These transactions took place for Oriole Company. 2021       May 1   Received a $8,400, 12-months, 12% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31   Accrued interest revenue on the R. Stoney note. 2022       May 1   Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2021.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.

Q: On July 8, Jones Inc. issued an $66,900, 9%, 120-day note payable to Miller Company. Assume that the…

A: Interest Expense: The cost of debt which is incurred during a particular accounting period is called…

Q: In Orchard Company’s December 31, 2022 statement of financial position, a note receivable was…

A: Current assets means those assets which will be converted in to cash in near future generally one…

Q: On January 1, 2020, the records of ABC Company showed a debit balance of P650,000 in its Accounts…

A: Money owed to the seller from purchasers who have not yet paid for their goods is referred to as…

Q: Flounder Corp. has the following account balances at December 31, 2021: Notes payable ($50,000 due…

A: Answer) A current liability is a liability that is expected to be paid within 12 months the Balance…

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

A: In this question, we need to record the issue of notes payable. By issue of notes payable, the…

Q: On November 1, 2021, JP Designs signed a $300,000, 6%, six-month note payable with the amount…

A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…

Q: Whispering Winds Corp. had the following transactions involving notes payable. July 1, 2022 Borrows…

A: S No Account tittles and Explanation Amount Amount 01-Jul-19 cash  $       55,000        8%…

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: 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: On Septèmber 1, 2021, Trinoma Entertainment borrowed P24,000,000 cash to fund à new Fun Park. The…

A: Journal entry shows the recording of transactions during an accounting year and every transaction…

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

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

Q: Prepare journal entry for Windsor, Inc. to record the receipt of the proceeds of the note.  Prepare…

A: Solution:- Given, Windsor, Inc. borrows $67,200 from Wildhorse Co.  Signing a 4%, one-year note…

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: .Trillanes Company completed the following selected transactions during 2021:              Oct.   1…

A: Amount advanced = Assigned accounts x 75% = P2,000,000 x 75% = P1,500,000

Q: On January 1, 2019, Jasmin Company had a credit balance of P260,000 in the allowance or…

A: Uncollectible accounts are those accounts receivables to whom business has made credit sales on…

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: Concord Company borrows $52,800 on July 1 from the bank by signing a $52,800, 12%, one-year note…

A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…

Q: On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $21 million cash…

A: Given information is: On August 1, 2021, Trico Technologies, an aeronautic electronics company,…

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: Sapphire Company completed the following selected transactions during 2021:              Oct.   1…

A: Amount advanced = Assigned accounts x 75% = P2,000,000 x 75% = P1,500,000

Q: Skysong, Inc. had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Interest accrued on Dec. 31, 2022 = (52500*8%*6/12)+(63000*6%*2/12) = $2100 + 630  = $2730

Q: On December 1, 2021, Davenport Company sold merchandise to a customer for $20,000. In payment for…

A: Interest revenue recognize during 2021 = Notes receivable x rate of interest x 1/12 months =…

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $1,000 note receivable that offers 18…

A: The 6 months note issued on September 1, 2021. The interest will be earned for 4 months in 2021…

Q: Below are the transactions related to notes receivable activity for Barton Corporation.…

A: Generally days for interest calculation in accounting taken 360 days in a year.  Note receivable…

Q: On July 8, Jones Inc. issued an $66,300, 11%, 120-day note payable to Miller Company. Assume that…

A: Accrued interest: Accrued interest is the outstanding interest expense in the accounting period as…

Q: y 8, Jones Inc. issued an $79,100, 6%, 120-day note payable to Miller Company. Assume that the…

A: In the given situation, there is a note payable with 6% rate for 120 days. We need to find the…

Q: On July 8, Jones Inc. issued an $83,300, 9%, 120-day note payable to Miller Company. Assume that the…

A: Accrued interest:   Accrued interest is the outstanding interest expense in the accounting period,…

Q: The following transactions relate to A Inc. in 2020: Aug 1: Assigned P6,000,000 of accounts…

A: Accounts Receivable - Assigned The purpose of using the assigned account in the accounts receivable…

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: 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: C.S. Vaughn Company had the following transactions involving notes payable. July 1, 2020   Borrows…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: A company's accounts payable dated December 31, 2021, totaled P1,000,000 before any necessary…

A: Working notes :- 1]  Issuance of check of P 350,000 was recorded on 3rd…

Q: Described below are certain transactions of Pharoah Company for 2021: On May 10, the company…

A: Balance sheet -  The balance sheet statement shows the assets and liabilities of the entity as on a…

Q: On January 1, 2020, the ledger of Chuan-Kwang contains the following liability accounts (amounts in…

A: Adjusting journal entries are those entries passed at end of an accounting period to book expenses…

Q: On July 8, Jones Inc. issued an $72,300, 7%, 120-day note payable to Miller Company. Assume that the…

A: Solution:  Jones Inc should recognize the interest expense for 23 days. = From July 8 to July 31= 23…

Q: On June 1, Davis Inc. issued an $84,000, 5%, 120-day note payable to Garcia Company. Assume that the…

A: Solution: Days in current year = June 30 - June 1 = 29 days Days in following year = 120 - 29 = 91…

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

A: Lets understand the basics. Journal entry is required to make to record an event or transaction that…

Q: The following transactions took place for Smart Solutions Inc. 2017 a. July 1 Loaned $65,000 to an…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

Q: On July 1, Alton Co. issued an $74,700, 10%, 120-day note payable to Seller Co. Assume that the…

A: Interest will be recognized on $74700 and the interest rate charged is 10%.  Amount of interest…

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: On July 8, Jones Inc. issued an $76,900, 10%, 120-day note payable to Miller Company. Assume that…

A: Answer:   Option c.

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: On December 1, 2021, Davenport Company sold merchandise to a customer for $20,000. In payment for…

A: Sometimes at the time of making sales on credit, the customer offer credit period more than normal…

Q: On February 14, 2019, Prime Company sold 50 air conditioning units. The sale price for each unit is…

A: Sales Price-: The price that is reimbursed by the customer at the time when something is purchased…

Q: The following transactions are from Ohlm Company. Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note…

A: Bookkeeping can be defined as the recording, classifying, summarizes, interpreting, analyzing, and…

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