The business  is expected to make principal payments totalling $400,000 towards the loan during the fiscal year to December 31, 2021. Given that the note payable (long term) is $2,500,000. How to record this in the general journal?

Q: On April 15, 2021, Sampson Consulting provides services to a customer for $99,000. To pay for the…

A: Journal entries are primary reporting of the transactions occurring in the business, in the books of…

Q: As promise for future payment, Carlock Systems received a six-month, 12% note for $50,000 from a…

A: Interest revenue = Notes receivables x rate of interest x months/12

Q: On January 1, 2021, Corvallis Carnivals borrows $17,000 to purchase a delivery truck by agreeing to…

A:

Q: On September 1, Kennedy Company loaned $112,000, at 9% annual interest, to a customer. Interest and…

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

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $5,000 note receivable that offers…

A: Interest = Principal x rate of interest x no. of months / 12 months

Q: How much shall be reported as interest income for 2022? ALVR Digital Bank granted a loan to a client…

A: Interest Income  Interest income refers to the amount of money that is paid by the borrower to the…

Q: Notes payable arising from 5-year bank loans, on which a security valued at P600,000 have been…

A: Current liabilities : Liabilities which are required to be settled within 12 months are current…

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: Assume that on December 1, 2015, your company borrowed $15,000, a portion of which is to berepaid…

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: What amount of the payment made on January 1, 2022 will be interest expense?

A: Amount Borrowed = $360000 Interest Rate = 4% Fixed Annual Payment = $32379 Interest to be paid on…

Q: On January 1, 2019, Brooks Inc, borrows $90,000 from a bank and signs a 5% installment note…

A: While making annual payment to bank, the annual payment consists of some portion of principal…

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: 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: National Food Services, Inc., borrowed $4 million from its local bank on January 1, 2021, and issued…

A: Interest expense = Notes payable x interest rate = $4,000,000 x 10% = $400,000 Payment of principal…

Q: Abardeen Corporation borrowed $136,000 from the bank on October 1, 2018. The note had an 7 percent…

A: Abardeen Corporation borrowed $136,000 from the bank on October 1, 2018. The note had an 7 percent…

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: I. Prepare all journal entries for the following chronological transactions which took place in…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Could you help me solve this accounting homework problem for me? and please show all your work so I…

A: Journal entries are prepared to record the financial and non financial transactions of the business.

Q: Phoebe Corporation signed a six-month note payable on October 23, 2018. What accountsrelating to the…

A: When the notes payable is signed in the middle of the financial year, and interest is included, the…

Q: On July 1, 2021, a company loans one of its employees $27,000 and accepts a eight-month, 8% note…

A:

Q: The following transactions apply to Walnut Enterprises for 2018, its first year of operations:…

A: Balance sheet is the financial statement of a company. It helps in maintaining the records of…

Q: XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued…

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

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: The business receives a promissory note of P50,000, carrying an interest rate of P10%. The note is…

A: Accrued income is that income which are earned by the business but the amount is yet to be received…

Q: On December 1, 2021, your company borrowed $30,000, a portion of which is to be repaid each year on…

A: given   On December 1, 2021, your company borrowed $30,000, a portion of which is to be repaid each…

Q: On January 1, 2021, Beaver Tours financed the purchase of a new building by borrowing $600,000 from…

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

Q: 1. Chapter-9 Homework Question. Help

A: Required journal entry for the issuance of note payable:

Q: On October 31, 2021, Bundle Company engaged in the following transactions: (1) Obtained a P500,000,…

A: Company B obtained P 500,000, six month loan from city bank that discounted at 12%. So, the amount…

Q: On December 31, 2023, Sandy Company has a Note Receivable of $6,000. The note will be collected in…

A: Current asset can be converted into cash within 12 months whereas long term assets has a life of…

Q: On July 1, 2020, Thomas Company, which follows calendar year accounting,  issued $240.000 note to be…

A: Long -term debt-  Long term debt refers to the liability which is repaid after 12months or more.…

Q: The Pita Pit borrowed $197,000 on November 1, 2021, and signed a six-month note bearing interest at…

A: Notes payable is the amount that is being borrowed and will have to be paid to another person.…

Q: Hanson Construction has an operating cycle of 9 months. On December 31, 2019, Hanson hasthe…

A: Solution Current assets are the assets which can be converted in to cash with in one year.   Current…

Q: On January 1, 2020, Elmer Company, a calendar-year company, issued $2,000,000 of notes payable, of…

A: In case a portion of a debt is payable within next year, then that portion is reported as current…

Q: On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note…

A: Installment note is a type of loan that allows individuals to borrow a large amount of money that…

Q: At the end of 2022, the following information is available for Great Adventures.   Additional…

A: Accounts to be closed : Sales revenue = $ 20000 Interest expense = $ 805 Insurance expense / Lawsuit…

Q: On January 1, 2018, Company B borrowed 50,000 signing a 3-year installment note payable with yearly…

A: Note Payable - payment schedule:   Beginning Balance Interest Installment amount Principal amount…

Q: On April 15, 2021, Sampson Consulting provides services to a customer for $110,000. To pay for the…

A: Journal Entry:   Journal entry has two effects for every transaction. The journal entry is passed by…

Q: Trisha Company had a ₱2,400,000 note payable due June 30, 2021. On December 31, 2020, the entity…

A: Current liabilities are those dues and obligations which needs to be settled or paid in short period…

Q: Campus Flights takes out a bank loan in the amount of $200,500 on March 1, 2019. The terms of the…

A: In this problem we have to first calculate 10 equal instalments.We have to calculate present value…

Q: On February 1, 2021, a company loans one of its employees $21,000 and accepts a nine-month, 8% note…

A: Interest = Principal x rate of interest x no. of months/12 months

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 September 30, 2021, Coronado Corporation received a three-year, 12%, $1,750,000 bank loan. The…

A: GIVEN   On September 30, 2021, CORONADO Corporation received a three-year, 12%, $1,750,000 bank…

Q: On December 1, 2021, your company borrowed $48,000, a portion of which is to be repaid each year on…

A: On December 31, 2021: $48,000 is payable; $6,400 in 2022 and the remaining later. So payable amount…

Q: The following transactions occurred during December 31, 2021, for the Microchip Company.   On…

A: Interest=$90,000×8%×312=$1,800

Q: The business is expected to make principal payments totalling $90,000 towards the loan during the…

A: Given that: Expected principal payments = $90,000

Q: How much shall be reported as interest income for 2022? ALVR Digital Bank granted a loan to a client…

A: Interest Income - It is the amount of money paid by the borrower over and above the loan amount to…

Q: On January 1, 2021, Corvallis Carnivals borrows $30,000 to purchase a delivery truck by agreeing to…

A: Given: To calculate the note payable and the first monthly payment as,

Q: The business receives a promissory hote of P20,000, carrying an interest rate of P12%. The note is…

A: The interest earned during the period but not received yet is recorded as Accrued interest.

Q: Below are the details of a loan Levis' obtained from their bank on Novernber 1, 2021. Required:…

A: Any Interest payment included in the loan installment is debited to interest expense account and…