Homework Answers
1)
| Date | Account title | Debit | credit |
| 1 | Note receivable | 135000 | |
| Sales revenue | 135000 | ||
2)
Note is outstanding for period of 1Feb -1Dec 2019 = 10 months
Interest = Face value * interest rate *n/12
= 135000 *.05 *10/12
= 5625
3)
| Date | Account title | Debit | credit |
| 3 | cash | 140625 | |
| Interest revenue | 5625 | ||
| Note receivable | 135000 |
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please help Calculator wides cleaning services for Clinton Inc., a business with four buildings. Kelsey's assigned...
please help
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Exercise 5-73 (Algorithmic) Accounting for Notes Receivable On November 30, 2019, Tucker Products performed computer programming services for Thomas Inc. in exchange for a 5-month, $55,500, 12% note receivable. Thomas paid Tucker the full amount of interest and principal on April 30, 2020. Required: Prepare the necessary entries for Tucker to record the transactions described above. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar....
Cornerstone Exercise 10-28 (Algorithmic) Accounting for Treasury Stock On February 1, 2019, Destiny Enterprise repurchases 770 shares of its outstanding common stock for $9 per share. On March 1, 2019, Destiny sells 320 shares of treasury stock for $12 per share. On May 10, 2019, Destiny sells the remaining 450 shares of its treasury stock for $6 per share. Required: Prepare the journal entries to record these transactions. 2019 Feb. 1 (Record purchase of treasury shares) Mar. 1 TO 1...
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please help
Calculator wides cleaning services for Clinton Inc., a business with four buildings. Kelsey's assigned different cleaning charges for each building based on the ar arges for the four buildings are $35,000, $27,000, $45,000, and $10,000. Clinton secured this amount by signing a note bearing 7% interest on Ma al entry to record the sale on March 1, 2019. able x 117,819 X 117,819 X be recognized when earned, even if the customer has not paid, as long as...
Exercise 9-4 Interest-bearing notes payable with year-end adjustments LO P1 Keesha Co. borrows $250,000 cash on November 1 of the current year by signing a 120-day, 11%, $250,000 note. 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current year and the following year from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest on December 31, and (c) payment of...
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