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B. On June 5, Scavenger Company borrowed $125,000 from BC Bank. The loan had an interest...
Perez Company borrowed $54,000 from the First National Bank on June 1, 2019, on a 3-year,...
Perez Company borrowed $54,000 from the First National Bank on June 1, 2019, on a 3-year, 8.7% note. Interest is paid annually on May 31. If required, round amounts to the nearest dollar. Required: 1. Record the borrowing transaction in Perez's journal 2019. June 1 Record issuance of note at par 2. Prepare the adjusting entries made at December 31, 2019 and 2020. 2019. December 31 Record interest expense 2020. December 31 Record interest expense 3. Prepare the necessary journal...
Question 2 (32 marks) On December 1, Gates Company borrowed $45,000 cash from FirstBank by signing...
Question 2 (32 marks) On December 1, Gates Company borrowed $45,000 cash from FirstBank by signing a 90-day, 9% note payable. a. Prepare Gate's journal entry to record the issuance of the note payable. b. Prepare Gate's journal entry to record the accrued interest due at December 31. c. Prepare Gate's journal entry to record the payment of the note on March 1 of the next year.
Question 1 (13 marks, 19 minutes) On October 1, 2012, Proctor Ltd. borrowed $80,000 from Prudential...
Question 1 (13 marks, 19 minutes) On October 1, 2012, Proctor Ltd. borrowed $80,000 from Prudential Bank by signing a 10 month, 6%, interest-bearing note. Interest and principal are due at maturity. Proctor's year end is March 31. Proctor prepares adjusting entries at year end only. Required: Prepare the journal entries listed below associated with the note payable on the books of Proctor Ltd. (a) Prepare the entry on October 1, 2012 when the note was issued. (1 mark) (b)...
Problem 13-1 Bank loan; accrued interest (LO13-2) Blanton Plastics, a household plastic product manufacturer, borrowed $7...
Problem 13-1 Bank loan; accrued interest (LO13-2) Blanton Plastics, a household plastic product manufacturer, borrowed $7 million cash on October 1, 2018, to provide working capital for year-end production. Blanton issued a four-month, 15% promissory note to L&T Bank under a prearranged short-term line of credit Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record the issuance of the note by Blanton Plastics and (b)...
Problem 13-1 Bank loan; accrued interest [LO13-2]
Problem 13-1 Bank loan; accrued interest [LO13-2] Blanton Plastics, a household plastic product manufacturer, borrowed $8 million cash on October 1, 2018, to provide working capital for year-end production. Blanton Issued a four-month, 6% promissory note to LAT Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) LET Bank's receivable...
Borrower Company borrowed $100,000 from Bank B on May 1 of Year 1. The annual interest...
Borrower Company borrowed $100,000 from Bank B on May 1 of Year 1. The annual interest rate on the loan is 12%. Borrower Company will repay the entire loan, both principal and accrued interest, after one year on April 30 of Year 2. So, Borrower Company will pay NO CASH to Bank B between May 1 of Year 1 and April 30 of Year 2. Which ONE of the following is included in the books of Borrower Company to record...
Problem 13-1 Bank loan; accrued interest L013-2] Blanton Plastics, a household plastic product manufacturer, borrowed $8...
Problem 13-1 Bank loan; accrued interest L013-2] Blanton Plastics, a household plastic product manufacturer, borrowed $8 million cash on October 1, 2018, to provide working capital f year-end production. Blanton issued a four-month, 6% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and...
On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $800,000. On July 1, 2021, the company borrowed $650,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The
On June 30, 2021, the High Five Surfboard Company had outstanding accounts receivable of $800,000. On July 1, 2021, the company borrowed $650,000 from the Equitable Finance Corporation and signed a promissory note. Interest at 10% is payable monthly. The company assigned specific receivables totaling $800,000 as collateral for the loan. Equitable Finance charges a finance fee equal to 1.2% of the accounts receivable assigned.Required:Prepare the journal entry to record the borrowing on the books of High Five Surfboard. (If...
TUTORIAL QUESTIONS - LIABILITIES Question 1 On December 1, Destin Corporation borrowed RM50,000 on a 90-day,...
TUTORIAL QUESTIONS - LIABILITIES Question 1 On December 1, Destin Corporation borrowed RM50,000 on a 90-day, 6% note. Prepare the entries to record the issuance of the note, the accrual of interest at year end, and the payment of the note Question 2 During December 2016, Fashion Valley Publishing sold 2,500 12-month annual magazine subscriptions at a rate of RM30 each. The first issues were mailed in January 2013. Prepare the entries on Fashion Valley's books to record the sale...
11/1/2019 The Piano Co. borrowed funds to replace its damaged roof Amount borrowed ...
11/1/2019 The Piano Co. borrowed funds to replace its damaged roof Amount borrowed 180,000 Interest rate 5% Term of note 6 months INSTRUCTIONS: Prepare the journal entries to record the issuance of the note the accrual of interest at year end the payment of the note on its due date On January 1, 2019, Teasdale Corp. issued 10 year 800,000 5% bond payable. Interest is payable semi-annually on June 30 and December 31. INSTRUCTIONS: Prepare the journal entry...
Perez Company borrowed $54,000 from the First National Bank on June 1, 2019, on a 3-year, 8.7% note. Interest is paid annually on May 31. If required, round amounts to the nearest dollar. Required: 1. Record the borrowing transaction in Perez's journal 2019. June 1 Record issuance of note at par 2. Prepare the adjusting entries made at December 31, 2019 and 2020. 2019. December 31 Record interest expense 2020. December 31 Record interest expense 3. Prepare the necessary journal...
Question 2 (32 marks) On December 1, Gates Company borrowed $45,000 cash from FirstBank by signing a 90-day, 9% note payable. a. Prepare Gate's journal entry to record the issuance of the note payable. b. Prepare Gate's journal entry to record the accrued interest due at December 31. c. Prepare Gate's journal entry to record the payment of the note on March 1 of the next year.
Question 1 (13 marks, 19 minutes) On October 1, 2012, Proctor Ltd. borrowed $80,000 from Prudential Bank by signing a 10 month, 6%, interest-bearing note. Interest and principal are due at maturity. Proctor's year end is March 31. Proctor prepares adjusting entries at year end only. Required: Prepare the journal entries listed below associated with the note payable on the books of Proctor Ltd. (a) Prepare the entry on October 1, 2012 when the note was issued. (1 mark) (b)...
Problem 13-1 Bank loan; accrued interest (LO13-2) Blanton Plastics, a household plastic product manufacturer, borrowed $7 million cash on October 1, 2018, to provide working capital for year-end production. Blanton issued a four-month, 15% promissory note to L&T Bank under a prearranged short-term line of credit Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record the issuance of the note by Blanton Plastics and (b)...
Borrower Company borrowed $100,000 from Bank B on May 1 of Year 1. The annual interest rate on the loan is 12%. Borrower Company will repay the entire loan, both principal and accrued interest, after one year on April 30 of Year 2. So, Borrower Company will pay NO CASH to Bank B between May 1 of Year 1 and April 30 of Year 2. Which ONE of the following is included in the books of Borrower Company to record...
Problem 13-1 Bank loan; accrued interest L013-2] Blanton Plastics, a household plastic product manufacturer, borrowed $8 million cash on October 1, 2018, to provide working capital f year-end production. Blanton issued a four-month, 6% promissory note to L&T Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and...
TUTORIAL QUESTIONS - LIABILITIES Question 1 On December 1, Destin Corporation borrowed RM50,000 on a 90-day, 6% note. Prepare the entries to record the issuance of the note, the accrual of interest at year end, and the payment of the note Question 2 During December 2016, Fashion Valley Publishing sold 2,500 12-month annual magazine subscriptions at a rate of RM30 each. The first issues were mailed in January 2013. Prepare the entries on Fashion Valley's books to record the sale...
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