Homework Answers
| No | Account titles and explaination | Debit | Credit |
| Cash (54000+2700+2160) | $58860 | ||
| Notes receivable | $54000 | ||
| Interest receivable ($54000*12%*5/12) | $2700 | ||
| Interest revenue ($54000*12%*4/12) | $2160 | ||
| (To record collection of the note and interest) |
So, the answer is option B)
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Sheffield Corp ends Riverbed industries 554000 on August 1 2032 accepting a month, 125erest it make...
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Shed Carpends Riverbed Industries $54000 on August 1, 2022, accepting a it make to record the collection of the note and interest at its maturity date? interest at its December 31, 2022 year end, what entry must Cash Not Receivable Interest Revenue 54000 Notes Receivable Interest Receivable Notes Receivable res Receivable T Nates Receivable
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implied interest rate is 10%. Prepare Sheffield's journal entries
for the initial transaction, recognition of interest each year, and
the collection of $100,800 at maturity.
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Shed Carpends Riverbed Industries $54000 on August 1, 2022, accepting a it make to record the collection of the note and interest at its maturity date? interest at its December 31, 2022 year end, what entry must Cash Not Receivable Interest Revenue 54000 Notes Receivable Interest Receivable Notes Receivable res Receivable T Nates Receivable
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
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
Sheffield Company loaned $83,306 to Hemingway, Inc, accepting
Hemingway's 2-year, $100,800, zero-interest-bearing note. The
implied interest rate is 10%. Prepare Sheffield's journal entries
for the initial transaction, recognition of interest each year, and
the collection of $100,800 at maturity.
Account Titles and Explanation Debit Credit Notes Receivable 100800 Discount on Notes Receivable 17494 Cash 83306 (To record the receipt of the note at a discount.) Discount on Notes Receivable 8331 Interest Revenue 8331 (To record the interest revenue at the...
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