Homework Answers
| May 2 | Notes Receivable | 9,000 | |
| Cash | 9,000 | ||
| Nov 2 | Accounts Receivable | 9315 | |
| Interest revenue (9,000*7%*1/2) | 315 | ||
| Notes Receivable | 9,000 | ||
| Nov 2 | Allowance for Doubtful Accounts | 9,000 | |
| Notes Receivable | 9,000 | ||
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Exercise 8-15 On May 2, McLain Company lends $9,000 to Chang, Inc., Issuing a 6-month, 7%...
Exercise 9-15 a-c (Part Level Submission) On May 2, Kingbird Company lends $9,900 to Chang, Inc.,...
Exercise 9-15 a-c (Part Level Submission) On May 2, Kingbird Company lends $9,900 to Chang, Inc., using a 6-month, 12% note. At the maturity date, November 2, Chang indicates that it cannot pay. (a) Your answer is correct Prepare the entry to record the issuance of the note. (Credit account titles are automatically indent Date Account Titles and Explanation May 2 Notes Receivable Do net indent manually Debit Cash Click if you would like to Show Work for this question...
On May 2, Kingbird Company lends $9,900 to Chang. Inc. issuing a6-month, 12% note. At the...
On May 2, Kingbird Company lends $9,900 to Chang. Inc. issuing a6-month, 12% note. At the maturity date, Nevember 2, Chang indicates that it cannot pay. (a) Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Accoint Titles and Explanation Debit Credit May 2 Click if you would like to Show Work for this question: Open Show Work
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 8-13 (Part Level Submission) On May 2, McLain...
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 8-13 (Part Level Submission) On May 2, McLain Company lends $29,200 to Chang, Inc., issuing a 6-month, 6% note. At the maturity date, November 2, Chang indicates that it cannot pay. (a) Your answer is correct. Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 2 Notes Receivable |...
On May 2, Skysong, Inc. lends $52,800 to Chang
On May 2, Skysong, Inc. lends $52,800 to Chang, Inc., issuing a 6-month, 10% note. At the maturity date, November 2. Chang indicates that it cannot pay. (a) Prepare the entry to record the issuance of the note.(b) Prepare the entry to record the dishonor of the note, assuming that Skysong, Inc. expects collection will occur. (c) Prepare the entry to record the dishonor of the note, assuming that Skysong, Inc. does not expect collection in the future.
Q3/ On November 1, 2018, Lawn Inc. accepted a three-month, 9%, $69,600 note from Sipacore Inc....
Q3/ On November 1, 2018, Lawn Inc. accepted a three-month, 9%, $69,600 note from Sipacore Inc. in settlement of its account. Interest is due on the first day of each month, starting December 1. Both companies’ year ends are December 31 A/ Prepare all journal entries for Lawn over the term of the note. Assume that the note is collected in full on the maturity date. (Credit account titles are automatically indented when amount is entered. Do not indent manually....
On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000, 8% note....
On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000, 8% note. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 Prepare the entry at maturity...
Exercise 10-03 On June 1, Crane Company Ltd. borrows $99,000 from Acme Bank on a 6-month,...
Exercise 10-03 On June 1, Crane Company Ltd. borrows $99,000 from Acme Bank on a 6-month, $99,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is...
On June 1, Merando Company borrows $90,000 from First Bank on a 6-month, $90,000, 8% note....
On June 1, Merando Company borrows $90,000 from First Bank on a
6-month, $90,000, 8% note.
Prepare the entry on June 1. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the adjusting entry on June 30. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit...
CALCULATOR PRINTER VERSION Exercise 15-05 a-c Sheridan Company issued $2,020,000 of bonds on January 1, 2020....
CALCULATOR PRINTER VERSION Exercise 15-05 a-c Sheridan Company issued $2,020,000 of bonds on January 1, 2020. Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 99, and (3) 104. (Credit account titles are automatically indented when amot not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the redemption of the bonds at maturity,...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020,...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
Exercise 9-15 a-c (Part Level Submission) On May 2, Kingbird Company lends $9,900 to Chang, Inc., using a 6-month, 12% note. At the maturity date, November 2, Chang indicates that it cannot pay. (a) Your answer is correct Prepare the entry to record the issuance of the note. (Credit account titles are automatically indent Date Account Titles and Explanation May 2 Notes Receivable Do net indent manually Debit Cash Click if you would like to Show Work for this question...
On May 2, Kingbird Company lends $9,900 to Chang. Inc. issuing a6-month, 12% note. At the maturity date, Nevember 2, Chang indicates that it cannot pay. (a) Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Accoint Titles and Explanation Debit Credit May 2 Click if you would like to Show Work for this question: Open Show Work
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 8-13 (Part Level Submission) On May 2, McLain Company lends $29,200 to Chang, Inc., issuing a 6-month, 6% note. At the maturity date, November 2, Chang indicates that it cannot pay. (a) Your answer is correct. Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 2 Notes Receivable |...
On June 1, Swifty Company borrows $120,000 from First Bank on a 6-month, $120,000, 8% note. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 Prepare the entry at maturity...
Exercise 10-03 On June 1, Crane Company Ltd. borrows $99,000 from Acme Bank on a 6-month, $99,000, 8% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is...
On June 1, Merando Company borrows $90,000 from First Bank on a
6-month, $90,000, 8% note.
Prepare the entry on June 1. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Date
Account Titles and Explanation
Debit
Credit
June 1
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare the adjusting entry on June 30. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit...
CALCULATOR PRINTER VERSION Exercise 15-05 a-c Sheridan Company issued $2,020,000 of bonds on January 1, 2020. Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 99, and (3) 104. (Credit account titles are automatically indented when amot not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record the redemption of the bonds at maturity,...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
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