Homework Answers
Record Payment of Notes Payables with Interest
| Debit | Credit | |
| Cash | 8137 | |
| Interest income (7900*9%*4/12) | 237 | |
| Notes Receivables | 7900 |
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Crane Company accepts from Gates Stores a $7,900,4-month, 9% note dated May 31 in settlement of...
Crane Company accepts from Gates Stores a $7,900, 4-month, 9% note dated May 31 in settlement...
Crane Company accepts from Gates Stores a $7,900, 4-month, 9% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. (a1) Calculate the interest payable at maturity. Interest payable at maturity $
help Cullumber Company accepts from Gates Stores a $4,800, 4-month, 10% note dated May 31 in...
help
Cullumber Company accepts from Gates Stores a $4,800, 4-month, 10% note dated May 31 in settlement of Gates overdue account. The maturity date of the note is September 30. (a1) Your answer is correct. Calculate the interest payable at maturity. Interest payable at maturity $ 160.00 What entry does Cullumber Company make at the maturity date, assuming Gates pays the note and interest in full at that time? (Credit account titles are automatically indented when amount is entered. Do...
Do It! Review 8-3 Sheridan Company accepts from Gates Stores a $9,100, 4-month, 10% note dated...
Do It! Review 8-3 Sheridan Company accepts from Gates Stores a $9,100, 4-month, 10% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity. (Round answer to o decimal places, e.g. $155.) Interest payable at maturity SHOW LIST OF ACCOUNTS LINK TO TEXT What entry does Sheridan Company make at the maturity date, assuming Gates pays the note and interest in full at that time?...
Do It! Review 8-3 Skysong, Inc. accepts from Gates Stores a $6,400, 4-month, 11% note dated...
Do It! Review 8-3 Skysong, Inc. accepts from Gates Stores a $6,400, 4-month, 11% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity. (Round answer to o decimal places, e.g. $155.) Interest payable at maturity $ SHOW LIST OF ACCOUNTS LINK TO TEXT What entry does Skysong, Inc, make at the maturity date, assuming Gates pays the note and interest in full at that...
RCES Practice Do It! Review 02 a-b (Part Level Submission) Blossom Wholesalers accepts from Benton Stores...
RCES Practice Do It! Review 02 a-b (Part Level Submission) Blossom Wholesalers accepts from Benton Stores a $10,550, 4-month, 12% note dated May 31 in settlement of Benton's overdue account. (b) What is the interest payable at the maturity date. Interest payable at the maturity date LINK TO TEXT
On June 1, Sandhill Co. Ltd. borrows $90,000 from Acme Bank on a 6-month, $90,000, 8% note. The note matures on Decembe...
On June 1, Sandhill Co. Ltd. borrows $90,000 from Acme Bank on a 6-month, $90,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 e Textbook and Media List of Accounts Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
On January 1,Crane Company issued $372,000, 7% , 10-year bonds at face value. Interest is payable...
On January 1,Crane Company issued $372,000, 7% , 10-year bonds at face value. Interest is payable annually on January 1 Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when...
Kingbird, Inc. issued 3,300,7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid...
Kingbird, Inc. issued 3,300,7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Your answer is partially correct. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 cash Bonds Payable e Textbook and Media List of Accounts Your answer is partially correct. Prepare the adjusting...
Exercise 10-03 On June 1, Crane Company Ltd. borrows $99,000 from Acme Bank on a 6-month,...
Exercise 10-03 On June 1, Crane Company Ltd. borrows $99,000 from Acme Bank on a 6-month, $99,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is...
help Kelly Jones and Tami Crawford borrowed $13,200 on a 7-month, 5% note from Gem State...
help
Kelly Jones and Tami Crawford borrowed $13,200 on a 7-month, 5% note from Gem State Bank to open their business, Crane's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 Prepare the entry to accrue...
Crane Company accepts from Gates Stores a $7,900, 4-month, 9% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. (a1) Calculate the interest payable at maturity. Interest payable at maturity $
help
Cullumber Company accepts from Gates Stores a $4,800, 4-month, 10% note dated May 31 in settlement of Gates overdue account. The maturity date of the note is September 30. (a1) Your answer is correct. Calculate the interest payable at maturity. Interest payable at maturity $ 160.00 What entry does Cullumber Company make at the maturity date, assuming Gates pays the note and interest in full at that time? (Credit account titles are automatically indented when amount is entered. Do...
Do It! Review 8-3 Sheridan Company accepts from Gates Stores a $9,100, 4-month, 10% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity. (Round answer to o decimal places, e.g. $155.) Interest payable at maturity SHOW LIST OF ACCOUNTS LINK TO TEXT What entry does Sheridan Company make at the maturity date, assuming Gates pays the note and interest in full at that time?...
Do It! Review 8-3 Skysong, Inc. accepts from Gates Stores a $6,400, 4-month, 11% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity. (Round answer to o decimal places, e.g. $155.) Interest payable at maturity $ SHOW LIST OF ACCOUNTS LINK TO TEXT What entry does Skysong, Inc, make at the maturity date, assuming Gates pays the note and interest in full at that...
RCES Practice Do It! Review 02 a-b (Part Level Submission) Blossom Wholesalers accepts from Benton Stores a $10,550, 4-month, 12% note dated May 31 in settlement of Benton's overdue account. (b) What is the interest payable at the maturity date. Interest payable at the maturity date LINK TO TEXT
On June 1, Sandhill Co. Ltd. borrows $90,000 from Acme Bank on a 6-month, $90,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 e Textbook and Media List of Accounts Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
On January 1,Crane Company issued $372,000, 7% , 10-year bonds at face value. Interest is payable annually on January 1 Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when...
Kingbird, Inc. issued 3,300,7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Your answer is partially correct. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 cash Bonds Payable e Textbook and Media List of Accounts Your answer is partially correct. Prepare the adjusting...
Exercise 10-03 On June 1, Crane Company Ltd. borrows $99,000 from Acme Bank on a 6-month, $99,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is...
help
Kelly Jones and Tami Crawford borrowed $13,200 on a 7-month, 5% note from Gem State Bank to open their business, Crane's Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 Prepare the entry to accrue...
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