On November 1, 20X1, Morant Corp. borrowed $80,000 in cash by signing a nine-month, 12% note from a local bank.  The note’s face value plus interest is due on August 1, 20X2. The November 1, 20X1, journal entry is shown in the general journal below. Required: In the journal below, prepare the 12/31/X1 and 8/1/X2 journal entries related to this note. Note: Round all interest calculations to the nearest whole month and whole dollar. Do not show decimals or cents in numerical responses.   Date   Debit Credit 11/1/X1 Cash 80,000            Note Payable   80,000         12/31/X1 AnswerCashInterest ExpenseInterest PayableNote Payable Answer            AnswerCashInterest ExpenseInterest PayableNote Payable   Answer         8/1/X2 AnswerNote Payable        Cash Answer     AnswerInterest PayableCashRetained Earnings Answer     AnswerInterest ExpenseAccounts PayableDeferred Revenue Answer            AnswerCashNote PayableInterest ExpenseInterest PayableRetained Earnings

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A: Note receivable means where bank has given loan to borrower with specified term regarding time of…

Q: Lexter Corporation borrows cash by signing a $90,000, 8%, eight-month note on December 1with its…

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Q: On January 1, MM Co. borrows $340,000 cash from a bank and in return signs an 8% installment note…

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Q: Honeycomb Company issued a note receivable to a customer on September 1. The face value of the note…

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

Q: On May 15, Maynard Co. Borrowed cash from texas bank by issuing a 60 day note with a face amount…

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A: Journal Entry:  It is the first and foremost procedure in an accounting cycle. The transactions are…

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A: Interest expense for 60 days  = Amount borrowed×interest rate × 60 days/360 days

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A: The obligations require the company to pay interest within one year or operating cycle. Accrued…

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Q: On June 1, Vaughn Company borrows $144,000 from First Bank on a 6-month, $144,000, 8% note.

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Q: Which journal entry below would be properly used to record an issuance of an installment note…

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A:

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A:

Q: On February 1, Maris Company received a 9,000, 10%, four-month note receivable. The cash to be…

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A: Step 1 Journal is the part of the book keeping.

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