INTERMEDIATE ACCOUNTING <CUSTOM LL>
10th Edition
ISBN: 9781260887068
Author: SPICELAND
Publisher: MCG CUSTOM
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Zenephia Corp. accepted a nine-month note receivable from a customer on October 1, 2022. If Zenephia has an accounting period that ends on December 31, 2022, when would it most likely recognize interest income from the note?
a.on October 1, 2022
b.on July 1, 2023, only
c.on December 31, 2022, and July 1, 2023
d.on December 31, 2022, only
1. What is the interest income to be reported from the note of Company A in the income statement for the year ended, December 31, 2020?
2. On December 31, 2020, what is the carrying value of the note received from Company A?
3. What should have been the ENTRY to record the receipt of note from Company B on October 1, 2020?
What is the carrying amount of the loan Receivable on December 31, 2017?
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- Can the 10,000 note be repaid on May 1? Explain.arrow_forwardFrom page 9-5 of the VLN, when the interest is paid for the fifth interest payment, how much will the company record for interest expense?arrow_forwardA bank lent P350,000 to a customer on December 1, 2019 that required the customer to pay an annual percentage rate of 12% on the amount of the loan. The loan is due in six months and no payment of interest or principal is to be made until the note is due on May 31, 2020. 14. Prepare the initial entries to record the given loan. 15. What date should be used to record the December adjusting entry? 16. What are the accounts involved in the adjusting entries? 17. Prepare the adjusting entries.arrow_forward
- 1. What is the carrying value of the note received from Company B on October 1, 2020? 2. How much interest income should be reported on December 31, 2020 with regards to the note from Company B?arrow_forwardOn August 1, 2022, Colombo Company’s treasurer signed a note promising to pay $122,700 on December 31, 2022. The proceeds of the note were $116,100. Use the horizontal model to show the effects of recording interest expense for the month of September. Indicate the financial statement effect. What is the discount on notes payable and what is the interest expense?arrow_forwardSuppose Alladin Travel, Inc., holds a note receivable as an investment. At the endof June, $100 of interest revenue has been earned. Journalize the accrued revenueadjustment at June 30.arrow_forward
- What if the invoice date is 12/27, but the invoice is about next year's sevices, should we record the acount payable at 12/31 for this invoice?arrow_forwardwhat is the carrying amount of the note payable on December 31, 2020? what is the equity of the assignor in assigned accounts on December 31, 2020?arrow_forwardb. On September 1, 2019 the Robbem Co. received a $30,000 note receivable from a customer in exchange for an accounts receivable. The note will pay interest at a rate of 12% and principal and interest is due in 9 months (June 1, 2020). Instructions: 1. Compute the maturity value of the note. 2. Prepare the journal entry on September 1, 2019, the date the note was received. 3. Prepare the adjusting journal entry on December 31, 2019, to accrue the interest earned to date 1 pause B altarrow_forward
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