Skysong, Inc. had the following transactions involving notes payable. July 1, 2022   Borrows $52,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2022   Borrows $63,000 from Lyon County State Bank by signing a 3-month, 6% note. Dec. 31, 2022   Prepares adjusting entries. Feb. 1, 2023   Pays principal and interest to Lyon County State Bank. Apr. 1, 2023   Pays principal and interest to First National Bank. Prepare journal entries for each of the transactions.

Q: A loan has been made by the bank on 31st October for 60 days to Company Trading LLC. Company Trading…

A: Journal Entry: It is used to record the business transactions of an enterprises.

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: On January 1, 2022, Easy Company sold merchandise for 500,000 by accepting a note for 6 months with…

A:

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 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: 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: 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: Norbert Corporation borrowed $24,000 on December 1, 2011, by issuing a two-month, 8 percentnote…

A: Interest accrued on December 31, 2011 = Face value of note x rate of interest x months /12 = $24,000…

Q: Parker & Washington, Inc. borrows $120,000 on January 1, 2021. They must pay back the loan, with 6%…

A: Note payable means the instrument which is issued by company acknowledging the debt due by company…

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

A: Note payable is a kind of loan which is repaid after certain period of time with specific rate of…

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: Waleed Company had the following transactions involving notes payable.   Aug. 1, 2020 Borrows…

A: Journal Entries along with the calculation if shown below:

Q: Sheffield Corp. had the following transactions involving notes payable. July 1, 2020   Borrows…

A: Note payable is a written promissory note, under which the borrower promises to pay the lender a sum…

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: Udala Uke's had the following transactions involving notes payable: July 1, 2021 Borrows $50,000…

A: The adjusting entry at the reporting date about the note payable is the journal entry to record the…

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

A: Notes are referred to as the promissory notes which are issued by the entity for an amount that is…

Q: During 2021, LeBron Corporation accepts the following notes receivable. 1. On April 1, LeBron…

A: Meaning of Notes Receivable: It is an asset of company that includes a promissory note from another…

Q: C.S. Lewis Company had the following transactions involving notes payable. July 1, 2012 Borrows…

A: Notes Payable: Notes Payable refers to a liability where a borrower records a written promise to…

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

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

Q: On July 1, Year 1, the Barley Company loaned $50,000 to the Jackson Co. The note has a stated…

A: Given:Principal loaned - $50,000Interest rate – 10%Date of note issued – July 1, Year 1Maturity date…

Q: The ledger of Windsor, Inc. on July 31, 2022, indludes the selected accounts below before adjusting…

A: Journal entry is a process of recording the business transactions in the books of accounts for the…

Q: C.S.Vaughn Company had these transactions involving notes payable. July 1, 2022 Borrows $51,500 from…

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

Q: C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022…

A: Note payable are a form of debt taken by a company on which it has to pay regular interest payments.

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

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

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 June 30, 2018, the High Five Surfboard Company had outstanding accounts receivable of $600,000.…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: C.S. Carla Vista Company had the following transactions involving notes payable. July 1, 2022…

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

Q: Harper Company lends Hewell Company $36,000 on March 1, accepting a four-month, 4% interest note.…

A: Interest accrued on March 31 = Amount lends x rate of interest x No. of months /12 months…

Q: C.S. Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows…

A: Interest accrued on Dec 31. 2019 = Amount borrowed x rate of interest x no. of months /12 Trident…

Q: On November 1, 2021, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan.…

A: Journal entry: It is prepared to record the financial and non-financial transaction of the…

Q: C.S. Lewis Company had the following transactions involving notes payable. July 1, 2015   Borrows…

A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…

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

A: Supporting calculation:

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

A: Gross Purchase refers to Total Purchase it including cost of goods returned and Discounts also.…

Q: On September 1, 2021, Alled Moving Corp. borrows $90,000 cash from First National Bank. Alled signs…

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

Q: OJO Company obtained a loan from a Rural Bank for P420,000 on November 16, 2020. On the same date,…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: Travel borrowed $33,000 on September ​1, 2018​, by signing a​ one-year note payable to State One…

A: Given that, loan amount = $33000 date of borrowal = 1 Sep 2018 Interest payment for 3 months = $355

Q: THREE FLAGS Co. borrowed $100,000 from the Bull Run Bank on September 1, 2018.  The note earns…

A: Interest accrued on December 31, 2018 = Amount borrowed x rate of interest x no. of months / 12 =…

Q: On August 1, 2021, Stucko Company borrowed $21,000 on an 8-month, 3%, short-term note payable. Which…

A: Interest expense on note = Amount borrowed x rate of interest x no. of month /12 = $21,000 x 3% x…

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

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On June 1, 2018, Bodie Co. accepted a $9,300 face value note as evidence of a loan it made to T…

A: Solution: Interest revenue will be recognized in 2018 will be interest for 7 months that is from…

Q: On June 1, Granulite Inc borrows $150,000 from the bank by signing a 2-month, 2.0% bank loan.…

A: Journal Entries - It refers to the primary books of accounts in which transactions are recorded in…

Q: Mission Corp. borrowed $25,000 cash on April 1, 2016, and signed a one-year 8%, interest-bearing…

A: Amount paid to bank = Principal + Interest expense Interest expense = Note Payable x rate x number…

Q: XYZ Corporation maintains its book on a cash basis. During 2021, the company collected $950,000 in…

A: Sales Revenue : (Accounts Receivable, Ending + Cash collection) - Accounts Receivable, Beginning =…

Q: . Lewis Company had the following transactions involving notes payable. July 1, 2014 Borrows…

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

Q: Royal Bank agrees to lend Backyard Corporation $200,000 on January 1. Backyard signs a $200,000, 4%,…

A: A note payable is a written debt instrument.  Its Represents money borrowed by a company or…

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