What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest?

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 November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $10,800. What…

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

Q: Swathmore Clothing Corporation grants its customers 30 days’ credit. The company uses the allowance…

A: Bad debt expense is the amount that the company did not expect to recover from the customers on the…

Q: On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day…

A: Answer are as follows

Q: Erza Company has a P180,000, 10%, 90-day note receivable outstanding at December 31. The note is…

A: Interest receivable is interest accrued but not received. Interest receivable is an asset. Increase…

Q: On November 19, Nicholson Company receives a $24,000, 60-day, 6% note from a customer as payment on…

A: Note receivable is recognized as a negotiable instrument. It represents the claim amount due on the…

Q: Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2017, accepting…

A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to…

Q: Nelsie Corporation has an outstanding 60- day 6% note receivable armounting to P 15,000 dated…

A: Accrued interest on December 31 should be credited to the interest income and 9 should be debited.…

Q: Samantha, Inc. grants its customers 30-day credit. The company uses the allowance method for its…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…

Q: Yummy sold $656,000 of consumer electronics during July under a one-year warranty. The cost to…

A: Contingent liability may or may not arise on the occurrence of future events. Warranty liability is…

Q: On June 11 of the current year, a retailer sells a trimmer for $400 with a one-year warranty that…

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

Q: During June, Vixen Company sells $850,000 in merchandise that has a one year warranty. Experience…

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

Q: FDNACCT Co. purchased merchandise and issued a twelve-month promissory note with 8% interest and…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

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: Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 3% of…

A:

Q: The Bronxville Company has a Dec 31st year-end. On Nov 1, 2020, the Bronxville company sold…

A: Face value of notes receivable on November 1, 2020 $92,000 Rate of interest  5% Interest Revenue…

Q: Keesha Company borrows $290,000 cash on December 1 of the current year by signing a 180-day, 8%,…

A: Solution: To borrow cash, business issues notes payable that contain principal amount of note,…

Q: Spring Designs & Decorators issued a 120-day, 6% note for $42,000, dated April 13 to Jaffe Furniture…

A: Interest on note = Face value of note x rate of interest x no. of days / 360 = $42000 x 6% x 120/360…

Q: On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $20,700. What…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day…

A: Answer -    PART 1 - No Date General journal Debit Credit           1 Nov-11 Cash   $…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $62,400 to Jergens Company…

A: a Proceeds of the notes=face value = $62400 (Answer)Explanation:Proceeds from notes payable means…

Q: On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day…

A: Warranty expenses on Nov 30  =  $ 4800 * 8% = $ 384 Warranty Liability on Dec 9 = 12 razors * $ 16 =…

Q: Swathmore Clothing Corporation grants its customers 30 days’ credit. The company uses the allowance…

A: SOLUTION-   WORKING NOTE- MONTHLY BAD DEBT EXPENSE= 3% OF CREDIT SALES .…

Q: Keesha Company borrows $115,000 cash on November 1 of the current year by signing a 180-day, 11%,…

A: Introduction: A promissory note, also known as a note, is a written promise to pay a sum of money at…

Q: What is the balance of the Estimated Warranty Liability account as of January 31?

A: The balance of the estimated warranty liability account will be calculated by drawing a ledger…

Q: Hall Company sells merchandise with a one-year warranty. In the current year, sales consist of 2,105…

A: The warranty expense refers to the cost expected to be incurred for repair or replacement after the…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $140,000 to Jergens Company…

A: Discount on notes  = Face value of note x rate of discount = $140000 x 6% = $8400

Q: Hadley Industries warrants its products for one year. The estimated product warranty expense is 4%…

A: Estimated warranty expenses = Sales x 4% = $210,000 x 4% = $8,400

Q: Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance…

A: Allowance for doubtful accounts - Allowance for doubtful accounts is the provision made by the…

Q: Riverbed Appliances provides a 3-year warranty with one of its products, which was first sold in…

A: Journal entry:   A journal entry is a systematic record of a financial transaction of a company…

Q: On October 1, Ramos Co. signed a $90,000, 60-day note at the bank to be paid on November 30. (Assume…

A: given that, 1) on October 1st ram and co-signed a bill of $90000 2) term of bill = 60days 3)…

Q: On August 1, Batson Company issued a 60-day note with a face amount of $91,800 to Jergens Company…

A: Answer: Note are issued at the face value or the discounted value. When price of the note is the…

Q: Maas, Incorporated, sells washers and dryers that include a maximum one-year warranty covering…

A: Total estimated warranty liability = 2% * Net sales Total estimated warranty liability = 2% *…

Q: On September 1, Home Store sells a mower (that costs $200) for $500 with a one-year warranty that…

A: Journal is the book for recording financial transactions in chronological order. It is the first…

Q: Uncle Paul's Gifts signs a three-month note payable to help finance increases in inventory for the…

A: Adjusting entries are used to prepare at the end of an accounting period. It helps to ensure the…

Q: On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a…

A: Journal entry is the first step to record transaction in the books of account. Warranty cost = 5% of…

Q: Maxx Company borrowed P10,000 from the bank signing a 9%, 3-month note on September 1. Principal and…

A: Adjusting entries are also known as closing entries because these are prepared at the time of…

Q: Cook-Rite sold $152,000 of consumer electronics during July under a one-year warranty. The cost to…

A: The warranty Expenses are estimated on the basis of past year experiences.

Q: Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2020, accepting…

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

Q: amantha, Inc. grants its customers 30-day credit. The company uses the allowance method for its…

A: >Bad Debt Expense is recorded using two methods: #1: Direct write off method: Expense is…

Q: Tom’s Surf Company, whose fiscal year ends December 31, completed the following transactions…

A: Short-term notes payable: Short-term notes payable is a written promise made by the business to pay…

Q: On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day…

A: Journal entry is a first step in recording accounting transaction in the books of the company. It…

Q: 7. )River Ridge Music School borrowed $30,000 from the bank signing a 6%, 6-month note on November…

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

Q: The following series of transactions occurred during 2020 and 2021 when Jenna Corp. sold merchandise…

A: The journal entries keep the record for daily transactions of the business.

Q: Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same…

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

Q: Streep Factory provides a 2-year warranty with one of its products which was first sold in 2020.…

A: Entry to record the sales.

Q: Logan Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of…

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

Q: On December 1, Victoria Company signed a 90-day, 6% note payable, with a face value of $15,000. What…

A: Interest accrued = Note payable x Interest rate x 30/360 = $15000 x 6% x 1/12 = $75