19) Notes receivable receivable received in settlement of an Accounts receivable is
Notes receivable account..................Debit $9,000
To Accounts receivable account......Credit $9,000
Option 'D' is correct
20) On December 31, 2017 Interest accrued is
= $40,000 * 9% *5 / 12 = $1,500
Interest receivable account....................Debit $1,500
Interest Revenue account...................Credit $1,500
Option 'A' is correct
please help with these accounting problems! all questions please and thank you! 19. Rosen Company receives...
16. Rosen Company receives a $3,000, 3-month, 6% promissory note from Bay Company in settlement of an open accounts receivable. What entry will Rosen Company make A) Neceiving the neen accounts remonth, 6% 3,000 3,000 A) Notes Receivable Accounts Receivable Bay Company 3,000 B) Notes Receivable 3,045 Accounts Receivable-Bay Company Interest Revenue C) Notes Receivable 3,000 Interest Receivable 45 Accounts Receivable Bay Company Interest Revenue D) Notes Receivable 3,045 Accounts Receivable Bay Company 3,000 45 3,045 17. The sale of...
Novak Corp. lends Sunland Company $63600 on August 1, 2017, accepting a 9-month, 15% interest note. If Novak Corp. prepares its financial statements as of December 31, 2017, what adjusting entry must it make? a. Interest Receivable 3975 Interest Revenue 3975 b. Notes Receivable 3975 Interest Revenue 3975 c. Cash 3975 Interest Revenue 3975 d. Accounts Receivable 3975 Interest Receivable 3975
Young Company lends Dobson industries $40,000 on August 1, 2019, accepting a 9- month, 12% interest note. If Young accrued interest at its December 31, 2019 year- end, what entry must it make to record the collection of the note and interest at its maturity date? Question 3 Homogeneous goods are perfect complements similar but not identical always inferior goods perfect substitutes
Marigold Corp. receives a 59300, 3-month promissory note from Blossom Company in settement of an open accounts receivable what entry wil Marigold Corp make upon receiving the note? Not Receivable 9486 Accounts Receivable-Blossom Company Not Receivable Accounts Receivables Company Interest Revenue Notes Recevable Accounts Receivable Boom Company Not Receive resta ble Accounts Receivable-Blossom Interest
Cheyenne Corp.receives a $16000, 9-month, 8% promissory note from Novak Corp. in settlement of an open accounts receivable. What entry will Cheyenne Corp. make upon receiving the note? Notes Receivable 16960 16000 Accounts Receivable-Novak Corp. Interest Revenue 960 Notes Receivable 16000 Accounts Receivable-Novak 16000 Corp. Notes Receivable 16960 Accounts Receivable-Novak 16960 Corp. Notes Receivable 16000 Interest Receivable 960 16000 Accounts Receivable-Novak Corp. Interest Revenue 960
32. Garber Company lends Newell Company $20,000 on April 1, accepting a four-month, 6% interest note. Garber Company prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared? Accrual Accounting!!! A) Note Receivable 20,000 Cash 20,000 B) Interest Receivable Interest Revenue 100 C) Cash Interest Revenue 100 D) Interest Receivable Interest Revenue 300
Harper Company lends Hewell Company $160,000 on December 1, accepting a four- month, 6% interest note. Harper Company prepares financial statements on December 31. What adjusting entry should be made before the financial statements can be prepared? debit cash 200, credit interest revenue 200 debit interest receivable 800, credit interest revenue 800 O debit interest receivable 200, credit interest revenue debit note receivable 40,000, credit cash 40,000
please help with these accounting problems! all questions please and thank you! 6. An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,400 credit balance, the adjustment to record bad debts for the period will require a A) debit to Bad Debt Expense for $9,000. B) debit to Allowance for Doubtful Accounts for $6,600. C) debit to Bad Debt Expense for $6,600. D) credit to Allowance for...
Orole Company lends Riverbed industries 554000 on January 1, 2022, accepting 9-month that it will eventually be able to collect the debt, which of the following entries should most interest note Riverbed ly be made by Orole? shoot the note and does not pay at maturity but Oriol expects Accounts Receivable Notes Receivable 54000 Interest Revenue O Cash Nos Receivable Accounts Receivable Neces Recevable Interest Recevable Accounts Receivable Notece
33. Yang Company lends Dobbs Industies $40,000 on August 1, 2017, accepting a 9-mon note. (a) What is the total amount of interest that Dobbs will owe to Yang Company? (b) When Yang prepares its financial statements on December 31, 2017, what adjusting journal entry wil it need to make? Assume no interests accruals have been recorded since August 1, 2017. (c) What entry will Yang make to record the collection of the note and interest at its maturity date?...