Sheffield Company had the following select transactions. Apr. 1, 2020   Accepted Goodwin Company’s 12-month, 14% note in settlement of a $29,000 account receivable. July 1, 2020   Loaned $31,000 cash to Thomas Slocombe on a 9-month, 12% note. Dec. 31, 2020   Accrued interest on all notes receivable. Apr. 1, 2021   Received principal plus interest on the Goodwin note. Apr. 1, 2021   Thomas Slocombe dishonored its note; Sheffield expects it will eventually collect.

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A: Journal entry is a primary entry that records the financial transactions initially.

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

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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: On October 1, 2020, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National…

A: Date Account Titles and Explanation Debit Credit October 1, 2020 Cash $730,000     Interest…

Q: On March 1, 2021, X Co. assigns $60,000 of its accounts receivable as a collateral for a loan from…

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Q: Bramble Corp. had the following transactions involving notes payable. July 1, 2019 Borrows 56,500…

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A: BRADDOCK INC.…

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A:

Q: Grouper Inc. had the following long-term receivable account balances at December 31, 2019. Note…

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Q: On December 31, 2021, Doctor Jones Inc.'s "Accounts Receivable" balance per ledger of P1,250,000…

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Q: On December 1, 2020,  Company assigned specific accounts receivable totalling P4,000,000 as…

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Q: On April 1, 2020, Rasheed Company assigns $400,000 of its accounts receivable to the Third National…

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

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Q: On January 1, 2019, Heritage Company has a note payable to bank in the amount P2,800,000.…

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Q: Martinez Co. borrowed $79,200 on March 1 of the current year by signing a 60-day, 9%,…

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Q: Kingbird, Inc. had the following transactions involving notes payable. July 1, 2022 Nov 1, 2022 Dec.…

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

A: Accrued interest on Dec 31, 2020 = Face value of notes x rate of interest x no. of months/12 =…

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A: The calculation as,

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A: Formula: Interest expense = Loan amount x Time period x Interest rate

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

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Q: HELLO reported the following items on its December 31, 2020 trial balance: Accounts Payable,…

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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: 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: Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note,…

A: Discounting of receivables: It is a method of financing. In this method, a company can finance…

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

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

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

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Q: How much cash did Thunder Company receive from the bank? *

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Q: On January 1, 2021, CPS Co. borrowed $340,000 cash from iLend and issued a five-year $340,000, 4%…

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Q: The following balances were reported by Nagpapangap Company on December 31, 2020 and 2019: 2020:…

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Q: The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000…

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Q: On June 18, 2020, Woods Co. received from one of its customers, Webb Co., a 90 day, 11%, $6,000 note…

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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: Morton Company had the following select transactions. Apr. 1, 2020 Accepted Remington Company's…

A: Answer -  Ineterest Receivables - 1. (25000*12%*9/12) = 2250 2. (15000*10%*6/12) = 750

Q: Splish Brothers Company had the following select transactions. Apr. 1, 2022   Accepted Goodwin…

A: A journal entry is a report of a financial event in a company's accounting structure.

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: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank.…

A: Formula: Cash received = Maturity value - Discount

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Q: During 2021, Wildhorse Co. borrowed cash from Sandhill Co. by issuing notes payable as follows: 1.…

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