On October 1, Black Company receives a 4% interest bearing note from Reese Company to settle a $19,400 account receivable. The note is due in six months. At December 31, Black should record interest revenue of the value listed below. Select the correct answer. a-$201 b-$194 c-$204 d-$191

Q: On November 1, Jasper Company loaned another company $270,000 at a 8.0% interest rate. The note…

A: Interest revenue reported in first year = Amount of loan x rate of interest x No. of months / 12

Q: 1. On June 8, Williams Company issued an $70,894, 9%, 120-day note payable to Brown Industries.…

A: Interest = Value of Note * Interest Rate * No. of DaysInterest = $70,894 * 9% * 120/360Interest =…

Q: On September 1, Purifier Company borrowed $12,000 on a 6-month, 4%, short-term note payable. How…

A: Interest expense recorded on December 3 = Amount borrowed  x rate of interest x No. of months / 12…

Q: On November 19, Nicholson Company receives a $21,600, 60-day, 5% note from a customer as payment on…

A: Number of  days between  Nov 19 to Dec 31 = 42 Interest  revenue  = $21600 × 5% ×42/360 days = $126

Q: Coronado Music Store borrowed $33600 from the bank signing a 10%, 3-month note on September 1.…

A: Working notes Monthly principal amount $33600 / 12 = 2800 Monthly interest  2800 * 10% = 280 When an…

Q: At year end, Rei company issued a P2,000,000 face amount note payable in exchange for services…

A: Price of the bonds = Present value of principal + Present value of interest payments

Q: On October 1, Black Company receives a 6% interest-bearing note from Reese Company to settle a…

A: Interest revenue = Accounts receivable * Rate of interest * Month / 12

Q: On October 1, Black Company receives a 8% interest-bearing note from Reese Company to settle a…

A: Lets understand the basics. For calculating interest revenue needs to record, we need to use below…

Q: A company borrowed 20.000 TL from the bank signing a 9%, 3-month note on September 1. Principal and…

A: >The adjusting entries are made at the end of period to provide for correct balances for various…

Q: On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to…

A: Lets understand the basics. Adjustment entry is need to pass to record correct amount of revenue and…

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

A: Calculate the interest amount as follows: Interest = Face value * Interest rate*Periods

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: Hamada Company borrows $20,000 on October 1 from Arab bank by signing a $20,000, 10%, six month note…

A: Given, Amount borrowed = $20,000 Interest Rate = 10%

Q: Concord Company borrows $52,800 on July 1 from the bank by signing a $52,800, 12%, one-year note…

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: Keesha Company borrows $290,000 cash on December 1 of the current year by signing a 180-day, 8%,…

A: Solution: To borrow cash, business issues notes payable that contain principal amount of note,…

Q: On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a…

A:

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $1,200 note receivable that offers 6%…

A: Interest revenue for the period from September 1, 2021 to December 31, 2021 will be recognized in…

Q: On September 1, 2011, Health Wise International acquired a 12 percent, nine-month note receivable…

A: Note Receivable is a form of account receivable for the company, from which business will receive…

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $20,700. What…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

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: Shown below are selected transactions of Hugo company during the month of December 2021. Dec. 1…

A: Allowance of Doubtful Account The treatment of Allowance of Doubtful Account first to determine the…

Q: On October 1, Eli's Carpet Service borrows $125,000 from First District Bank on a 3-month, $125,000,…

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

Q: A company grants a payment extension to its customer by converting that $15,000 accounts payable to…

A: Interest on 45 days note for 30 days  115000*12%*30/360=$150

Q: Keesha Company borrows $115,000 cash on November 1 of the current year by signing a 180-day, 11%,…

A: Introduction: A promissory note, also known as a note, is a written promise to pay a sum of money at…

Q: On October 1, 2010, the company deposits 12.000 TL in a bank account for 1 year at 10%. Which entry…

A: Interest Revenue = Deposit amount * Rate * Period

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: Ventura Company adjusts its accounts monthly and closes its accounts on December 31. OnOctober 31,…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Lone Star Company received a 90-day, 6% note for $80,000, dated March 12 from a customer on account.…

A: Journal Entry is the primary entry of business transactions. Every transaction has a dual effect…

Q: Sherman Charter signed a four-month note payable in the amount of $18,000 on September 1. The note…

A: Note: Adjusting entry on September 30 will be made to record the accrued interest for the period…

Q: On March 1, 20x4, Popular Bank agrees to lend $100.00 to your company through a written contract for…

A: A note a legal document between two parties whereby one party agrees to pay the other a preagreed…

Q: Harper Company lends Hewell Company $10,800 on March 1, accepting a four-month, 6% interest note.…

A: Annual interest=Note value×6%=$10,800×6%=$648

Q: 33. On August 1, 2011, Hampton Construction received a 9 percent, six-month note receivable from…

A: Answer: Assuming that Dusty Roads pays the note plus accrued interest in full. Entry for Collection…

Q: on november 1, 2018, Downtown  Jewelers accepted a 3-month, 15% note for $6,000 in sttlement of an…

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period, as…

Q: Make the corresponding journal entries to report short-term liabilities. Make the journal entries.…

A: (Note: Entry on 6 May is seems to be repeated by mistake, I am assuming on 6 May payment is made for…

Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

A: Notes payable is a negotiable instrument used for differing payments. In this one-party agree to pay…

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

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Make the journal entries. Make the adjusting entries for each expense accrued at the end of the…

A: Financial transactions are recorded in the form of a journal entries.

Q: On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a…

A: The interest revenue is the interest earned for the period on the note receivable, etc.

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: Gray Inc. lends White Ltd. $60,000 on April 1, accepting a 6-month, 4.5% interest note. Interest is…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

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

A: Accrued interest on December 31 = Face Value of note receivable x interest rate x no. of months/12 =…

Q: On June 1, Sunland Company borrows 108,000 from First Bank on a 6 month, $108,000, 8% note.…

A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…

Q: The following transactions are from Ohlm Company. Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note…

A: Bookkeeping can be defined as the recording, classifying, summarizes, interpreting, analyzing, and…

Q: On December 1, Victoria Company signed a 90-day, 6% note payable, with a face value of $15,000. What…

A: Interest accrued = Note payable x Interest rate x 30/360 = $15000 x 6% x 1/12 = $75