On the last day of October, Wright Company borrows $120,000 on a bank note for 60 days at 11 percent interest. Interest is not included in the face amount. Prepare the following journal entries: (1) October 31, recording of note; (2) November 30, accrual of interest expense; and (3) December 30, payment of note plus interest. (Round to the nearest cent.)

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

A: Interest expense for first installment = Notes payable x rate of interest x no. of months in…

Q: The December Trial Balance of Jane Corporation includes among others, the following: Long term…

A: Current liabilities: Current liabilities are short-term financial obligations of a company that are…

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

A: Adjusting entries are a collection of journal entries produced at the end of an accounting period to…

Q: On the first day of the fiscal year, a company issues $71,000, 11%, six-year installment notes that…

A:

Q: On January 1, Gemstone Company obtained a $165,000, 7%, 10-year installment note from Guarantee…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount…

A: A promissory note can be described as a legal document that documents a loan between the lender and…

Q: At December 31 year-end, Crain Corporation has an $8,400 note receivable from a customer. Interest…

A: A note receivable is a document which is written promise made which indicates an amount to be…

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

A: Lets understand the basics. When transaction happen between parties and in consideration of that…

Q: The following note transactions occurred during the year for Zuber Company: On November 25, Zuber…

A: Counting of days of accrual Porter's note From November 25 to December 31st = 5 +31 = 36 days  Bank…

Q: FDN Company received a four-month note receivable in the amount of P93,000,000 on September 1. The…

A: The accrued revenue is the revenue earned but not received yet. It is recorded as an asset in the…

Q: During the fiscal year ended December 31, Swanlee Corporation engaged in the following trans-…

A:

Q: On the first day of the fiscal year, a company issues $32,000, 11%, five-year installment notes that…

A: The journal is the book in which the company will record the transactions in chronological manner.…

Q: On the first day of the fiscal year, a company issues $26,000, 12%, three-year installment notes…

A: Issue price of note is given at $26,000 and annual payment is $10,825 ($3,120 interest and $7,705…

Q: On October 1, Eder Fabrication borrowed $60 million and issued a nine-month, 12% promissory note.…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: On January 1, Year 1, Luzak Company issued a $47,000, 4-year, 9% installment note to McGee Bank. The…

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

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: 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 November 1, Bahama National Bank lends $4 million and accepts a six-month, 6% note receivable.…

A: Notes receivables: Notes receivables is a written promise to receive money in the future time. The…

Q: On January 1, Yeargan Company obtained a $125,000, seven-year 5% installment note from Farmers Bank.…

A: Note​ payable: Note​ payable is an instrument through which borrower obtains money from a person…

Q: ABC Company received a four-month note receivable in the amount of P74,000,000 on September 1. The…

A: Introduction: As per accrual concept any income or expenses shall be recognized only when they are…

Q: On January 1, Pina Colada Corp. lent $38,000 to Kingbird, Inc., accepting Kingbird's $50,578,…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS   Account title and explanation  Debit  Credit…

Q: ) Included in Gonzalez Company’s December 31 trial balance is a note receivable of $12,000. The note…

A: Date Account Titles and Explanation Debit Credit December 31 Interest receivable…

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: On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 90-day note with a face amount…

A: (a) The issued note cannot be discounted. It is issued at face value. Therefore, the proceeds of the…

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: The December Trial Balance of Jane Corporation includes among others, the following: Long term…

A: CL stands for current liabilities which refers to the liabilities or obligations that are paid…

Q: On October 1, Eder Fabrication borrowed $60 million and issued a nine-month promissory note.…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: On November 1, Bahama Cruise Lines borrows $4 million and issues a six-month, 6% note payable.…

A: Interest expense = Notes payable x rate of interest x time = $4,000,000 x 6% x 2/12 = $40,000

Q: On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount…

A: a. In this case, the note is not discounted. Hence, the proceeds amount of the note is equal to the…

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

A: Interest is charged on accrual basis

Q: Q#1. Show the size of each of the equal quarterly payments made to pay off the principal and the…

A: Loan amount =$15,000 Interest rate  =10% quarterly rate=10%/4 (2.5%) present value of annuity factor…

Q: On October 1, Eder Fabrication borrowed $74 million and issued a nine-month promissory note.…

A:

Q: On November 1, Kotler Company accepted a 3-month note receivable as payment for services provided to…

A: From November 1 to December 31 = 2 months Interest accrued on December 31 = $9,000 x 6% x 2/12 = $90…

Q: On May 1, Huxley, Inc borrowed $146,000 cash from First Banc Corp under a six-month…

A: Non-Interest bearing note refers to the note payable in which there is no interest rate. It is…

Q: On January 1, the first day of the fiscal year, Shiller Company borrowed $86,000 by giving a…

A: Notes payable is a form of amount borrowed or taken out from some other person. This is a liability…

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $22,500. What…

A: Accrued interest on December 31 on the note = Face value of note x rate of interest x no. of days /…

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: On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of…

A:

Q: On January 2nd, Mobile Sales borrows $20,000 cash on a note payable from Ethical Lenders with terms…

A: No. of days from January 2 to March 31 = 88 days Interest accrued on March 31 = Amount borrowed x…

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: Slack Inc. borrowed $320,000 on April 1. The note requires interest at 12% and principal to be paid…

A: Accrual basis: Accrual basis is a method of accounting. In this method recording of revenues are…

Q: FDN Company received a four-month note receivable in the amount of P68,000,000 on September 1. The…

A: Accrued interest income will be calculated in proportion of time for an amount at a specified rate.…

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

A: Interest on note = Face value of note x rate of interest x no. of months x 12 = 9000 x 10% x 4/12 =…

Q: On the first day of the fiscal year, a company issues $69,000, 9%, seven-year installment notes that…

A: Note​ : Note is an instrument through which borrower obtains money from a person called lender and…

Q: On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a sevenyear,7%…

A: a) Prepare the journal entry.

Q: On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee…

A: An installment note can be defined as a promissory note that is a type of debt financing that…

Q: The following selected transactions for notes receivable are for Accustart Limited. May 1…

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