A business issued a 90day,8% note for 67000$ to creditor on account. Illustrat the effects on the accounts and the financial statement of recording (a) the issuance of the note and (b) the payment of the note at maturity icluding interest. If no account or activity is affect d select "no effect" from the dropdown list and leave the corresponding number entry box blank. Enter account deceases and cash outflows as negative amounts

Q: Sslon) Oriole Supply Co. has the following transactions related to notes receivable during the last…

A: Interest on Lopez's note relates to 2020 for 2 months and to 2021 for 10 months. So in 2021:…

Q: A business issued a 60-day, 10% note for $80,000 to a creditor on account. Journalize the entries to…

A:

Q: onita Company borrows $39,000 on July 1 from the bank by signing a $39,000, 8%, one-year note…

A: Solution a: journal entry to record the proceeds of the note: Accounts title Debit Credit Cash…

Q: Gambit Stores accepts from Leonard a $6500, 90 days, 7% note dated May 10 in settlement of Leonard'…

A: Accounts Receivables is the amount due from the customers on account of credit sales made.

Q: Note Receivable Quick Tire and Lube received a 120-day, 7% note for $12,000, dated April 9, from a…

A: The note receivable is issued on April 9 for 120 days. The due date of the note from April 9 after…

Q: 14 Accepted a 60-day, 9% note for $62,400 from Dry Creek Co. on account Apr. 3 Received the interest…

A: DATE PARTICULARS DEBIT  CREDIT May. 14 Notes Receivable 62,400     Accounts Receivable-Dry Creek…

Q: Entries for Discounted Note Payable A business issued a 30-day note for $48,000 to a creditor on…

A: Introduction: A note payable is a promissory note in writing. Under this agreement, a borrower…

Q: Autumn Designs & Decorators issued a 120-day, 9% note for $48,000, dated April 13 to Zebra Furniture…

A: Interest on Note = Face value of note x rate of interest x No. of days/360 days =48000*9%*120/360 =…

Q: Spring designs and decorators issued a 120- day, 8% note for 78,000, dated April 13th to Jaffe…

A: Maturity value of note = Note amount + Interest

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 5% note for $93,000,…

A: Computation of due date is as follows:

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 5% note for $93,000,…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Notes Receivable Bork Furniture Company received a 120-day, 6% note for $80,000 dated April 20 from…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Notes Payable A business issued a 90-day, 9% note for $52,000 to a creditor on account. Illustrate…

A: Interest expense = 52000 * 9% * 90 / 360 = 4680 * 90 /360 = $ 1170

Q: A business issued a 45-day, 6% note for $210,000 to a creditor on account. Journalize the entries to…

A: Interest expense to be recorded = Value of note * Annual interest note * Period of note / 360

Q: Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account.…

A: Given: Number of days to maturity = 120 days Discount rate = 10% Maturity value = $96,000 Date 9th…

Q: A business issued a 90-day, 8% note for $34,000 to a creditor on account. Illustrate the effects on…

A: Given that, term of the Note = 90 days rate of the note = 8% Amount of the Note = $34000   interest…

Q: Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture…

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

Q: A business issued a 120-day, 15% note for $83,000 to a creditor on account. Journalize the entries…

A: Interest expense = $83,000 x 15% x 120/360 = $4,150

Q: Prefix Supply Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on…

A: Journal: Recording of a business transactions in a chronological order.

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 are defined as the written promissory note or an agreement under which the borrower…

Q: Note Receivable Hasty and Tasty Foodservice received a 120-day, 8% note for $48,000, dated April 9,…

A: a.Calculation of due date of the note: Thus, August 7 will be the due date of the note.

Q: ournal Entries for Accounts and Notes Receivable Dallmus, Inc., began business on January 1. Several…

A: Journal entries are regarded as the first stage of the accounting process which records all the…

Q: Assume 360 days in a year. Do not round your intermediate calculations and round your final answer…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: Entries for Notes Receivable Spring Designs & Decorators issued a 120-day, 4% note for $60,000,…

A: Answer a) Calculation of Maturity date of note Maturity date of note will be 120 days from April 13…

Q: Note Receivable Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12,…

A: Meaning :  1. Note Receivable:  Note receivable record the value of promissory note that a business…

Q: Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $78,000, dated April 22,…

A: Notes receivable are a balance sheet item, that records the value of promissory notes and its refers…

Q: 10. On November 1, 20x1, Sunny Friday Co. discounted P1,000,000, 6-month, 12% note, received from a…

A: Note receivable is a financial instrument which is made by the borrower to the lender to a pay…

Q: Note Receivable Same Day Surgery Center received a 120-day, 10% note for $12,000, dated April 9,…

A: Due date of the note (21+31+30+31+7 days) = August 7

Q: a.  Determine the due date of the note. July 18  b.  Determine the maturity value of the note. $…

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

Q: Journal Entry: 9/19 - Issued a 60-day, 5%, $22,500 note to a customer 11/18 - The note issued on…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: K. Co had the following balances on January 1, 2020: Allowance for doubtful accounts $ 2,600 Notes…

A: There are 2 methods used in accounting for uncollectible accounts:- Direct write-off method…

Q: Notes Payable A business issued a 90-day, 9% note for $37,000 to a creditor on account. Illustrate…

A: As per the basis accounting equation system, Assets = Liabilities + Shareholders' Fund. Every…

Q: Same Day Surgery Center received a 120-day, 7% note for $72,000, dated April 9, from a customer on…

A: Note par value = $72000 Interest rate = 7% Tenure = 120  days a) The due date of the note is 120…

Q: 1. A $9,600, 60-day, 12% note recorded on November 21 is not paid by the maker at maturity. The…

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

Q: On November 1, Bahama National Bank lends $3.2 million and accepts a six-month, 6% note receivable.…

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

Q: Entries for Discounted Note Payable A business issued a 60-day note for $60,000 to a bank. The note…

A: Interest expense=Note payable×Rate of interest×Interest time period=$60,000×8%×60360=$800

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: A business issued a 120-day, 15% note for $83,000 to a creditor on account. Journalize the entries…

A: Increase in assets should be debited and decrease in assets should be credited. Increase in…

Q: Notes Payable A business issued a 90-day, 8% note for $52,000 to a creditor for an accounts payable.…

A: The balance sheet is one of the most important components of financial assets, its elements are…