ntries for Discounted Note Payable A business issued a 60-day note for $36,000 to a creditor on account. The note was discounted at 6%. Assume a 360-day year. a.   Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. If necessary, round to one decimal place. a.                       b.  Journalize the entry to record the payment of the note at maturity. b.

Q: A business issued a 45-day note for $81,000 to a creditor on account. The note was discounted at 5%.…

A:

Q: Entries for Notes Payable A business issued a 45-day, 6% note for $210,000 to a creditor on account.…

A: Notes payable are a promissory note and a negotiable instrument. In this one party agree to pay a…

Q: Note Receivable Quick Tire and Lube received a 120-day, 7% note for $12,000, dated April 9, from a…

A: The note receivable is issued on April 9 for 120 days. The due date of the note from April 9 after…

Q: A business issued a 120-day, 6% note for $10,000 to a creditor on account. The company uses a…

A: Accounts payable (liability) of $10,000 have been issued a note of $10,000. This is done in order to…

Q: Proceeds from Notes Payable On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a…

A: Notes Payable is a financial instrument used for borrowing money from Bank or any other Financial…

Q: A company received a Note Receivable from a customer for a sale. The 9 percent, 9-month note was…

A: Value of notes receivable $1,50,000 Rate of Interest 9% Period (May 31 to December 31) 7 months…

Q: I-              Discounting of note receivable with recourse        A P1,800,000, 6-month, 10% note…

A: Discounting of Note is selling the note received from the customer to the bank before the maturity…

Q: Entries for Discounted Note Payable A business issued a 30-day note for $48,000 to a creditor on…

A: Introduction: A note payable is a promissory note in writing. Under this agreement, a borrower…

Q: Autumn Designs & Decorators issued a 120-day, 9% note for $48,000, dated April 13 to Zebra Furniture…

A: Interest on Note = Face value of note x rate of interest x No. of days/360 days =48000*9%*120/360 =…

Q: A business issued a 60-day, 10% note for $80,000 to a creditor on account. Journalize the entries to…

A: In the above question we have asked to pass journal entries at the time of issuance of notes payable…

Q: Journalizing Installment Notes On the first day of the fiscal year, a company issues $39,000, 10%,…

A: Notes payable is a form of liability for the business, which needs to be paid out either in short…

Q: Proceeds from Notes Payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a…

A: Notes payable:Notes Payable is a written promise to pay a certain amount on a future date, with the…

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

A: Note is a form of debt issued or taken by the company. Interest has to be paid or received on the…

Q: Entries for Notes Receivable Autumn Designs & Decorators issued a 120-day, 5% note for $93,000,…

A: Computation of due date is as follows:

Q: A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day…

A: Total Interest = face value of notes x interest rate x no. of days/360 days = $24000*5%*90/360 =…

Q: A business issued a 45-day, 6% note for $210,000 to a creditor on account. Journalize the entries to…

A: Interest expense to be recorded = Value of note * Annual interest note * Period of note / 360

Q: Lundquist Company received a 60-day, 7% note for $79,000, dated July 23, from a customer on account.…

A: Note receivable:  Note receivable refers to a written promise received by the creditor from the…

Q: Note Receivable Cube Ice Company received a 120-day, 7% note for $60,000, dated April 9 from a…

A: DUE DATE : = APRIL 9 + 120 DAYS  = AUGUST 7

Q: A business issued a 120-day, 15% note for $83,000 to a creditor on account. Journalize the entries…

A: Interest expense = $83,000 x 15% x 120/360 = $4,150

Q: sued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for…

A: Solution: Issuance of note to a creditor on accounts means note is issued to a creditor for their…

Q: A business issued a 90-day note for $57,000 to a bank. The note was discounted at 6%. Assume a…

A: Interest expense = Face value of Notes x rate of discount x No. of days /360 =57000*6%*90/360 = $855

Q: Journalize Laughlin Enterprises’ entries to record:

A: Record the entries in the books of L enterprise as follows: Resultant Table:

Q: Note Receivable Hasty and Tasty Foodservice received a 120-day, 8% note for $48,000, dated April 9,…

A: a.Calculation of due date of the note: Thus, August 7 will be the due date of the note.

Q: Entries for Notes Payable A business issued a 60-day, 15% note for $86,000 to a creditor on…

A: Interest on Note = Note Amount x Interest (%) x Days of Note / 360

Q: Entries for notes payable Bennett Enterprises issues a $432,000, 60-day, 8%, note to Spectrum…

A: Notes Payables issue: If a company wishes to acquire a loan from a lender or prolong payment terms…

Q: Entries for notes payable Bull City Industries is considering issuing a $100,000, 7% note to a…

A: Interest on Note = Principal * Interest rate * Time

Q: Entries for Notes Receivable Valley Designs issued a 90-day, 6% note for $48,000, dated April 17,…

A: Average due date: Due date is the date when the amount of bill is payable and the average due date…

Q: (Sale of Notes Receivable) Corrs Wholesalers Co. sells industrial equipment for a standard 3-year…

A: Note receivable:   Note receivable refers to a written promise received by the creditor from the…

Q: Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $78,000, dated April 22,…

A: Notes receivable are a balance sheet item, that records the value of promissory notes and its refers…

Q: Journalizing Installment Notes On the first day of the fiscal year, a company issues $26,000, 12%,…

A: INSTALLMENT NOTES ARE LONG - TERM LIABILITIES THAT CARRY INTEREST COSTS AND MUST BE PAID BACK AT…

Q: Valley Designs issued a 90-day, 8% note for $24,000, dated April 19, to Bork Furniture Company on…

A: The person who promised to pay the specified amount by signing a note is treated as notes payable as…

Q: A business issued a 45-day, 6% note for $210,000 to a creditor on account. Journalize the entries to…

A: a. Prepare journal entry to record the issuance of the note.

Q: On January 1, 20Y2, Hebron Company issued a $33,000, 4-year, 8% installment note to Ventsam Bank.…

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

Q: Entries for Discounted Note Payable A business issued a 60-day note for $60,000 to a bank. The note…

A: Interest expense=Note payable×Rate of interest×Interest time period=$60,000×8%×60360=$800

Q: Entries for Discounted Note PayableA business issued a 90-day note for $36,000 to a creditor on…

A: a. Prepare journal entry.

Q: The following note transactions occurred during the year for Towne Company: Nov. 25 Towne issued a…

A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made…

Q: Calculating Interest on Promissory Notes Receivable Dallas Company receives a six-month note from a…

A: Calculating the value of total amount of interest income for a 6-months note. We have,Total amount…

Q: Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a…

A: Note Payable is the liability of a firm which is required to be repaid in short-term. It allows the…

Q: A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day…

A: Note Payable are a form of liability for the business, on which regular interest payments needs to…

Q: Journal Entries for Accounts and Notes Payable Logan Company had the following transactions:…

A: Journal Entry - It is an record of each business transactions in day to day life for a particular…

Q: Proceeds from Notes Payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a…

A: A discounted note payable is given by the issuer at a less price than face value of the note. At a…

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

A: b)

Q: Valley Designs issued a 90-day, 10% note for $48,000, dated April 22, to Bork Furniture Company on…

A: A journal entry is used to reflect a business deal in a company's accounting records. A journal…

Q: A business issued a 45-day note for $80,000 to a creditor on account. The note was discounted at 5%.…

A:

Q: Entries for Notes Payable A business issued a 45-day, 6% note for $210,000 to a creditor on account.…

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