journal entry for the issuance of note payable:

Q: The following information relates to the Crane Company at the end of 2020. The accounting period is…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: On October 1, 2021, Oberley Corporation loans one of its employees $25,000 and accepts a 12-month,…

A: Given: Note receivable = $25,000 Due period = 12 month Interest rate = 8%

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

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A: Amount Borrowed: $90,000 Interest rate : 5% per annum

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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…

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A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by…

Q: 7. )River Ridge Music School borrowed $30,000 from the bank signing a 6%, 6-month note on November…

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

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

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A: The books of accounts are maintained under the accrual basis of accounting where revenue and…