SNK Corp. produces advertising videos. During the current year ending December 31, SNK received the following notes: Date Face Amount Term Interest Rate 1. Jan. 13 $32,000 30 Days 4.5% 2. Mar. 8 60,000 45 Days 8 3. July 12 47,000 90 Days 6 4. Aug. 22 15,000 75 Days 5 5. Nov. 14 35,000 30 Days 7 6. Dec. 9 23,000 60 Days 6 Determine for each note (A) the due date and (B) the amount of interest due at maturity, identifying each note by number. Journalize the entry to record the dishonor of Note (3) on its due date. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February

SNK Corp. produces advertising videos. During the current year ending December 31, SNK received the following notes: Date Face Amount Term Interest Rate 1. Jan. 13 $32,000 30 Days 4.5% 2. Mar. 8 60,000 45 Days 8 3. July 12 47,000 90 Days 6 4. Aug. 22 15,000 75 Days 5 5. Nov. 14 35,000 30 Days 7 6. Dec. 9 23,000 60 Days 6 Determine for each note (A) the due date and (B) the amount of interest due at maturity, identifying each note by number. Journalize the entry to record the dishonor of Note (3) on its due date. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

See similar textbooks

Similar questions

Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 1. Apr. 10 $78,000 4 % 60 days 2. June 24 18,000 6 30 days 3. July 1 81,000 6 120 days 4. Oct. 31 81,000 9 60 days 5. Nov. 15 90,000 6 60 days 6. Dec. 27 144,000 4 30 days - Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January
On April 1, Griffith Publishing Company received $1,548 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The subscriptions started immediately. What is the amount of revenue that should be recorded by Griffith Publishing Company for the second year of the subscription assuming the company uses a calendar-year reporting period? Select one: $0. $516. $387. $129. $430.
On September 30, Year 1, Royal Flush Pluming, Inc., issued a $10,000, 6%, 5-month note. For the year end, December 31, Year 1, Interest Expense equals?
On April 1, Griffith Publishing company received $3,348 from Santa Fe, Inc for 36-month subscriptions to several different magazines. The subscriptions started immediately. What is the amount of revenue that should be recorded by Griffith Publishing Company for the first year of the subscription assuming the company uses a calendar-year reporting period? ___ $0 ___ $1,116 ___ $837 ___ $279 ___ $93
Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount Interest Rate Term 1. Jan. 14 $33,000 4 % 30 days 2. Mar. 9 60,000 7 45 days 3. July 12 48,000 5 90 days 4. Aug. 23 16,000 6 75 days 5. Nov. 15 36,000 8 60 days 6. Dec. 10 24,000 6 60 days
the publisher of Accounting View, a monthly magazine, received $9768 cash on January 1 for new subscriptions covering the next 24 months, with service beginning immediately: a) Use the financial statement effects template to record the receipt of the $9768; and b) use the template to show how the accounts should be adjusted at the end of January before financial statements are prepared for the current month
Details of Notes Receivable and Related Entries Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received the following notes: Date Face Amount InterestRate Term 1. Apr. 10 $93,000 4% 60 days 2. June 24 16,800 6 30 days 3. July 1 63,000 6 120 days 4. Oct. 31 63,000 9 60 days 5. Nov. 15 72,000 6 60 days 6. Dec. 27 144,000 4 30 days Required: Question Content Area Assume 360 days in a year. 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Note (a)Due Date (b)Interest Due at Maturity (1) $fill in the blank ff487bf42fbb015_2 (2) fill in the blank ff487bf42fbb015_4 (3) fill in the blank ff487bf42fbb015_6 (4) fill in the blank ff487bf42fbb015_8 (5) fill in the blank ff487bf42fbb015_10 (6) fill in the blank ff487bf42fbb015_12 Question Content Area 2.…
On April 1, a publishing Company received $1,548 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The subscriptions started immediately. What is the amount of revenue that should be recorded by the Publishing Company for the second year of the subscription assuming the company uses a calendar-year reporting period? Select one: $0 $516 $387 $129 $430
You received invoices from Wengo Industries dated Jan 20 for $2800, Jan 25 for $4200, and Feb 1 (non-leap-year) for $1500. You have also made a payment of $4800 on Jan 27th. The invoices all have terms of 3/10, n/30. What is the outstanding balance on the January 25th invoice after the January 27th payment?
Tauros Company’s usual sales terms are net 60 days, FOB Shipping point. Sales, net of returns and allowances, totaled P2,300,000 for the year ended December 31, 2022, before year-end adjustments. Additional data are as follows: · On December 27, 2022, Taurus authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2022. The returned goods were received by Taurus on January 4, 2023, and a P50,000 credit memo was issued and recorded on the same date. · Goods with an invoice amount of P80,000 were billed and recorded on January 3, 2023. The goods were shipped on December 30, 2022. · Goods with an invoice amount of P100,000 were billed and recorded on December 30, 2022. The goods were shipped on January 3, 2023. The adjusted net sales for 2022 should be? a. 2,300,000b. 2,250,000c. 2,230,000d. 2,070,000
Blue, Inc., sells playground equipment to schools and municipalities. It mails invoices at the end of each month for all goods shipped during that month; credit terms are net 30 days. Sales and accounts receivable data for 20X1, 20X2, and 20X3 follow: Years Ending December 31, 20X1 20X2 20X3 Sales $ 1,785,980 $ 1,839,559 $ 1,986,724 Accounts receivable at year-end 220,189 227,896 267,094 Required: Calculate the rates of increase in sales and in receivables during 20X2 and 20X3. (Do not round intermediate calculations. Round "Sales grew" answers to the nearest whole percent and "Receivables grew" answers to 1 decimal place.) Do your calculations indicate any potential problems with Blue’s receivables?
excersise On December 31, 20X1, the Notes Receivable account at Eliassen Materials Corporation had a balance of $20,500, which represented a six-month, 12 percent note received from a customer on September 1. During the week ended June 7, 20X1, Breit Media received $49,000 from customers for subscriptions to its magazine Modern Business. On December 31, 20X1, an analysis of the Unearned Subscription Revenue account showed that 60 percent of the subscriptions were earned in 20X1. On October 1, 20X1, Namala Realty Company rented a commercial building to a new tenant and received $53,400 in advance to cover the rent for six months. Upon receipt, the $53,400 was recorded in the Unearned Rent account. On November 1, 20X1, the Mighty Bucks Hockey Club sold season tickets for 40 home games, receiving $6,600,000. Upon receipt, the $6,600,000 was recorded in the Unearned Season Ticket Income account. At December 31, 20X1, the Mighty Bucks Hockey Club had played 5 home games. For each of the…

SEE MORE QUESTIONS

Recommended textbooks for you

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

EBK CONTEMPORARY FINANCIAL MANAGEMENT

Finance

ISBN:

9781337514835

Author:

MOYER

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

	Date	Face Amount	Term	Interest Rate
1.	Jan. 13	$32,000	30 Days	4.5%
2.	Mar. 8	60,000	45 Days	8
3.	July 12	47,000	90 Days	6
4.	Aug. 22	15,000	75 Days	5
5.	Nov. 14	35,000	30 Days	7
6.	Dec. 9	23,000	60 Days	6