onita Company borrows $39,000 on July 1 from the bank by signing a $39,000, 8%, one-year note payable. (a)   Prepare the journal entry to record the proceeds of the note. (b)   Prepare the journal entry to r

Q: On Aug 1, ABC received a 60 day, 10% note for 12,000 from McAnn’s Auto in settlement of an existing…

A: Date   Accounts and Explanation   Debit   Credit   Aug. 1  Notes Receivable 12,000…

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: On June 1, Davis Inc. issued an $85,500, 10%, 120-day note payable to Garcia Company Assume that the…

A: Calculate the total interest as follows: Interest = Bonds amount * interest rate Interest = $85,500…

Q: ecord the issuance of t

A: a Date Particulars Debit Credit May 2 Note Receivable 8400     To Cash   8,400   (To record…

Q: On October 1st, a company borrowed $60,000 from Eighth National Bank on a 1-year, 7% note. If the…

A: Adjusting entries are entries that are passed at the end of the period to accurately present income,…

Q: Whispering Winds Corp. had the following transactions involving notes payable. July 1, 2022 Borrows…

A: S No Account tittles and Explanation Amount Amount 01-Jul-19 cash  $       55,000        8%…

Q: On November 7, Mura Company borrows $160,000 cash by signing a 90-day, 8%, $160,000 note payable.…

A:

Q: Peralta Company borrows $53,400 on July 1 from the bank by signing a $53,400, 8%, one-year note…

A: a) journal to record proceeds Cash A/ C.  dr.  53400    To Notes payable. 53400

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: C.S. Oriole Company had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Prepare the journal entries: Date Accounts title and explanation Debit ($) Credit ($) 1-Jul-22…

Q: On December 1, Williams Company borrowed $50,000 cash from Second National Bank by signing a 90-day.…

A: Note payable is a form of debt taken by the company on which business has to pay interest on…

Q: Larkspur, Inc. had the following transactions involving notes payable. July 1, 2022 Borrows $54,000…

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

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: Keesha Company borrows $165,000 cash on December 1 of the current year by signing a 150-day, 9%,…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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

A: Accrued Interest means the Interest which is already due but not paid with in the specific due date…

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: questions are in the screenshots to make it easier!

A: Financing cost also called as cost of finances refers to the cost, interest, and other expenses that…

Q: On July 8, Jones Inc. issued an $71,300, 10%, 120-day note payable to Miller Company. Assume that…

A: Definition:   Accrued interest: Accrued interest is the outstanding interest expense in the…

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: Wildhorse Co. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.…

A: Interest accrued on dec 31 = face value of note x rate of interest x 6/12 = $64,800  x 8% x 6/12 =…

Q: on January 1, 2021, dependable, Inc borrows $10,000 from a local bank by signing a 6% note July 1,…

A: The note refers to the amount that the company or individual owned from the bank or suppliers by…

Q: On June 1, Monty Corp. Ltd. borrows $61,500 from Acme Bank on a 6-month, $61,500, 8% note. The note…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: Hanna Company borrows $80,000 on July 1 from the bank by signing an $80,000, 10% one year note…

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

Q: On June 1, Davis Inc. issued an $68,700, 8%, 120-day note payable to Garcia Company Assume that the…

A: Solution We are provided with the following information Interest rate = 8% Amount of note payable =…

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: 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 December 1, 2021, abc  Ltd. borrowed $180,000 from a local bank by signing a four-month, 5%…

A: Since amount was borrowed on December 1 , interest will be accrued for 1 month from December 1 to…

Q: Wellington Company had the following transactions involving notes payable. Nov. 1, 2020   Borrows…

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

Q: On May 31, Baker Co. issued an $35,679, 8%, 120-day note payable to Samunck Co. Assume Baker's…

A: Solution a:  Interest EXPENSE recognized by Baker in the current fiscal year = $35,679*8%*30/360 =…

Q: Travis County Bank agrees to lend Brickyard Corporation $200,000 on January 1. Brickyard signs a…

A: Supporting calculation:

Q: Keesha Co. borrows $200,000 cash on November 1 of the current year by signing a 90-day, 9%, $200,000…

A: Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

Q: On October 1, 2019, Muscat Company borrowed OMR 8,000 cash by signing a note payable due in one year…

A: We have the following information: Borrowed OMR 8,000 on October 1, 2019 Note payable is signed…

Q: LARA Company secured a bank loan of $ 90,000, on 1/4/2020. In return, it signed a 10 month, 6%, note…

A: The adjustment entries are made to adjust the revenues and expenses of the current year.

Q: On June 1, Davis Inc. issued an $64,900, 7%, 120-day note payable to Garcia Company Assume that the…

A: Interest to be received is calculated by multiplying the principal with rate of interest and time .…

Q: Concord Company borrows $52,800 on July 1 from the bank by signing a $52.800, 12%, one-year note…

A: When a company accepts note payable, it is recorded as a liability and the cash is received. The…

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: (b) assuming Ringo does not make reversing entries, prepare the journal entry to record the payment…

A: Journal Entries: These are the building blocks of accounting, which is the act of recording the…

Q: 1, Year 1, Wedekind Company issued a $170,000, five-year, 8% installment note to Shannon Bank. The…

A: Journal Entries Date Particulars Dr. Amount Cr Amount Jan 1 Cash A/C    Dr. 170000…

Q: On November 1, 2021, Aviation Training Corp. borrows $44,000 cash from Community Savings and Loan.…

A: Working Note: 1. 31-Dec 2021 Interest payable account = ($44,000 *6%*2/12) = $440 2. 1-Feb 2022 =…

Q: On July 8, Jones Inc. issued an $76,900, 10%, 120-day note payable to Miller Company. Assume that…

A: Answer:   Option c.

Q: Ivanhoe Company borrows $48,000 on July 1 from the bank by signing a $48,00O, 14%, 1-year note…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: Muscat Company borrowed OMR100,000 from the bank signing a 12 %, 3-month note on January 1. the…

A: Interest accrued on March 31= Face value of note x rate of interest x no. of months / 12 =…

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

Q: MFT Company borrowed P10,000 from the bank signing a 9%, 3-month note on September 1. Principal and…

A: Amount borrowed = $10,000 Interest rate = 9%  Interest expense = 10,000 x 9% x 1/12 = 75

Q: On September 15, Jas Motor Service Center issued a 90-day, 18% note amounting to P10,000 for a loan…

A: The entries are passed in the books of Jas Motors Service Centre Date Particulars Debit Credit…

Q: (a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and…

A: Journal: It refers to an account in which all the financial transactions pertaining to a business…