On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3 month, non-interest-bearing note. The note is discounted on a 12% basis. Make journal entry to display the reduction in the discount on Notes Payable account increase the current liability amount shown on the company’s balance sheet.

Q: On February 1st, 2021, Seen This Before Inc. (STB) accepted a non-interest-bearing note from its…

A: GIVEN   On February 1st, 2021, Seen This Before Inc. (STB) accepted a non-interest-bearing note from…

Q: On May 20, 2021, Gordon Company discounted with recourse a P75,000, 90-day, 8% note that was…

A: Maturity value of the note = Face value of note + interest = P75,000 + (P75,000*8%*90/360) = P75,000…

Q: On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3…

A: Effective annual interest rate = Interest / ( Proceeds x Time ) Given that: Discounted = 12% Basis…

Q: On January 1, 2020, Victoria Company borrowed ₱600,000 8%, noninterest-bearing note due in four…

A: solution : given face value of note  = 600,000 present value of note    =441000 date of issue   =…

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: On November 1, 2021, FN Trading accepted a 90-day, 8% P9,000,000 note from ABC Co. FN immediately…

A: Given data, Face value=P9,000,000 Bank processing fee =P80,000     Maturity value of the note = Face…

Q: On November 1, 2021, FDN Trading accepted a 90-day, 8% P7,000,000 note from ABC Co. FDN immediately…

A: Maturity value of the note = Face value of the not + Interest on the note = 7000000 +…

Q: Sheffield Company had the following select transactions. Apr. 1, 2020   Accepted Goodwin Company’s…

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

Q: On November 1, 2021, Dual Systems borrows $290,000 to expand operations. Dual Systems signs a…

A:

Q: Morton Company had the following select transactions. 1, 2021 Accepted Remington Company's 1-year,…

A: Journal entries by far are one of the most crucial skills to develop in an accounting profession.…

Q: DE LA CRUZ Company received a 10%,180 day note from its customer on April 1, 2021. The note has a…

A: Solution : Given Face value          =P500,000 interest rate      =10% discount rate     = 12 % date…

Q: On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3…

A: Discount on note = face value of notes x rate of discount x no. of months/12  =$10000 x 12% x 3/12 =…

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

A: Given information; Outstanding accounts receivable = $360,000 Note receivable for 9 months issued…

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 April 1, 2020 XYZ Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: Interest amount=P6000000×0.10×912=P350,000

Q: On November 1, 2021, FDN Trading accepted a 90-day, 8% P4,000,000 note from ABC Co. FDN immediately…

A: Maturity value of the note = Face value + interest = 4000000+4000000*8%*90/360 = 4080000

Q: On October 1, 2021, Home Company issued to Security Bank a P6,000,000, 8-month, noninterest-bearing…

A: Bonds-  The note/bond issuer offers collateral as security in this type of transaction. Such…

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: On November 1, 2021, Calexico Trading accepted a 90-day, 8% P2,000,000 note from ABC Co. Calexico…

A: Notes Payable / Receivable The purpose issuing the Notes receivable / Notes payable to collect the…

Q: On November 16, 2019, Clear Glass Company borrowed $20,000 from First American Bank by issuing a…

A: The calculation as,

Q: On November 1, 2021, FDN Trading accepted a 90-day, 8% P10,000,000 note from ABC Co. FDN immediately…

A: Maturity value of the note = Face value + interest = P10,000,000 +P10,000,000 *8%*90/360 = P10200000

Q: On December 1, 2020 LOVELY Company assigned on a non-notification basis accounts receivable of…

A: Here interest  is charged  on loan balance  not on note payable

Q: On December 1, 2021, Boxer Company assigned P 400,000 of accounts receivable to Karate Company as a…

A: The amount owed to a company for goods or services delivered or used but not yet paid for by…

Q: On April 1, 2020, Bonita Company assigns $533,000 of its accounts receivable to the Third National…

A: given that, loan due by Bonita Company = $332400 interest rate on loan = 10%   calculation of…

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

A: Cash received = Total amount of promissory note - Finance charges = $450,000 - $600,000*1.8% =…

Q: On April 1, 2020, Aljean Company discounted with recourse a 9-month, 10% note dated January 1, 2020…

A: The amount received from the note receivable discounting on April, 1 2020:   (P) Principal…

Q: On April 1,2020, Aljean Company discounted with recourse a 9-month, 10% note dated January 1, 2020…

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

Q: On October 1, 2021, Home Company issued to Security Bank a P6,000,000, 8-month, noninterest-bearing…

A: Note payable: Note payable is a current liability reported in the company's balance sheet at the…

Q: n November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: On April 1, 2020 JKL Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: When an asset is exchanged at a fair price between two parties, the sum for which the asset is…

Q: On April 1, 2020 ZAB Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: Interest expense is the expense on the cost of borrowing money. This price is charged by lender to…

Q: On January 1,2021, Mickey Mouse Corporation sells a Furniture and Fixtures costing P1,500,000 and…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: Shlee Corporation issued a 4-year, $60,000, zero-interest-bearing note to Garcia Company on January…

A: Calculation of discount on note payable:

Q: On February 1, 2021, a company loans one of its employees $28,000 and accepts a eight-month, 7% note…

A: The note receivable is recorded as a current asset in the balance sheet of the company.  Given…

Q: On April 1, 2020, Ironmon Company discounted with recourse a 9-month 10% note dated January 1, 2020…

A: Interest accrued = Face value of note x rate of interest x no. of months /12 = P6000000 x 10%  x…

Q: On April 1, 2020 JKL Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: Note receivable can be defined as a written contract between two parties under which one party…

Q: BE11-2 Peralta Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year…

A: Journal entry refers to a recording/ classifying of business transactions into books of accounts…

Q: On April 23, 2021, Bong Company received from a customer on an overdue account a 90-day, 8%,…

A: Maturity value of the note = Face value of note + interest = P500000 + (500000*8%*90/360) = P500,000…

Q: On April 23, 2021, Bong Company received from a customer on an overdue account a 90-day, 8%,…

A: Maturity value of the note = Face value of note + interest = P500000 + (500000*8%*90/360) = P500,000…

Q: Travel borrowed $33,000 on September ​1, 2018​, by signing a​ one-year note payable to State One…

A: Given that, loan amount = $33000 date of borrowal = 1 Sep 2018 Interest payment for 3 months = $355

Q: Gravel Corporation borrowed $250,000 from a bank on January 1, 2019, by signing a10%, six-month…

A: Borrowings will increase the liability of Gravel Corporation.

Q: THREE FLAGS Co. borrowed $100,000 from the Bull Run Bank on September 1, 2018.  The note earns…

A: Interest accrued on December 31, 2018 = Amount borrowed x rate of interest x no. of months / 12 =…

Q: On April 1, 2020 JKL Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with…

A: Notes receivable refers to an item which is present at the balance sheet of the company which…

Q: Swifty Company had the following select transactions. Apr. 1, 2020   Accepted Goodwin Company’s…

A: Journal entries refers to the systematic documentation of the financial transactions of a company in…

Q: Cavalier Company provided the following information December 31, 2019: Accounts payable Notes…

A: Definition of current liabilities: Current liabilities also called as short term liabilities. These…

Q: Buffalo Corporation issued a 4-year, $64,000, zero-interest-bearing note to Brown Company on January…

A: Solution: - Preparation of journal entries of Buffalo corporation as follows under: -

Q: Max Corp. sold goods for $36,000 on July 17, 2020, and accepted a 12%, 90-day note. On August 1, the…

A: Meaning of Journal Entries:                   Journal entries are the record of business…

Q: On December 31, 2020, the entity collected the dishonored note receivable in full plus 12% annual…

A: