Homework Answers
| Date | Account Titles | Debit | Credit |
| Oct 1, 2019 | Notes receivable | 120000 | |
| Sales revenue | 120000 | ||
| Dec 31,2019 |
Interest receivable [120,000*8%*3/12] |
2400 | |
| Interest revenue | 2400 | ||
| Oct 1,2020 |
Cash [120,000*8%] |
9600 | |
|
Interest receivable [120,000*8%*3/12] |
2400 | ||
| Interest revenue | 7200 | ||
| Dec 31, 2020 |
Interest receivable [120,000*8%*3/12] |
2400 | |
| Interest revenue | 2400 | ||
| Oct 1,2021 | Cash | 129600 | |
|
Interest receivable [120,000*8%*3/12] |
2400 | ||
| Interest revenue | 7200 | ||
| Notes receivable | 120000 |
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Instructions Prepare all journal entries necessary to reflect the transactions above. P7.7 (LO4) (Notes Receivable with...
On October 1, 2017, BLANK Equipment Company sold a pecan-harvesting machine to BLANK Brothers Farm, Inc....
On October 1, 2017, BLANK Equipment Company sold a
pecan-harvesting machine to BLANK Brothers Farm, Inc. In lieu of a
cash payment BLANK Brothers Farm gave ** a 2-year, $150,800, 10%
note (a realistic rate of interest for a note of this type). The
note required interest to be paid annually on October 1. BLANK
Equipment's financial statements are prepared on a calendar-year
basis.
Assuming BLANK Brothers Farm fulfills all the terms of the note,
prepare the necessary journal entries...
On October 1, 2017, Novak Corp., a farm equipment dealer, sold a harvesting machine to Sweet...
On October 1, 2017, Novak Corp., a farm equipment dealer, sold a harvesting machine to Sweet Acacia Industries. Instead of a cash payment, Sweet Acacia Industries gave Novak a $130,000, two-year, 12% note; 12% is a realistic rate for a note of this type. The note required interest to be paid annually on October 1, beginning October 1, 2018. Novak’s financial statements are prepared on a calendar-year basis. A) Assuming that no reversing entries are used and that Sweet Acacia...
can someone explain how to do these? Notes Payable CHAPTER 10 Record the journal entries on the books of Stanley's...
can
someone explain how to do these?
Notes Payable CHAPTER 10 Record the journal entries on the books of Stanley's Garage, Inc. for the following transactions: October 1, 2019: Borrowed $60,000 from Wells Fargo Bank and signed a 10 month, 8% note. December 31, 2019: Made the necessary year-end adjusting journal entry for the note. August 1, 2020: Repaid the note plus all interest due to Wells Fargo Credit Date October 1, 2019 Accounts Cash ble payable 1 Debit 600,000...
ales and notes receivable transactions Chart of Accounts Journal Instructions The following were selected from...
ales and notes receivable transactions Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Caldemeyer Co. during the current year Caldemeyer sells and installs home and business security systems Jan 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8 % note Feb 10 Sold merchandise on account to Bradford & Co, $24,000. The cost of the goods sold was $14,400 Sold merchandise on account to Dry Creek Co, $60,000 The cost of...
Forms Practice Set Instructions: 1. Prepare journal entries to record external transactions 2. Post journal entries...
Forms Practice Set Instructions: 1. Prepare journal entries to record external transactions 2. Post journal entries to general ledger T accounts. 3. Prepare journal entries to record adjusting entries 4 Post the adjusting entries to the general ledger T accounts (include a balance on each account) 5. Prepare an adjusted trial balance. 6. Prepare, using good form, an income statement, a statement of stockholders' equity, and a classified balance sheet. 7. Prepare closing journal entries. 8. Post the closing entries...
2. Prepare journal entries to record the following transactions involving both the short-term and long-term investments...
2. Prepare journal entries to record the following transactions involving both the short-term and long-term investments of HDX Inc., all of which occurred during calendar year 2019. a. On February 15, paid $100,000 cash to purchase Apex's 90-day short-term notes at par, which are dated February 15 and pay 5% interest (classified as short-term held-to- maturity). O B. On March 22, bought 1,000 shares of Fox Industries common stock (2% of Fox's outstanding stock) at $25 cash per share plus...
C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries...
C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6) [The following information applies to the questions displayed below.) Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018,...
What would be the appropriate adjusting journal entries: The notes payable balance relates to a bank...
What would be the appropriate adjusting journal entries: The notes payable balance relates to a bank loan obtained in 2018 that is payable in full on august 31,2023. the loan agreement specifies that Clarke pay interest annually on august 31 at a rate of 7.05%. Clarke's bookkeeper made the proper entry for the first interest payment. On September 20,2019, Clarke paid $53,952 for ads to run evenly over a 10-month period, starting October 1,2019. In November 2019, Clarke received $129,320...
Required information C4.2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing...
Required information C4.2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6] The following information applies to the questions displayed below] Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January...
Required information C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing...
Required information C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6] [The following information applies to the questions displayed below.] Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January...
On October 1, 2017, BLANK Equipment Company sold a
pecan-harvesting machine to BLANK Brothers Farm, Inc. In lieu of a
cash payment BLANK Brothers Farm gave ** a 2-year, $150,800, 10%
note (a realistic rate of interest for a note of this type). The
note required interest to be paid annually on October 1. BLANK
Equipment's financial statements are prepared on a calendar-year
basis.
Assuming BLANK Brothers Farm fulfills all the terms of the note,
prepare the necessary journal entries...
can
someone explain how to do these?
Notes Payable CHAPTER 10 Record the journal entries on the books of Stanley's Garage, Inc. for the following transactions: October 1, 2019: Borrowed $60,000 from Wells Fargo Bank and signed a 10 month, 8% note. December 31, 2019: Made the necessary year-end adjusting journal entry for the note. August 1, 2020: Repaid the note plus all interest due to Wells Fargo Credit Date October 1, 2019 Accounts Cash ble payable 1 Debit 600,000...
ales and notes receivable transactions Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Caldemeyer Co. during the current year Caldemeyer sells and installs home and business security systems Jan 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8 % note Feb 10 Sold merchandise on account to Bradford & Co, $24,000. The cost of the goods sold was $14,400 Sold merchandise on account to Dry Creek Co, $60,000 The cost of...
Forms Practice Set Instructions: 1. Prepare journal entries to record external transactions 2. Post journal entries to general ledger T accounts. 3. Prepare journal entries to record adjusting entries 4 Post the adjusting entries to the general ledger T accounts (include a balance on each account) 5. Prepare an adjusted trial balance. 6. Prepare, using good form, an income statement, a statement of stockholders' equity, and a classified balance sheet. 7. Prepare closing journal entries. 8. Post the closing entries...
2. Prepare journal entries to record the following transactions involving both the short-term and long-term investments of HDX Inc., all of which occurred during calendar year 2019. a. On February 15, paid $100,000 cash to purchase Apex's 90-day short-term notes at par, which are dated February 15 and pay 5% interest (classified as short-term held-to- maturity). O B. On March 22, bought 1,000 shares of Fox Industries common stock (2% of Fox's outstanding stock) at $25 cash per share plus...
C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6) [The following information applies to the questions displayed below.) Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018,...
Required information C4.2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6] The following information applies to the questions displayed below] Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January...
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