Homework Answers
| Date | Account Titles | Debit | Credit | |
| Nov 1 | Cash | 11200 | ||
| Interest Receivable | 200 | =10000*12%*2/12 | ||
| Interest Revenue | 1000 | =10000*12%*10/12 | ||
| Notes Receivable | 10000 |
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Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are...
Exercise 9-12 a-b (Part Level Submission) Tamarisk Supply Co. has the following transactions related to notes...
Exercise 9-12 a-b (Part Level Submission) Tamarisk Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make evtries to accrue interest except at December 31. Nov. 1 Laned $10,000 cash to Manny Lopez on a 12-month. 12% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $14,400, 90-day, 10% note 16 Received a $13,400. 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable....
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months...
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. Dec, 11 Sold goods to Ralph Kremer, Inc., receiving a $61.200, 90-day, 10% note. Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes...
Exercise 8-12 a-b Elburn Supply Co. has the following transactions related to notes receivable during the...
Exercise 8-12 a-b Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note. 16 Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31 Accrued...
Exercise 8-12 a-b Elburn Supply Co. has the following transactions related to notes receivable during the...
Exercise 8-12 a-b Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov, 1 Dec. 11 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note. Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti's outstanding accounts receivable. 16 31 Accrued...
*Exercise 9-12 a-b Skysong Supply Co. has the following transactions related to notes receivable during the last 2 mont...
*Exercise 9-12 a-b Skysong Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $27,600 cash to Manny Lopez on a 12-month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $81,000, 90-day, 8% note. Received a $82,080, 180 day, 10% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest...
Please try to keep the same format! Exercise 9-12 a-b Sheridan Supply Co. has the following...
Please try to keep the same format!
Exercise 9-12 a-b Sheridan Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $21,600 cash to Manny Lopez on a 12-month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $54,000, 90-day, 8% note. Received a $53,280, 180 day, 10% note in exchange for...
Exercise 9-12 a-b Kingbird Supply Co. has the following transactions related to notes receivable during the...
Exercise 9-12 a-b
Kingbird Supply Co. has the following transactions related to notes
receivable during the last 2 months of 2020. The company does not
make entries to accrue interest except at December 31.
Nov. 1
Loaned $25,200 cash to Manny Lopez on a 12-month, 10%
note.
Dec. 11
Sold goods to Ralph Kremer, Inc., receiving a $65,250, 90-day,
8% note.
16
Received a $65,280, 180 day, 10% note in exchange for Joe
Fernetti’s outstanding accounts receivable.
31
Accrued interest...
My main issue with this following problem is the Interest Receivable and the Interest Revenue, I...
My main issue with this following problem is the Interest Receivable and the Interest Revenue, I got everything else correct but I am unsure about these two. Thank you for your help! Bramble Corp. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $13,200 cash to Manny Lopez on a 12 month, 10% note. Dec. 11 Sold goods...
The main issue I'm having with this problem is the interest receivable entry, for some reason,...
The main issue I'm having with this problem is the interest receivable entry, for some reason, I cant seem to get it right. Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Nov. 1 Loaned $13,200 cash to Manny Lopez on a 12 month, 10% note. Date Account Titles and Explanation Debit Credit Nov. 1 Cash enter a debit amount enter a credit...
jasmine supply Co. has the following transaction related to Record the collection of the Bull note...
jasmine supply Co. has the following transaction related
to
Record the collection of the Bull note at its maturity in 2021. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 1 Exercise 212 a-b Jasmine's Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. Nov. 1 Loaned $24,000 cash to Simone Buil on a 1-year, 7% note. Dec....
Exercise 9-12 a-b (Part Level Submission) Tamarisk Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make evtries to accrue interest except at December 31. Nov. 1 Laned $10,000 cash to Manny Lopez on a 12-month. 12% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $14,400, 90-day, 10% note 16 Received a $13,400. 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable....
Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. Dec, 11 Sold goods to Ralph Kremer, Inc., receiving a $61.200, 90-day, 10% note. Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes...
Exercise 8-12 a-b Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov, 1 Dec. 11 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note. Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti's outstanding accounts receivable. 16 31 Accrued...
*Exercise 9-12 a-b Skysong Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $27,600 cash to Manny Lopez on a 12-month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $81,000, 90-day, 8% note. Received a $82,080, 180 day, 10% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest...
Please try to keep the same format!
Exercise 9-12 a-b Sheridan Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $21,600 cash to Manny Lopez on a 12-month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $54,000, 90-day, 8% note. Received a $53,280, 180 day, 10% note in exchange for...
Exercise 9-12 a-b
Kingbird Supply Co. has the following transactions related to notes
receivable during the last 2 months of 2020. The company does not
make entries to accrue interest except at December 31.
Nov. 1
Loaned $25,200 cash to Manny Lopez on a 12-month, 10%
note.
Dec. 11
Sold goods to Ralph Kremer, Inc., receiving a $65,250, 90-day,
8% note.
16
Received a $65,280, 180 day, 10% note in exchange for Joe
Fernetti’s outstanding accounts receivable.
31
Accrued interest...
jasmine supply Co. has the following transaction related
to
Record the collection of the Bull note at its maturity in 2021. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 1 Exercise 212 a-b Jasmine's Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. Nov. 1 Loaned $24,000 cash to Simone Buil on a 1-year, 7% note. Dec....
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