Uniform Supply accepted a $6,400, 90-day, 6% note from Tracy Janitorial on October 17. If the...
Uniform Supply accepted a $6,400, 90-day, 6% note from Tracy Janitorial on October 17. If the note is dishonored, but Uniform Supply intends to continue collection efforts, what entry should Uniform Supply make on January 15 of the next year? (Assume no reversing entries are made.) (Use 360 days a year.)
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Debit Cash $6,496; credit Interest Revenue $16; credit Interest Receivable $80, credit Notes Receivable $6,400.
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Debit Cash $6,496; credit Interest Revenue $80; credit Interest Receivable $16, credit Notes Receivable $6,400.
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Debit Notes Receivable $6,400; debit Interest Receivable $96; credit Sales $6,496.
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Debit Accounts Receivable $6,496; credit Interest Revenue $16; credit Interest Receivable $80, credit Notes Receivable $6,400.
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Debit Cash $6,496; credit Notes Receivable $6,496.
Homework Answers
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Uniform Supply accepted a $6,400, 90-day, 6% note from Tracy
Janitorial on October 17. If the...
Save & Exit Uniform Supply accepted a $7,600, 90-day, 6% note from Tracy Janitorial on October...
Save & Exit Uniform Supply accepted a $7,600, 90-day, 6% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the next year when the note is paid? (Assume reversing entries are not made.). (Use 360 days a year.) Multiple Choice 26 Debit Cash $7,714, credit Interest Revenue $19. credit interest Receivable $95credit Notes Receivable $7,600. Debit Cash $7,714, credit Notes Receivable $7,714 Debit Cash $7,714, credit Interest Revenue $95. credit interest Receivable...
A company borrowed $11,000 by signing a 90-day promissory note at 10%. The total interest due...
A company borrowed $11,000 by signing a 90-day promissory note
at 10%. The total interest due on the maturity date is:
(Use 360 days a year.)
Multiple Choice
$275.00
$1,100.00
$27.50
$412.50
$137.50
Marlow Company purchased a point of sale system on January 1 for
$6,700. This system has a useful life of 5 years and a salvage
value of $1,050. What would be the depreciation expense
for the second year of its useful life using the
double-declining-balance method?
Multiple...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: A) Debit Notes Receivable for $89,000; credit Cash $89,000. B) Debit Notes Payable $89,000: credit Accounts Payable $89,000. C) Debit Accounts Receivable $89,000; credit Notes Receivable $89,000. D) Debit Notes Receivable $89.000; credit Sales $89,000. E) Debit Cash $89,000; credit Notes Receivable for $89,000. 18) Jasper makes a $50,000, 90-day, 9,0% cash loan to Clayborn Co. Jasper's entry to record...
A company accepted a 60-day, 15 percent note having a face value of $2,000 from Ron...
A company accepted a 60-day, 15 percent note having a face value of $2,000 from Ron Warren in settlement of his account receivable. The note was dishonored at maturity. The correct entry on the books of the company to record the default on the note is: a)Accounts Receivable 2,050 Notes Receivable 2,000 Interest Revenue 50 b) Notes Payable 2,000 Accounts Payable 2,000 c) Dishonored Notes Receivable 2,300 Notes Receivable 2,000 Interest Revenue 300 d)...
On May 17, Otay Olive Co. accepted a $5,500, 8%, 90-day note from a customer. On June 11, the note was discounted at 10%...
On May 17, Otay Olive Co. accepted a $5,500, 8%, 90-day note from a customer. On June 11, the note was discounted at 10%. At maturity date, the note was dishonored and the bank charged a $15 protest fee. The amount that Otay Olive Co. would debit to Notes Receivable Dishonored is a. $5,625.00 b. $5,535.29 c. $5,638.00 d. $5,610.00
O'Martin & Lowry, Inc. accepted a $150,000,8%, 90-day note receivable for services rendered to a client....
O'Martin & Lowry, Inc. accepted a $150,000,8%, 90-day note receivable for services rendered to a client. Thirty days later, O'Martin & Lowry discounted the note at a bank at 10%. Assume interest has not been recognized for the first month. (Info for #23 and #24) 23. The entry to record the proceeds from the sale of the note would include a a. debit to Notes Receivable for $150,000 b. debit to Cash for $145,000. c. credit to Interest Receivable for...
14. On August 1, Kim Company accepted a 90-day note receivable as payment for services provided...
14. On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Usu Company. The terms of the note were $20,000 face value and 6% interest. On October 30, the journal entry to record the collection of the note should include a a. credit to Interest Revenue for $300 b. debit to Notes Receivable for $20,000 c. credit to Notes Receivable for $20,300 d. debit to Interest Receivable for $300 The objectives of intenal control...
A $104,400, 60-day, 6% note recorded on November 21 is not paid by the maker at...
A $104,400, 60-day, 6% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event, assuming a 360-day year, is a. debit Cash, $105,444; credit Notes Receivable, $105,444 b. debit Accounts Receivable, $105,444; credit Notes Receivable, $104,400; credit Interest Receivable, $1,044 c. debit Accounts Receivable, $105,444; credit Notes Receivable, $104,400; credit Interest Revenue, $1,044 d. debit Notes Receivable, $105,444; credit Accounts Receivable, $105,444
The following selected transactions are from Gonzalez Company. Year 1 Dec. 16 Accepted a $15, 600,...
The following selected transactions are from Gonzalez Company. Year 1 Dec. 16 Accepted a $15, 600, 60-day, 10% note in granting Lindsey Martin a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Martin note. Year 2 Feb. 14 Received Martin's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $10,000, 10%, 90-day note in granting a time extension on the past-due account receivable...
Following are transactions for Vitalo Company. Nov. 1 Accepted a $16,000, 180-day, 6% note from Kelly...
Following are transactions for Vitalo Company. Nov. 1 Accepted a $16,000, 180-day, 6% note from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the white note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30" and use those calculated values to prepare your journal entries. (Do not round intermediate...
Save & Exit Uniform Supply accepted a $7,600, 90-day, 6% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the next year when the note is paid? (Assume reversing entries are not made.). (Use 360 days a year.) Multiple Choice 26 Debit Cash $7,714, credit Interest Revenue $19. credit interest Receivable $95credit Notes Receivable $7,600. Debit Cash $7,714, credit Notes Receivable $7,714 Debit Cash $7,714, credit Interest Revenue $95. credit interest Receivable...
A company borrowed $11,000 by signing a 90-day promissory note
at 10%. The total interest due on the maturity date is:
(Use 360 days a year.)
Multiple Choice
$275.00
$1,100.00
$27.50
$412.50
$137.50
Marlow Company purchased a point of sale system on January 1 for
$6,700. This system has a useful life of 5 years and a salvage
value of $1,050. What would be the depreciation expense
for the second year of its useful life using the
double-declining-balance method?
Multiple...
17) Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be: A) Debit Notes Receivable for $89,000; credit Cash $89,000. B) Debit Notes Payable $89,000: credit Accounts Payable $89,000. C) Debit Accounts Receivable $89,000; credit Notes Receivable $89,000. D) Debit Notes Receivable $89.000; credit Sales $89,000. E) Debit Cash $89,000; credit Notes Receivable for $89,000. 18) Jasper makes a $50,000, 90-day, 9,0% cash loan to Clayborn Co. Jasper's entry to record...
O'Martin & Lowry, Inc. accepted a $150,000,8%, 90-day note receivable for services rendered to a client. Thirty days later, O'Martin & Lowry discounted the note at a bank at 10%. Assume interest has not been recognized for the first month. (Info for #23 and #24) 23. The entry to record the proceeds from the sale of the note would include a a. debit to Notes Receivable for $150,000 b. debit to Cash for $145,000. c. credit to Interest Receivable for...
14. On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Usu Company. The terms of the note were $20,000 face value and 6% interest. On October 30, the journal entry to record the collection of the note should include a a. credit to Interest Revenue for $300 b. debit to Notes Receivable for $20,000 c. credit to Notes Receivable for $20,300 d. debit to Interest Receivable for $300 The objectives of intenal control...
A $104,400, 60-day, 6% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event, assuming a 360-day year, is a. debit Cash, $105,444; credit Notes Receivable, $105,444 b. debit Accounts Receivable, $105,444; credit Notes Receivable, $104,400; credit Interest Receivable, $1,044 c. debit Accounts Receivable, $105,444; credit Notes Receivable, $104,400; credit Interest Revenue, $1,044 d. debit Notes Receivable, $105,444; credit Accounts Receivable, $105,444
The following selected transactions are from Gonzalez Company. Year 1 Dec. 16 Accepted a $15, 600, 60-day, 10% note in granting Lindsey Martin a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Martin note. Year 2 Feb. 14 Received Martin's payment of principal and interest on the note dated December 16. Mar. 2 Accepted a $10,000, 10%, 90-day note in granting a time extension on the past-due account receivable...
Following are transactions for Vitalo Company. Nov. 1 Accepted a $16,000, 180-day, 6% note from Kelly White in granting a time extension on her past-due account receivable. Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the white note. Apr. 30 White honored her note when presented for payment. Complete the table to calculate the interest amounts at December 31st and April 30" and use those calculated values to prepare your journal entries. (Do not round intermediate...
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