Homework Answers
a) Journal entry
| Transaction | general Journal | Debit | Credit |
| A | Cash | 2000000 | |
| Notes payable | 2000000 | ||
| (To record borrow) |
b) Journal entry
| Transaction | general Journal | Debit | Credit |
| B | Notes payable | 2000000 | |
| Interest expense (2000000*8%*9/12) | 120000 | ||
| Cash | 2120000 | ||
| (To record payment) |
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E9-8 (Static) Reporting Notes Payable and Calculating Interest Expense LO 9-3 North Face is one of...
E9-8 (Algo) Reporting Notes Payable and Calculating Interest Expense LO 9-3 South End is one of the world's most popula...
E9-8 (Algo) Reporting Notes Payable and Calculating Interest Expense LO 9-3 South End is one of the world's most popular outdoor apparel companies. Assume that South End borrows $3.0 million from U.S. Bank and signs a note promising to pay back the $3.0 million in eight months, at which time South End also will pay any accrued interest. The interest rate on the note is 8%. Required: 1. Prepare the journal entry South End will record when it signs the...
E9-8 (Algo) Reporting Notes Payable and Calculating Interest Expense LO 9-3 South End is one of...
E9-8 (Algo) Reporting Notes Payable and Calculating Interest Expense LO 9-3 South End is one of the world's most popular outdoor apparel companies. Assume that South End borrows $3.0 million from U.S. Bank and signs a note promising to pay back the $3.0 million in eight months, at which time South End also will pay any accrued interest. The interest rate on the note is 8% Required: 1. Prepare the journal entry South End will record when it signs the...
E9-8 LO9-3 Reporting Notes Payable and Calculating Interest Expense North Face is one of the world's most popular o...
E9-8 LO9-3 Reporting Notes Payable and Calculating Interest Expense North Face is one of the world's most popular outdoor apparel companies. Assume that North Face bor rows $2 million from U.S. Bank and signs a note promising to pay back the $2 million in nine months, at which time North Face also will pay any accrued interest. The interest rate on the note is 8%. Required: 1. Prepare the journal entry North Face will record when it signs the note...
Required Information Problem 8-2B Record notes payable and notes receivable (L08-2) [The following information applies to...
Required Information Problem 8-2B Record notes payable and notes receivable (L08-2) [The following information applies to the questions displayed below.] Eskimo Joe's, designer of the world's second best-selling T-shirt (fust behind Hard Rock Cafe), borrows $20.5 million cash on November 1, 2021. Eskimo Joe's signs a six-month, 9% promissory note to Stillwater National Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. Problem 8-2B Part 1...
Hi. Sorry for the small font size. The question has three parts, kindly answer all. Many...
Hi. Sorry for the small font size. The question has three parts,
kindly answer all.
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. Nestor Matthews is one of America's most prestigious retailers. Each Christmas season, Nestor Matthews builds up its inventory to meet the needs of Christmas shoppers. A large portion of these Christmas sales are on credit. As a result, Nestor Matthews often collects cash from the sales several months after...
Problem 8-2B Record notes payable and notes receivable (LO8-2) [The following information applies to the questions...
Problem 8-2B Record notes payable and notes receivable
(LO8-2)
[The following
information applies to the questions displayed below.]
Eskimo Joe’s,
designer of the world’s second best-selling T-shirt (just behind
Hard Rock Cafe), borrows $19.9 million cash on November 1,
2021. Eskimo Joe’s signs a six-month, 9% promissory note to
Stillwater National Bank under a prearranged short-term line of
credit. Interest on the note is payable at maturity. Each firm has
a December 31 year-end.
Required information Problem 8-2B Record notes...
Exercise 8-4A Record notes receivable (L08-2) On August 1, 2021, Trico Technologies, an aeronautic electronics company,...
Exercise 8-4A Record notes receivable (L08-2) On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.9 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 6% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.2 million cash to expand op...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.2 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31 Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first...
On March 15, American Eagle declares a quarterly cash dividend of $0.035 per share payable on April 13 to all stockhold...
On March 15, American Eagle declares a quarterly cash dividend of $0.035 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 228 million shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in dollars, not in millions (i.e. $5.5 should be entered as 5,500,000).) View transaction list Journal entry worksheet...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month 8% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
E9-8 (Algo) Reporting Notes Payable and Calculating Interest Expense LO 9-3 South End is one of the world's most popular outdoor apparel companies. Assume that South End borrows $3.0 million from U.S. Bank and signs a note promising to pay back the $3.0 million in eight months, at which time South End also will pay any accrued interest. The interest rate on the note is 8%. Required: 1. Prepare the journal entry South End will record when it signs the...
E9-8 (Algo) Reporting Notes Payable and Calculating Interest Expense LO 9-3 South End is one of the world's most popular outdoor apparel companies. Assume that South End borrows $3.0 million from U.S. Bank and signs a note promising to pay back the $3.0 million in eight months, at which time South End also will pay any accrued interest. The interest rate on the note is 8% Required: 1. Prepare the journal entry South End will record when it signs the...
E9-8 LO9-3 Reporting Notes Payable and Calculating Interest Expense North Face is one of the world's most popular outdoor apparel companies. Assume that North Face bor rows $2 million from U.S. Bank and signs a note promising to pay back the $2 million in nine months, at which time North Face also will pay any accrued interest. The interest rate on the note is 8%. Required: 1. Prepare the journal entry North Face will record when it signs the note...
Required Information Problem 8-2B Record notes payable and notes receivable (L08-2) [The following information applies to the questions displayed below.] Eskimo Joe's, designer of the world's second best-selling T-shirt (fust behind Hard Rock Cafe), borrows $20.5 million cash on November 1, 2021. Eskimo Joe's signs a six-month, 9% promissory note to Stillwater National Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. Problem 8-2B Part 1...
Hi. Sorry for the small font size. The question has three parts,
kindly answer all.
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. Nestor Matthews is one of America's most prestigious retailers. Each Christmas season, Nestor Matthews builds up its inventory to meet the needs of Christmas shoppers. A large portion of these Christmas sales are on credit. As a result, Nestor Matthews often collects cash from the sales several months after...
Problem 8-2B Record notes payable and notes receivable
(LO8-2)
[The following
information applies to the questions displayed below.]
Eskimo Joe’s,
designer of the world’s second best-selling T-shirt (just behind
Hard Rock Cafe), borrows $19.9 million cash on November 1,
2021. Eskimo Joe’s signs a six-month, 9% promissory note to
Stillwater National Bank under a prearranged short-term line of
credit. Interest on the note is payable at maturity. Each firm has
a December 31 year-end.
Required information Problem 8-2B Record notes...
Exercise 8-4A Record notes receivable (L08-2) On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.9 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 6% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.2 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31 Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first...
On March 15, American Eagle declares a quarterly cash dividend of $0.035 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and payment of cash dividends for its 228 million shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answer in dollars, not in millions (i.e. $5.5 should be entered as 5,500,000).) View transaction list Journal entry worksheet...
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.5 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month 8% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the...
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