June 23 Received a $48,000, 90-day, 8% note dated June 23 from Radon Express Co. on account. Sept. 21 The note is dishonored by Radon Express Co. Oct. 21 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Radon Express Co. on September 21.

Q: Valley Designs issued a 90-day, 12% note for $36,000, dated April 15, to Bork Furniture Company on…

A: Maturity Value of Note will be Principal Amount and Interest on Note Interest = Principal * Interest…

Q: The following notes receivable transactions occurred for Harris Company during the last three months…

A: Notes receivable: It is a written document by which the other person promises to pay a certain…

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

A:

Q: On April 12, Hong Company agrees to accept a 60-day, 10%, $6,100 note from Indigo Company to extend…

A: For Indigo Company: Accounts payable has been decreased. Notes payable have been increased by the…

Q: Paper Company receives a $3,807, 3-month, 9% promissory note from Dame Company in settlement of an…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Leek Company receives a $12,000, 3-month, 5% promissory note from Rey Company in settlement of an…

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

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: Al Ahlya Company wrote a RO2,500, three-months, 8% promissory note dated August 1, to remove credit…

A: When a business makes credit sales to its customers, then amount due from customer is known as…

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: Prefix Supply Company received a 60-day, 4% note for $46,000 dated July 12 from a customer on…

A: Journal: Recording of a business transaction in a chronological order.

Q: Prepare the journal entries for the following transactions: May 1 Sold $150,000 of goods to Georgia…

A: Loss on sale of receivable = Amount receivable x discount rate x no. of months /12 = $120,000 x 12%…

Q: Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on…

A: Maturity value of the note = Face value of bonds + Interest

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: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…

A: Notes receivable:  Notes receivable is a agreement between lender and borrower for payment of…

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

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

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: Entries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the…

A: Note receivables means the instrument in which the outsider agree to pay certain sum with or without…

Q: )Determine the due date of the note. b)Determine the maturity value of the note. Assume 360 days in…

A: Given information is: Lundquist Company received a 60-day, 9% note for $21,500, dated July 23, from…

Q: business issued a 45-day, 4% note for $240,000 to a creditor on account. Journalize the entries to…

A: A journal entry is prepared by the company to record the non-economic & economic transactions of…

Q: A. Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include…

A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…

Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

A: Notes payable are defined as the written promissory note or an agreement under which the borrower…

Q: Following are transactions of the Wipe-Out Company: Mar. 2 Accepted an $11,240, 5%, 90-day…

A: A journal entry is used to record a business transaction in the accounting records of a business. A…

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: Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account.…

A: Note: We’ll answer the first two questions since the exact one wasn’t specified. Please submit a new…

Q: Hasty and Tasty Foodservice received a 120-day, 7% note for $84,000, dated June 12, from a customer…

A: In case of a credit sale, the customer is given an option to make payment for the sale within a…

Q: Al Ahlya Company wrote a RO2,500, three-months, 8% promissory note dated August 1, to remove credit…

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

Q: Lundquist Company received a 60-day, 6% note for $37,500, dated July 23, from a customer on account.…

A: A ) Lundquist company received $ 37500 on July 23 from customer , for 60 days. Calculation of Due…

Q: Note Receivable Same Day Surgery Center received a 120-day, 10% note for $12,000, dated April 9,…

A: Due date of the note (21+31+30+31+7 days) = August 7

Q: a.  Determine the due date of the note. July 18  b.  Determine the maturity value of the note. $…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Following are transactions of the Wipe-Out Company:   Mar. 2   Accepted a $11,240, 5%, 90-day note…

A: Journal entries (JE) refers to the transaction reporting into the day book of the company and it is…

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

A: Introduction: A journal entry is a transcript of the a business deal in an organization's accounting…

Q: note for $96,000 to a creditor on account. The note was discounted at 7%. Journalize the entries to…

A: Nos. Date Account and Explanation Debit Credit a March 1 Account Payable ($96,000-$1,120 ) $94,880…

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

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

Q: Spring Designs & Decorators issued a 120-day, 4% note for $60,000, dated April 13 to Jaffe…

A: a.Due date of the note = August 11

Q: On November 1, Bahama National Bank lends $3.2 million and accepts a six-month, 6% note receivable.…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

A: Notes payable is a negotiable instrument used for differing payments. In this one-party agree to pay…

Q: ntries for Receipt and Dishonor of Notes Receivable Journalize the following transactions in the…

A: Introduction Notes Receivable is short term promissory note, also a commercial instrument with less…

Q: Prepare general journal entries for the following transactions of Kader Company Mar. 21Discounted a…

A: Journal entry refers to recording and classyfing the business transactions into books of accounts…

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

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

Q: Pomona, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received…

A: 1. Interest income received in 60 day note from R.Elliot Interest rate: 6% $30,000* 6%* 60/360 =…

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: Spring Designs & Decorators issued a 180-day, 7% note for $65,400, dated April 13 to Jaffe…

A: Given:Face Value - $65,400Rate of Interest -  7%Time Period – 180 daysIssue Date – April 13Due date…

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

A: Solution: (a). Calculate due date as follows :   Number of days in month  Cumulative days…

Q: The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 December 16 Accepted…

A: 1. Interest Recognition - Interest is the income earned by the issuer of the notes on the account.…

Q: utumn Designs & Decorators issued a 120-day, 7% note for $65,400, dated April 13 to Zebra Furniture…

A: Answer a) The due date of note received will be 120 days from the date of issue of note (i.e., April…