West County Bank agrees to lend Blossom Company $388000 on January 1. Blossom Company signs a $388000, 6%, 6-month note. What is the adjusting entry required if Blossom Company prepares financial statements on March 30? Interest Expense 5820        Interest Payable   5820 Interest Payable 5820        Interest Expense   5820 Interest Expense 11640        Cash   11640 Interest Expense 11640        Interest Payable   11640

Q: Sunland Company borrows $47,600 on July 1 from the bank by signing a $47,600, 13%, one-year note…

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

Q: On November 1, Jasper Company loaned another company $270,000 at a 8.0% interest rate. The note…

A: Interest revenue reported in first year = Amount of loan x rate of interest x No. of months / 12

Q: Lyon County bank agrees to lend the Grimmwood Brick Company $100,000 on January 1. Grimwood Brick…

A: Interest on Note Payable = $100,000 * 8% * 9/12 = $6,000

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 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: Sheridan Company borrows $37,800 on July 1 from the bank by signing a $37,800, 8%, one-year note…

A: Sheridan Company has borrowed on July 1. Interest for 6 months is due as on 31st December. Interest…

Q: Moss County Bank agrees to lend the Blossom Company $320000 on January 1. Blossom Company signs a…

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

Q: On November 1, 2021, Dual Systems borrows $290,000 to expand operations. Dual Systems signs a…

A:

Q: The following selected transactions relate to liabilities of Company A. Company A's fiscal year ends…

A: From February 1 to May 1 = 3 months So the interest on the note is due for 3 months on May 1.

Q: On March 1, 20x4, Banco Popular agrees to lend $ 100.00 to your company through a written contract…

A: Note Payable is a written contract to pay a predetermined borrowed amount along with interest within…

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: A company borrowed 20.000 TL from the bank signing a 9%, 3-month note on September 1. Principal and…

A: >The adjusting entries are made at the end of period to provide for correct balances for various…

Q: On July 1, 2021, a company loans one of its employees $23,000 and accepts a ten-month, 8% note…

A: Revenue is the amount that a company earns from normal activities conducted by the business for…

Q: West County Bank agrees to lend Ivanhoe Company $292000 on January 1. Ivanhoe Company signs a…

A: On 30th march company is required to book interest expense on 200000   Interest Expense to be…

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: Wildhorse Co. borrows $68,400 on July 1 from the bank by signing a $68,400, 8%, 1-year note payable.…

A: Interest accrued on dec 31 = face value of note x rate of interest x 6/12 = $64,800  x 8% x 6/12 =…

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

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

Q: The entry made by Givens Brick Company on January 1 to record the proceeds and issuance of the note…

A:

Q: On September 1, 2021, Middleton Corp. lends cash and accepts a $1,200 note receivable that offers 6%…

A: Interest revenue for the period from September 1, 2021 to December 31, 2021 will be recognized in…

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: Hanna Company borrows $80,000 on July 1 from the bank by signing an $80,000, 10% one year note…

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

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: Concord Company borrows $61,200 on July 1 from the bank by signing a $61,200, 10%, one-year note…

A: Interest accrued on december 31 = Amount borrowed x rate of interest x No. of months / 12 = $61,200…

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: On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.0 million cash…

A: Notes payable is known as a negotiable instrument signed by the promisor who agreed to pay a certain…

Q: Sandhill Co. borrows $65,600 on July 1 from the bank by signing a $65,600, 8%, one-y (a) Prepare the…

A: From July 1 to December 31 = 6 months So interest is accrued for 6 months on December 31.

Q: Moss County Bank agrees to lend the Pharoah Company $395000 on January 1. Pharoah Company signs a…

A: The interest chargeable on note does not form a part of journal entry recording the issuance of…

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. 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: Harper Company lends Hewell Company $10,800 on March 1, accepting a four-month, 6% interest note.…

A: Annual interest=Note value×6%=$10,800×6%=$648

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

A: Supporting calculation:

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

A: Notes payable: It is an instrument where the borrower borrows the money from the lender and issues…

Q: On November 1, Jasper Company loaned another company $230,000 at a 12.0% interest rate. The note…

A: Solution: Adjusting entries are journal entries usually made at the end of an accounting period to…

Q: Moss County Bank agrees to lend the Sandhill Co. $635000 on January 1. Sandhill Co. signs a $635000,…

A:

Q: Moss County Bank agrees to lend the Sandhill Co. $635000 on January 1. Sandhill Co. signs a $635000,…

A: Theory concept: Each and every business transactions are to be recorded in the books of accounts.…

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: Lyon County Bank agrees to len Grimwood Brick Company $100,000 on January 1. Grimwood Brick Company…

A: A journal entry is mainly used to record day to day business accounting transactions for a…

Q: West County Bank agrees to lend Wildhorse Co. $472000 on January 1. Wildhorse Co. signs a $472000,…

A: Total interest on notes = Amount borrowed x rate of interest x no. of month/12 = $472000*6%*6/12 =…

Q: Gray Inc. lends White Ltd. $60,000 on April 1, accepting a 6-month, 4.5% interest note. Interest is…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Moss County Bank agrees to lend the Cullumber Company $350000 on January 1. Cullumber Company signs…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

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: Moss County Bank agrees to lend the Pharoah Company $575000 on January 1. Pharoah Company signs a…

A: Journal entry:   It is a systematic record of a financial transaction of an organization recorded in…

Q: Muscat Company borrowed OMR100,000 from the bank signing a 12 %, 3-month note on January 1. the…

A: Interest accrued on March 31= Face value of note x rate of interest x no. of months / 12 =…

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: On June 1, Sunland Company borrows 108,000 from First Bank on a 6 month, $108,000, 8% note.…

A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…