FINANCIAL ACCT-CONNECT
8th Edition
ISBN: 9781266627903
Author: Wild
Publisher: INTER MCG
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On August 2, Jun Co. receives a $7,300, 90-day, 12% note from customer Ryan Albany as payment on his $7,300 account. 1. Compute the maturity date for the above note. multiple choice
October 29
October 30
October 31
November 1
November 2
2. Prepare Jun’s journal entry for August 2.
1
Record receipt of note on account.
Sylvestor Systems borrows $75,000 cash on May 15 by signing a 60-day, 7%, $75,000 note.
1. On what date does this note mature?
2-a. Prepare the entry to record issuance of the note.
2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to
record payment of the note at maturity.
Complete this question by entering your answers in the tabs below.
Required 2B
Interest at
Maturity
On what date does this note mature?
Required 1 Required 2A
On what date does this note mature?
Required 2B
General
Journal
P
Question
Sylvestor Systems borrows $69,000 cash on May 15 by signing a 60-day, 8%, $69,000 note. 1. On what date does this note mature?2-a. Prepare the entry to record issuance of the note.2-b. First, complete the table below to calculate the interest expense at maturity. Use those calculated values to prepare your entry to record payment of the note at maturity.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2A
Required 2B Interest at Maturity
Required 2B General Journal
On what date does this note mature?
On what date does this note mature?
Complete this question by entering your answers in the tabs below.
Required 2A
Prepare the entry to record issuance of the note.
Journal entry worksheet
Record the issuance of the note.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
May 15…
Chapter 7 Solutions
FINANCIAL ACCT-CONNECT
Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQ
Ch. 7 - Prob. 1QSCh. 7 - Solstice Company determines on October 1 that it...Ch. 7 - Solstice Company determines on October 1 that it...Ch. 7 - The following list describes aspects of either the...Ch. 7 - Gomez Corp. uses the allowance method to account...Ch. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - Prob. 9QSCh. 7 - Prob. 10QSCh. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Accounts receivable subsidiary ledger; schedule of...Ch. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Percent of accounts receivable method P2 At each...Ch. 7 - Aging of receivables method P2 Daley Company...Ch. 7 - Percent of receivables method P2 Refer to the...Ch. 7 - Writing off receivables P2 Refer to the...Ch. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Notes receivable transactions P3 Refer to the...Ch. 7 - Prob. 12ECh. 7 - Prob. 13ECh. 7 - Prob. 14ECh. 7 - Prob. 15ECh. 7 - Prob. 16ECh. 7 - Sales on account and credit card sales C1 Mayfair...Ch. 7 - Estimating and reporting bad debts P2 At December...Ch. 7 - Aging accounts receivable and accounting for bad...Ch. 7 - Prob. 4PSACh. 7 - Prob. 5PSACh. 7 - Prob. 1PSBCh. 7 - Prob. 2PSBCh. 7 - Prob. 3PSBCh. 7 - Prob. 4PSBCh. 7 - Prob. 5PSBCh. 7 - Santana Rey, owner of Business Solutions, realizes...Ch. 7 - Comparative figures for Apple and Google follow....Ch. 7 - Anton Blair is the manager of a medium-size...Ch. 7 - As the accountant for Pure-Air Distributing, you...Ch. 7 - Access eBays February 6, 2015, filing of its 10-K...Ch. 7 - Prob. 7BTNCh. 7 - Prob. 9BTN
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- Notes Receivable On September 1, 2016, Dougherty Corp. accepted a six-month, 7%, $45,000 interest-bearing note from Rozelle Company in payment of an account receivable. Doughertys year-end is December 31. Rozelle paid the note and interest on the due date. Required Who is the maker and who is the payee of the note? What is the maturity date of the note? Prepare all necessary journal entries that Dougherty needs to make in connection with this note.arrow_forward4-On 5th October 2020 Mazoon LLC has accepted a note receivable from one of the accounts receivables. The maturity period is three months. The maturity date will be. a. 3rd December 2020 b. 5th December 2020 c. 5th January 2021 d. 3rd January 2021arrow_forwardtakeAssignment Care AssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false eBook Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: < 2017 - Dec. 7. Dec. 31. Dec. 31. 3 20Y8 # Feb. 5. Dec. 31 E D Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent. 2017, Dec. 7 Notes Receivable Dec. 31 Ox Received from Unitarian Clothing and Bags Co., on account, a $84,000, 60-day, 9% note dated December 7. Recorded an adjusting entry for accrued interest on the note of December 7. Recorded the closing entry for interest revenue. 4 $ Show Me How Received payment of note and interest from Unitarian Clothing & Bags Co. F4 R LL Accounts Receivable-Unitarian Clothing and Bags Co. Interest…arrow_forward
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