Takemoto Corporation borrowed $60,000 on November 1, 2017, by signing a $61,350, 3-month, zero-interest bearing note. Prepare Takemoto’s November 1, 2017, entry; the December 31, 2017, annual adjusting entry; and the February 1, 2018, entry.

Q: On June 1, 2016, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000.…

A: Interest Expense = Note Payable x rate x number of months

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

A: Note payable is a promissory note which a company sign to borrow an amount of money. A fixed rate of…

Q: For each of the following situations, indicate the liability amount, if any, which is reported on…

A: Liabilities:The claims creditors have over assets or resources of a company are referred to as…

Q: Upland Company borrowed $40,000 on November 1, 2017, by signing a $40,000, 9%, 3-month note. Prepare…

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

Q: Starr Corporation loaned P90,000 to another corporation on December 1, 2021 and received a 3-month,…

A: Calculation of accrued interest till December 31, 2021: Interest Receivable/Interest Revenue = Face…

Q: Takemoto Corporation borrowed $60,000 on November 1, 2020, by signing a $61,350, 3-month,…

A: Liabilities   Liabilities are an obligation of the business to pay to the creditors in future for…

Q: Phipps Company borrowed $50,000 cash on October 1, 2016, and signed a nine-month, 6%…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: On October 1, 2019, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000.…

A: Maturity date of Note = Issue date + Period = October 1, 2019 + 1 years = October 1, 2020 No. of…

Q: Sheffield Corp. borrows $21200 at 7% annual interest for six months on October 1st, 2017. Which is…

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

Q: At December 31, 2017, Burr Corporation owes $500,000 on a note payable due February 15, 2018. (a) If…

A: Current liabilities: Current liabilities are the liabilities that are payable within a period of one…

Q: On June 30, 2019, Franz Inc. borrowed P1,800,000 for one year from the bank with an interest of 12%.…

A: Bank charges = accounts receivable  x 8.46% = 2500000 x 8.46% = P211,500

Q: On March 1, 2017, Fun Company borrowed 1, 000,000 and signed a 2-year note bearing interest at 12%…

A: Formula: Interest amount = Principal amount x Interest rate x Time period.

Q: On June 1, 2016, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000.…

A: Interest Expenses:- It is the amount paid by the borrower of the loan on the fixed date for the…

Q: The Beatles Company only prepares financial statements on December 31, its year-end. The Beatles…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: On January 1, 2020, Blue Co. borrowed and received $ 507,000 from a major customer evidenced by a…

A: Present value of bonds = Face value of bonds x present value factor (9%, 4 years) = $520000 x…

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

A: Formula: Interest amount = Notes amount x Interest rate x Time period

Q: The National Bank collected $3,000 including $300 interest on behalf of Z Inc. from on of its…

A: A bank reconciliation seems to be the procedure of comparing the balances in a corporation's…

Q: On September 1, 2019, Melanie Corp. borrowed $101,000 in cash and executed a 6-percent,…

A: The total rate of investment a lender pays on a debt obligation during the course of borrowing is…

Q: On November 16, 2019, Clear Glass Company borrowed $20,000 from First American Bank by issuing a…

A: The calculation as,

Q: On July 8, Jones Inc. issued an $85,000, 8%, 120-day note payable to Miller Company. Assume that the…

A: From July 8 to July 31 = 23 days Interest expense has been accrued for 23 days for the note payable.…

Q: On September 1, 2017, Brita Hawtof Company signed a $75,000, nine month, 6 percent note payable. The…

A: Prepare journal entry the interest accrued but not paid.

Q: Cute Company disclosed the following information on December 31, 2021: SSS payable P20,000 Notes…

A: Current liabilities are the obligations that are required to be paid within a year.

Q: pland Company borrowed $40,000 on November 1, 2020, by signing a $40,000, 9%, 3-month note. Prepare…

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

Q: Mooncake Corp.’s accounts payable at December 31, 2018, totaled P800,000 before any necessary…

A: Accounts payable is a short-term debt and a liability on a balance sheet where a business owes money…

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

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

Q: December 1, 2014 for the purchase of $250,000 of inventory. The face value of the note was $253,900.…

A: Here in this question, we are require to record the entry for amortization of notes. When notes is…

Q: n March 1, 2012, Forest Co. borrowed cash and signed a 36-month, interest-bearing note on which both…

A: The question is based on the concept of Financial Accounting.

Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…

A: Introduction: Journals: Each and every business transactions are to be recorded in journals. All the…

Q: On January 1, 2018, Nantucket Ferry borrowed $14,000,000 cash from BankOne and issued a…

A: Interest on Note = Principal amount x rate of interest x time = $14,000,000 x 6% x 1 years =…

Q: On July 8, Jones Inc. issued an $84,700, 11%, 120-day note payable to Miller Company. Assume that…

A: Annual Interest=Issue amount×Interest rate=$84,700×11%=$9,317

Q: Greene Corporation loaned $150,000 to another corporation on December 1, 17) 2021 and received a…

A: solution note dear student as per the Q&A guideline we are required to answer the first question…

Q: Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 90-day, 9% note with a face value…

A: Notes are a form of debt taken by the company, on which business has to pay interest payments. This…

Q: The company obtained a loan from bank amounting to P7,500,000 on November 1, 2020. On the same date,…

A: Accrued Interest Expenses:-These are those expenses that have been incurred but yet not paid. These…

Q: On October 1, 2021, Smash Company discounted its own note of P500,000 at 10% for 1 year. In its…

A: When a business makes discounting of its own note, then Notes payable will become a liability for…

Q: Able Inc. borrowed $60,000 on October 1, 2019 and agreed to pay back $75,000 on October 1, 2022. How…

A: Interest: It refers to the charge which is paid by a borrower to the lender for using his funds.

Q: On July 1, 2021, Guarin Co. obtained fire insurance for a three-year period at an annual premium of…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: The Company issued a short-term debt of $65,000 on July 1, 2021 for a period of 5 months with a note…

A: A Journal is made to record all the business transactions in chronological order. It is the first…

Q: Emmanuel, Inc. reported the following items in its December 31, 2021 trial balance: Accounts payable…

A: Solution Total liabilities  is the total debt that a business have to pay to individuals or any…

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: hat the discount will be amortized equally over the 3-month period and that there was no adjusting…

A: Long term debt obligation raised from financial service organization is known as notes payable. It…

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: Pharoah Ltd. borrowed ¥63,600,000 on November 1, 2021, by signing a ¥65,031,000, 3-month, zero-…

A: Formula: Discount on bond = Face value of bond - borrowed amount

Q: ⦁ ABC Corporation borrowed 24,000 on December 1, 2011, by issuing a two-month, 8 percent note…

A: Since there are multiple questions, we will solve first for you. To get the remaining questions…

Q: Jane's Donut Co. borrowed OMR 50,000 on March 1, 2018, and signed a one-year note bearing interest…

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

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: At the end of 2021, Worthy Co.'s balance for Accounts Recelvable is $24,000, while the company's…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: Mission Corp. borrowed $50,000 cash on April 1, 2019, and signed a one-year 12%, interest-bearing…

A: Interest expense recorded on March 31, 2020 = Amount borrowed x rate of interest x no. of months/12

Q: Martinez Co. borrowed $55,707 on March 1 of the current year by signing a 60-day, 12%,…

A: Interest expense is calculated by simple interest formula Interest = amount borrowed * interest rate…