x 1 Student Portal O WileyPLUS gen.wileyplus.com/edugen/Iti/main.uni JS IS Kieso, Intermediate Accounting, 17e Help I System Announcements CALCULATOR PRINTER VERSION ( BACK NEXT Exercise 7-15 (Part Level Submission) On April 1, 2020, Cullumber Company assigns $505,300 of its accounts receivable to the Third National Bank as collateral for a $327,200 loan due July 1, 2020. The assignment agreement calls for Cullumber to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). (a) Prepare the April 1, 2020, journal entry for Cullumber Company. (If no entry is reguired, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 1, 2020 d. SHOW LIST OF ACCOUNTS LINK TO TEXT Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER (Ь) Activate Wnds The parts of this question must be completed in order. This part will be available when you complete the part above. 2:04 PM 4/5/2020 e to search

x 1 Student Portal O WileyPLUS gen.wileyplus.com/edugen/Iti/main.uni JS IS Kieso, Intermediate Accounting, 17e Help I System Announcements CALCULATOR PRINTER VERSION ( BACK NEXT Exercise 7-15 (Part Level Submission) On April 1, 2020, Cullumber Company assigns $505,300 of its accounts receivable to the Third National Bank as collateral for a $327,200 loan due July 1, 2020. The assignment agreement calls for Cullumber to continue to collect the receivables. Third National Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). (a) Prepare the April 1, 2020, journal entry for Cullumber Company. (If no entry is reguired, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 1, 2020 d. SHOW LIST OF ACCOUNTS LINK TO TEXT Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER (Ь) Activate Wnds The parts of this question must be completed in order. This part will be available when you complete the part above. 2:04 PM 4/5/2020 e to search

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 35CE: Notes Receivable Link Communications programs voicemail systems for businesses. For a recent...

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Notes Receivable Link Communications programs voicemail systems for businesses. For a recent project, they charged $135 000. The customer secured this amount by signing a note bearing 9% interest on February 1, 2019. Required: 1. Prepare the journal entry to record the sale on February 1, 2019. 2. Determine how much interest Link will receive if the note is repaid on December 1, 2019. 3. Prepare Links journal entry to record the cash received to pay off the note and interest on December 1, 2019.
ACC 122 Fall 2020Comprehensive ProjectBestValue Corporation's Trial Balance at December 31, 20XX is presented below.All 20XX transactions have been recorded except for the items described on the next page.Debit CreditCash $ 109,890Accounts Receivable 28,789Inventory 25,540Debt Investments 0Land 55,674Buildings 215,850Equipment 75,120Allowance for Doubtful Accounts $ 1,027Accumulated Depreciation-Buildings 63,306Accumulated Depreciation-Equipment 16,048Accounts Payable 35,278Interest Payable 0Unearned Rent Revenue 48,900Dividends Payable 0Income Tax Payable 0Bonds Payable 0Discount on Bonds Payable 0Common Stock ($2 par) 29,200Paid in Capital in Excess of Par-Common Stock 44,580Preferred Stock ($60 par) 0Paid in Capital in Excess of Par-Preferred Stock 0Retained Earnings 107,904Treasury Stock 0Cash Dividends 0Sales Revenue 776,068Rent Revenue 0Gain on Sale of Land 0Bad Debt Expense 0Interest Expense 0Cost of Goods Sold 478,542Depreciation Expense 0Other Operating Expenses 53,274Salaries…
Cy loans Mookie The Beagle Concierge $1,000 at 6% annual interest. Record the transaction as a loan payable as follows. Required: 1. Complete a Deposit. a. Select (+) New icon > Bank Deposit b. Select Account: 1001 Checking c. Select Date: 01/12/2023 d. In Add Funds to This Deposit section, select Account: + Add New > Account Type: Other Current Liabilities > Detail Type: Loan Payable > Name: Loan Payable > Number: 2300 > Save and Close e. Select Payment Method: Check f. Enter Reference Number: 5002 g. Enter Amount: 1000.00 h. Select Save and close i. What is the Amount of the Loan Payable? Note: Answer this question in the table shown below. Round your answer to the nearest dollar amount. Amount of the loan payable () View the Transaction Journal for the Deposit. a. From the Navigation Bar, select Accounting b. From the Chart of Accounts, select 2300 Loan Payable > View Register c. From the Register, select the transaction just recorded > Edit d. From the…
22. Subject :- Accounting On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $120,300 onDecember 31, 2022. The proceeds of the note were $116,100.b. Calculate the effective interest rate (APR) on the loan.Note: Enter your answer as a percentage rounded to 1 decimal place (i.e., 32.1).Effective interest rate
Problem 1 - Record notes payable transactionsLive Media Co. borrowed $125,000 on May 1, 2021 from OneUnited Bank by signing a $125,000, 11%, 8-month note payable. PurposeThe purpose of this problem is to demonstrate an understanding of recording notes payable transactions.InstructionsAfter analyzing the information, prepare Live Media Co.'s journal entries to: (1) record the proceeds of the note, (2) record accrued interest at December 31, 2021 and (3) record the payment of the note and interest at the note's maturity date of January 1, 2022.GuidanceFor formatting guidance, see the notes payable journal entry examples that are provided in Chapter 10 of the textbook.Your Answer:
Problem 2 On September 1, 2020, Rayhak Company assigned specific receivables totaling to P750,000 toPak Bank as a collateral on a P625,000, 12% loan. Pak Bank will collect the assigned accountsreceivable. The bank also assessed a 2% service charge on the total accounts receivableassigned. Collections of assigned accounts during September 2020 totaled P260,000 gross ofcash discounts amounting to P3,500. Prepare all the journal entries relating to the problem for themonth of September 2020. (Books of Rayhak)
Intermediate Accounting 2 2021 edition by Millan PROBLEM 4: MULTIPLE CHOICE - COMPUTATIONAL On March 1, 20X4, Fine Co. borrowed P10,000 and signed a two-year note bearing interest at 12% per annum compounded annually. Interest is payable in full at maturity on February 28, 20X6. What amount should Fine report as a liability for accrued interest at December 31, 20X5? 0 b. 1,000 c. 1,320 d. 2,320 (AICPA) On January 1, 20x1, Sunset Co. issues a P5,000,000 noninterest bearing note due on December 31, 20x4. The effective interest rate is 15%. How much is the unamortized balance of the discount on notes payable account on January 1, 20x3? 652,174 b. 1,219,282 c. 1,712,419 d. 2,141,234 The next two items are based on the following information: House Publishers offered a contest in which the winner would receive P1,000,000, payable over 20 years. On December 31, 2000, House announced the winner of the contest and signed a note payable to the winner for P1,000,000,…
Jasper makes a 81,000, 90 day 7% cash loan to clayborn co. Jaspers entry to record the transaction should be
block c/2019/4 On 31.12.t1, Frieda OHG has trade receivables with a book value of € 35,700, which also includes receivables from Alma AG in the amount of € 11,900 and from Belma AG in the amount of € 5,950 . On 31.12. t0, Frieda OHG had accounted for supposedly secure receivables in the amount of € 23,800 gross. Create the posting records for the following business transactions in year t1: Frieda OHG considers it likely that only 30% of the claim against Alma AG will be received. Insolvency proceedings are opened against Belma AG and an entry rate of 80% is set by the insolvency administrator with regard to the claim of Frieda OHG. It is known from the past that approximately 2% of receivables that are not individually impaired are not paid. Alma AG transfers € 5,950 to Frieda OHG
Trial Balance 30 June 2020 Account Name Debit ($) Credit ($) Cash at Bank 6 820 Accounts Receivable 20 000 Prepaid Insurance 6 000 Property, Plant and Equipment (PP&E) 270 000 Accumulated Depreciation – PP&E 50 000 Office Computers 64 000 Accumulated depreciation – Office Computers 10 000 Accounts Payable 11 528 Unearned Sales Revenue 16 000 Bank Loan 48 000 P. Clayton, Capital (1 July 2019) 188 142 P. Clayton, Drawings 10 900 Sales Revenue 319736 Other Revenue Inventory (1 July 2019) 50 786 Purchases 150 800 Purchases Returns and Discount 26 890 Rent Expense 34 050 Gas and Electricity Expense 10 870 Office Cleaning Expense 6 530 Wages and Salaries Expense 25 900 Telephone Expense 2 700 Insurance Expense 8 440 Advertising Expense 2…
Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?
Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…