West County Bank agrees to lend Wildhorse Co. $472000 on January 1. Wildhorse Co. signs a $472000, 6%, 6-month note. What entry will Wildhorse Co. make to pay off the note and interest at maturity assuming that interest has been accrued to June 30? Notes Payable 486160        Cash   486160 Interest Payable 7080   Notes Payable 472000   Interest Expense 7080        Cash   486160 Notes Payable 472000   Interest Payable 14160        Cash   486160 Interest Expense 14160   Notes Payable 472000        Cash   486160

Q: Lexter Corporation borrows cash by signing a $90,000, 8%, eight-month note on December 1with its…

A: Interest = Principle x Rate/100 x Time/12 so, according to given information Principle amount is…

Q: Sylvestor Systems borrows $50,000 cash on May 15 by signing a 60-day, 5%, $50,000 note.   1. On what…

A: The note payable is the liability for the business which is to be paid on due date with interest.

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

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

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: On October 1, 2011, Coast Financial loaned Barr Corporation$300,000, receiving in exchange a…

A: Maturity date of Notes = October 1, 2011 + 9 months = July 1, 2012 No. of Months from January 1,…

Q: On May 15, Maynard Co. Borrowed cash from texas bank by issuing a 60 day note with a face amount…

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

Q: Sylvestor Systems borrows $185,000 cash on May 15 by signing a 150-day, 7%, $185,000 note. 1. On…

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

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: The following selected transactions relate to liabilities of United Insulation Corporation. United’s…

A: Solution:- Preparation of appropriate journal entries through the maturity of each liability as…

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

A:

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: Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture…

A: Answer a) Due date =August 11 17+31+30+31+11

Q: On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3…

A: Discount on note = face value of notes x rate of discount x no. of months/12  =$10000 x 12% x 3/12 =…

Q: West County Bank agrees to lend Cullumber Company $280000 on January 1. Cullumber Company signs a…

A: A liability of an individual or a firm that is recorded with proper legally written document to be…

Q: On November 1, 2021, FDN Trading accepted a 90-day, 8% P4,000,000 note from ABC Co. FDN immediately…

A: Maturity value of the note = Face value + interest = 4000000+4000000*8%*90/360 = 4080000

Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…

A: The 150 days from November  1 will expire on March 31. Thetefore, Note will expire on March 31 next…

Q: Taylor Bank lends Guarantee Company $150,000 on January 1. Guarantee Company signs a $150,000, 8%,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Keesha Co. borrows $235,000 cash on November 1 of the current year by signing a 90-day, 11%.…

A: Mature date = 30 Jan

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: First National Bank agrees to lend $100,000 on September 1, 2014, if Cole Williams Co. signs a…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: On January 1, 20x1, Next Co. obtains a P4,000,000 bank loan due on December 31, 20x4. Interest of…

A:

Q: Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account.…

A: Given: Number of days to maturity = 120 days Discount rate = 10% Maturity value = $96,000 Date 9th…

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

A:

Q: The following selected transactions relate to liabilities of Colorado Adventures. Colorado's fiscal…

A: Journal entries are recording of all the business transactions in chronological order. First step in…

Q: On March 1, Felton Company borrows $90,000 from Ottawa State Bank by signing a 6-month, 8%,…

A: Working note: Computation of interest expense: Interest expense=Amount borrowed×rate of…

Q: Sylvestor Systems borrows $146,000 cash on May 15 by signing a 90-day, 7%, $146,000 note. 1. On what…

A: Notes Payable - Notes Payable is the Promissory Notes Issued by the borrower. It carried fixed rate…

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: Hasty and Tasty Foodservice received a 120-day, 7% note for $84,000, dated June 12, from a customer…

A: In case of a credit sale, the customer is given an option to make payment for the sale within a…

Q: Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1. On…

A: Interest on Notes = Face value of Notes x rate of interest x time = $110,000 x 12% x 60/360 = $2,200

Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…

A: Solution:- 1)Calculation of On what date does this note mature as follows under:- Basic…

Q: On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was…

A: Discount on notes payable = Amount of note payable x discount rate = $90000 x 6% = $5400

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

A: A note a legal document between two parties whereby one party agrees to pay the other a preagreed…

Q: On January 1, 20x1, SUBDUE Co. borrowed 10%, P4,000,000 loan from CONQUER Bank. Principal is due on…

A: Bank service fees = Loan amount x 3% = 4000000 x 3% = 120,000

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

A: Supporting calculation:

Q: Vaughn Manufacturing lends Pina Colada industries $51600 on August 1, 2022, accepting a 9-month, 12%…

A: Note Interest means, with respect to any Investor at any time, the undivided interest in the Note…

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

A:

Q: Sylvestor Systems borrows $63,000 cash on May 15 by signing a 120-day, 6%, $63,000 note. 1. On what…

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

Q: Sylvestor Systems borrows $181,000 cash on May 15 by signing a 180-day, 6%, $181,000 note. 1. On…

A: Answer 1) Calculation of maturity date of notes payable Maturity date of note = Issue date of note +…

Q: Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

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

A: Bond: The bond is a debt obligation under which the borrower of the debt is obliged to pay the…

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: Zions Bank lends Teton Company $150,000 on August 1. Teton Company signs a $150,000, 6%, 8-month…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

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: Cavalier Company provided the following information December 31, 2019: Accounts payable Notes…

A: Definition of current liabilities: Current liabilities also called as short term liabilities. These…

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: Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on…

A: Solution: (a). Calculate due date as follows :   Number of days in month  Cumulative days…

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: Sylvestor Systems borrows $70,000 cash on May 15 by signing a 90-day, 5%, $70,000 note. 1. On what…

A: Notes payable are the written agreement in which maker of the note promises to pay a certain amount…