Homework Answers
Please find the journal entries in the attachment. It is assumed
that Charlie has honored the Note on Maturity and has paid interest
@10% pa.
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Central Bank agrees to lend $500,000 on October 1, 2017 to Charlie Co. at 10 %,...
Question 5 0.6 points Save Answer Moss County Bank agrees to lend the Sadowski Brick Company $500,000 on January 1....
Question 5 0.6 points Save Answer Moss County Bank agrees to lend the Sadowski Brick Company $500,000 on January 1. Sadowski Brick Company signs a $500,000, 6%, 12-month note. What is the adjusting entry required if Sadowski Brick Company prepares financial statements on June 302 Dr.Interest Expense.... 15,000 Cr Interest Payable.... 15,000 Dr.Interest Expense....... ... 15,000 CrCash................................. 15,000 Dr. Interest Payable... 15,000 C.Cash... 15,000 Dr. Interest Payable.......... 15,000 Crinterest Expense 15,000
Q1- Castle National bank agrees to lend SR 100,000 on march1, 2017, to land pace company....
Q1- Castle National bank agrees to lend SR 100,000 on march1, 2017, to land pace company. If landscape signs a SR 100,000, 6%, four- month note. On the due date payment made with interest. Pass journal entries. Q2 – Al Rajhi bank agrees to lend SR 200,000 in March 1, 2017, to Aramco Company. If Aramco signs a SR 200,000 6%, for semi-annual note. Pass the journal entries on interest and note. Q3- Al Rajhi bank agrees to lend SR...
Moss County Bank agrees to lend the Sheridan Company $410000 on January 1. Sheridan Company signs...
Moss County Bank agrees to lend the Sheridan Company $410000 on January 1. Sheridan Company signs a $410000, 6%, 9-month note. What is the adjusting entry required if Sheridan Company prepares financial statements on June 30? A Interest Expense 12300 Cash 12300 B Interest Payable 12300 Cash 12300 C Interest Expense 12300 Interest Payable 12300 D Interest Payable 12300 Interest Expense 12300
QUESTION 34 Fog County Bank agrees to lend the Strong Brick Company $500,000 on January 1....
QUESTION 34 Fog County Bank agrees to lend the Strong Brick Company $500,000 on January 1. Strong Brick Company signs a $500,000, 6%, 9-month note. The entry made by Strong Brick Company on January 1 to record the proceeds and issuance of the note is A. Cash 500,000 Interest Expense 22,500 Notes Payable 522,500 500,000 B. Cash Notes Payable 500,000 C. Interest Expense Cash Notes Payable 22,500 477,500 500,000 500,000 22,500 D. Cash Interest Expense Notes Payable Interest Payable 500,000...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr....
Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 20 Purchased $35,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 9% annual interest along with paying $500 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $66,000. __?__...
On April 1, 2017, Mendoza Company borrowed 500,000 euros for one year at an interest rate of 5 percent per annum. Mendo...
On April 1, 2017, Mendoza Company borrowed 500,000 euros for one year at an interest rate of 5 percent per annum. Mendoza must make its first interest payment on the loan on October 1, 2017, and will make a second interest payment on March 31, 2018, when the loan is repaid. Mendoza prepares U.S.-dollar financial statements and has a December 31 year-end. Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 euro...
Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 120-day, 10% note with...
Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 120-day, 10% note with a face value of $200,000. 1. On what date does this note mature? (Assume that February has 28 days) O March 27, 2018. O March 28, 2018. O March 29, 2018. March 30, 2018. O March 01, 2018 2. & 3. What is the amount of interest expense in 2017 and 2018 from this note? (Use 360 days a year. Round final answers to...
Problem 13-1 Bank loan; accrued interest [LO13-2]
Problem 13-1 Bank loan; accrued interest [LO13-2] Blanton Plastics, a household plastic product manufacturer, borrowed $8 million cash on October 1, 2018, to provide working capital for year-end production. Blanton Issued a four-month, 6% promissory note to LAT Bank under a prearranged short-term line of credit. Interest on the note was payable at maturity. Each firm's fiscal period is the calendar year. Required: 1. Prepare the journal entries to record (a) the issuance of the note by Blanton Plastics and (b) LET Bank's receivable...
help me please ? thank you ? 17) N'Jobu Company reported the following liability account balances...
help me please ? thank you ?
17) N'Jobu Company reported the following liability account balances on December 31, 2017: 6% note payable issued October 1, 2016, maturing October 1, 2018 500,000 8% note payable issued April 1, 2016, maturing April 1, 2018 800,000 The 2017 financial statements were issued on March 31, 2018. On March 1, 2018, the entire P800,000 balance of 8% note was refinanced by issuance of a long-term obligation payable lump sum. On December 31, 2017,...
Leonard Fournette Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual...
Leonard Fournette Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual interest rate note payable on November 1, 2017. Fournette maintains their accounting records on a calendar year ending December 31, and prepares adjusting journal entries only at year-end. The journal entry to record payment of the note to Jaguar National Bank on May 1, 2018 would include
Question 5 0.6 points Save Answer Moss County Bank agrees to lend the Sadowski Brick Company $500,000 on January 1. Sadowski Brick Company signs a $500,000, 6%, 12-month note. What is the adjusting entry required if Sadowski Brick Company prepares financial statements on June 302 Dr.Interest Expense.... 15,000 Cr Interest Payable.... 15,000 Dr.Interest Expense....... ... 15,000 CrCash................................. 15,000 Dr. Interest Payable... 15,000 C.Cash... 15,000 Dr. Interest Payable.......... 15,000 Crinterest Expense 15,000
QUESTION 34 Fog County Bank agrees to lend the Strong Brick Company $500,000 on January 1. Strong Brick Company signs a $500,000, 6%, 9-month note. The entry made by Strong Brick Company on January 1 to record the proceeds and issuance of the note is A. Cash 500,000 Interest Expense 22,500 Notes Payable 522,500 500,000 B. Cash Notes Payable 500,000 C. Interest Expense Cash Notes Payable 22,500 477,500 500,000 500,000 22,500 D. Cash Interest Expense Notes Payable Interest Payable 500,000...
On April 1, 2017, Mendoza Company borrowed 500,000 euros for one year at an interest rate of 5 percent per annum. Mendoza must make its first interest payment on the loan on October 1, 2017, and will make a second interest payment on March 31, 2018, when the loan is repaid. Mendoza prepares U.S.-dollar financial statements and has a December 31 year-end. Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 euro...
Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 120-day, 10% note with a face value of $200,000. 1. On what date does this note mature? (Assume that February has 28 days) O March 27, 2018. O March 28, 2018. O March 29, 2018. March 30, 2018. O March 01, 2018 2. & 3. What is the amount of interest expense in 2017 and 2018 from this note? (Use 360 days a year. Round final answers to...
help me please ? thank you ?
17) N'Jobu Company reported the following liability account balances on December 31, 2017: 6% note payable issued October 1, 2016, maturing October 1, 2018 500,000 8% note payable issued April 1, 2016, maturing April 1, 2018 800,000 The 2017 financial statements were issued on March 31, 2018. On March 1, 2018, the entire P800,000 balance of 8% note was refinanced by issuance of a long-term obligation payable lump sum. On December 31, 2017,...
Leonard Fournette Limited borrowed $500,000 from the Jaguar National Bank by signing a 6-month, 12% annual interest rate note payable on November 1, 2017. Fournette maintains their accounting records on a calendar year ending December 31, and prepares adjusting journal entries only at year-end. The journal entry to record payment of the note to Jaguar National Bank on May 1, 2018 would include
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