Homework Answers
| Date | Account titles & explanations | Debit | Credit | |||||
| 1-Jul | Note receivable | 16,000 | ||||||
| cash | 16,000 | |||||||
| 6-Sep | Notes receivable | 11,000 | ||||||
| Accounts receivable | 11,000 | |||||||
| 30-Sep | interest receivable | 364 | ||||||
| interest income | 364 | |||||||
| (16000*8%*3/12+11000*6%*24/360) | ||||||||
| 5-Dec | cash | 11,165 | ||||||
| interest receivable | 44 | |||||||
| interest income | 121 | |||||||
| note receivable | 11,000 | |||||||
| 2019 | ||||||||
| 1-Jul | cash | 17,280 | ||||||
| interest receivable | 320 | |||||||
| interest income | 960 | |||||||
| note receivable | 16,000 | |||||||
6-September
Notes Receivable 11,000
Sales Revenue 11,000
Sold goods for note
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E8-24 Journalizing note receivable transactions The following selected transactions occurred during 2018 and 2019 for Baltic...
the numbers in the 3rd box is wrong, unsure how to compute The following selected transactions...
the numbers in the 3rd box is wrong, unsure
how to compute
The following selected transactions occurred during 2016 and 2017 for Baltic Importers. The company ends its accounting year on September 30. (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jul. 1: Loaned $13,000 cash to Brandy Tell on a one-year,...
E8-22 Journalizing credit sales, note receivable transactions, and accruing interest Endurance Running Shoes reports the following:...
E8-22 Journalizing credit sales, note receivable transactions, and accruing interest Endurance Running Shoes reports the following: \02 2018 May 6 Recorded credit sales of $102,000. Ignore Cost of Goods Sold. Jul. 1 Loaned $18,000 to Jerry Paul, an executive with the company, on a one-year, 7% note.e Jd NR cl-Ccsn Dec. 31 ACcrued interest revenue on the Paul note. 2019 cetle idner a Collected the maturity value of the Paul note. Jul. 1 Journalize all entries required for Endurance Running...
numbers are wrong ?: Collected the maturity value of the Lawn Pro note. Make sure to...
numbers are wrong
?: Collected the maturity value of the Lawn Pro note. Make sure to determine the missing maturity date. (Prepare a single compound journal entry. Use a 360-day year for this interest computation.) Date Accounts and Explanation Debit Credit 2017 Cash 13,000 47.34 Sep. 30 Interest Receivable Interest Revenue Note Receivable Lawn Pro 2016 Jul. 1 Loaned $13,000 cash to Brandy Tell on a one-year, 8% note. Sep. 6 Sold goods to Lawn Pro, receiving a 90-day, 12%...
0 More Info 2018 Sep. 1 Loaned $18,000 cash to Bob Jewitt on a one-year, 8%...
0 More Info 2018 Sep. 1 Loaned $18,000 cash to Bob Jewitt on a one-year, 8% note Nov. 8 Sold goods to Fairway Pro, receiving a 90-day, 6% note for $16,000. Ignore Cost of Goods Sold. 30 Made a single entry to accrue interest revenue on both notes ? Collected the maturity value of the Fairway Pro note. 2019 Sep. 1 Collected the maturity value of the Jewitt note Print Done The following selected transactions occurred during 2018 and 2019...
ar, 6% note . Debif More Info 2018 Loaned $15,000 cash to Bill McCabe on a...
ar, 6% note . Debif More Info 2018 Loaned $15,000 cash to Bill McCabe on a one-year, 6 % note. Sold goods to Green Pro, receiving a 90-day, 9 % note for $9,000. Ignore Cost of Goods Sold. Made a single entry to accrue interest revenue on both notes. ? Sep. 1 Nov. 6 30 Collected the maturity value of the Green Pro note. 2019 Sep. 1 Collected the maturity value of the McCabe note. Print Done t fields and...
E8-25 Journalizing note receivable transactions Professional Steam Cleaning performs services on account. When a cu...
E8-25 Journalizing note receivable transactions Professional Steam Cleaning performs services on account. When a customer account becomes four months old, Professional converts the account to a note receivable. During 2018, the company completed the following transactions: Apr. 28 Performed service on account for Parkview Club, $18,000. Sep. 1 Received an $18,000, 60-day, 12% note from Parkview Club in satisfaction of its past-due account receivable. Oct. 31 Collected the Parkview Club note at maturity. cr Record the transactions in Professional's journal....
The following selected transactions occurred during 2016 and 2017 for Coral Importers. The company ends its...
The following selected transactions occurred during 2016 and 2017 for Coral Importers. The company ends its accounting year on April 30. (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Feb. 1: Loaned $11,000 cash to Carroll Fadal on a one-year, 10% note Date Credit Accounts and Explanation Note Receivable--Carroll Fadal Cash Debit...
ro-STA (DOOK/static) Question Help Sleepy Recliner Chairs completed the following selected transactions: (Click the icon to...
ro-STA (DOOK/static) Question Help Sleepy Recliner Chairs completed the following selected transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Sleepy Recliner Chairs. Explanations are not required. (Round to the nearest dollar) (Record debits first, then credits. Exclude explanations from journal entries. For notes stated in days, use a 365-day year.) Begin with the transactions for 2018. Jul. 1: Sold inventory to Stan-Mart, receiving a $41,000, nine-month, 8% note. Ignore Cost of Goods Sold....
III. Short Term Liabilities. The following transactions of Scooter Inc. occurred during 2018 and 2019. 2018...
III. Short Term Liabilities. The following transactions of Scooter Inc. occurred during 2018 and 2019. 2018 Marl. Purchased inventory for $65,000, signing a six month, 8% note payable. May 31. Borrowed $105,000 on a 6% one-year note payable. Sep 3. Paid the 8% note payable at maturity. Dec 31. Accrued warranty expense, which is estimated at 1.5% of sales of $193,000. Dec 31. Accrued interest on the 6% note payable. 2019 May 31. Paid the outstanding note payable at maturity....
E8-21 Journalizing transactions using the direct write-off method versus the Ar During August 2018, Lima Company...
E8-21 Journalizing transactions using the direct write-off method versus the Ar During August 2018, Lima Company recorded the following: allowance method Sales of $133,300 ($122,000 on account; $11,300 for cash). Ignore Cost of Goods Sold. Collections on account, $106,400 Write-offs of uncollectible receivables, $990. Recovery of receivable previously written off, $800. Requirements 1. Journalize Lima's transactions during August 2018, assuming Lima uses the direct write-off method. 2. Journalize Lima's transactions during August 2018, assuming Lima uses the allowance method.
the numbers in the 3rd box is wrong, unsure
how to compute
The following selected transactions occurred during 2016 and 2017 for Baltic Importers. The company ends its accounting year on September 30. (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jul. 1: Loaned $13,000 cash to Brandy Tell on a one-year,...
E8-22 Journalizing credit sales, note receivable transactions, and accruing interest Endurance Running Shoes reports the following: \02 2018 May 6 Recorded credit sales of $102,000. Ignore Cost of Goods Sold. Jul. 1 Loaned $18,000 to Jerry Paul, an executive with the company, on a one-year, 7% note.e Jd NR cl-Ccsn Dec. 31 ACcrued interest revenue on the Paul note. 2019 cetle idner a Collected the maturity value of the Paul note. Jul. 1 Journalize all entries required for Endurance Running...
numbers are wrong
?: Collected the maturity value of the Lawn Pro note. Make sure to determine the missing maturity date. (Prepare a single compound journal entry. Use a 360-day year for this interest computation.) Date Accounts and Explanation Debit Credit 2017 Cash 13,000 47.34 Sep. 30 Interest Receivable Interest Revenue Note Receivable Lawn Pro 2016 Jul. 1 Loaned $13,000 cash to Brandy Tell on a one-year, 8% note. Sep. 6 Sold goods to Lawn Pro, receiving a 90-day, 12%...
0 More Info 2018 Sep. 1 Loaned $18,000 cash to Bob Jewitt on a one-year, 8% note Nov. 8 Sold goods to Fairway Pro, receiving a 90-day, 6% note for $16,000. Ignore Cost of Goods Sold. 30 Made a single entry to accrue interest revenue on both notes ? Collected the maturity value of the Fairway Pro note. 2019 Sep. 1 Collected the maturity value of the Jewitt note Print Done The following selected transactions occurred during 2018 and 2019...
ar, 6% note . Debif More Info 2018 Loaned $15,000 cash to Bill McCabe on a one-year, 6 % note. Sold goods to Green Pro, receiving a 90-day, 9 % note for $9,000. Ignore Cost of Goods Sold. Made a single entry to accrue interest revenue on both notes. ? Sep. 1 Nov. 6 30 Collected the maturity value of the Green Pro note. 2019 Sep. 1 Collected the maturity value of the McCabe note. Print Done t fields and...
E8-25 Journalizing note receivable transactions Professional Steam Cleaning performs services on account. When a customer account becomes four months old, Professional converts the account to a note receivable. During 2018, the company completed the following transactions: Apr. 28 Performed service on account for Parkview Club, $18,000. Sep. 1 Received an $18,000, 60-day, 12% note from Parkview Club in satisfaction of its past-due account receivable. Oct. 31 Collected the Parkview Club note at maturity. cr Record the transactions in Professional's journal....
The following selected transactions occurred during 2016 and 2017 for Coral Importers. The company ends its accounting year on April 30. (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Feb. 1: Loaned $11,000 cash to Carroll Fadal on a one-year, 10% note Date Credit Accounts and Explanation Note Receivable--Carroll Fadal Cash Debit...
ro-STA (DOOK/static) Question Help Sleepy Recliner Chairs completed the following selected transactions: (Click the icon to view the transactions.) Record the transactions in the journal of Sleepy Recliner Chairs. Explanations are not required. (Round to the nearest dollar) (Record debits first, then credits. Exclude explanations from journal entries. For notes stated in days, use a 365-day year.) Begin with the transactions for 2018. Jul. 1: Sold inventory to Stan-Mart, receiving a $41,000, nine-month, 8% note. Ignore Cost of Goods Sold....
III. Short Term Liabilities. The following transactions of Scooter Inc. occurred during 2018 and 2019. 2018 Marl. Purchased inventory for $65,000, signing a six month, 8% note payable. May 31. Borrowed $105,000 on a 6% one-year note payable. Sep 3. Paid the 8% note payable at maturity. Dec 31. Accrued warranty expense, which is estimated at 1.5% of sales of $193,000. Dec 31. Accrued interest on the 6% note payable. 2019 May 31. Paid the outstanding note payable at maturity....
E8-21 Journalizing transactions using the direct write-off method versus the Ar During August 2018, Lima Company recorded the following: allowance method Sales of $133,300 ($122,000 on account; $11,300 for cash). Ignore Cost of Goods Sold. Collections on account, $106,400 Write-offs of uncollectible receivables, $990. Recovery of receivable previously written off, $800. Requirements 1. Journalize Lima's transactions during August 2018, assuming Lima uses the direct write-off method. 2. Journalize Lima's transactions during August 2018, assuming Lima uses the allowance method.
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