Homework Answers
| Date | General Journal | Debit | Credit |
| Oct 1,2012 | Note receivable | $20,000 | - |
| Accounts receivable | - | $20,000 | |
| Dec 31, 2012 | Interest receivable ($20,000 X 8% X 3/12) | $400 | - |
| Interest income | - | $400 | |
| Apr 1, 2012 | Cash | $20,800 | - |
| Notes receivable | - | $20,000 | |
| Interest income | - | $400 | |
| Interest receivable | - | $400 |
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Ch. 5 Part Four: Notes Receivable On October 1, 2012, Vandalay Industries sells merchandise on account...
Part 3 of 3 Lynbrook Inc. sells a variety of merchandise to retail stores on account,...
Part 3 of 3 Lynbrook Inc. sells a variety of merchandise to retail stores on account, but it insists that any customer who fails to pay an invoice when due must replace it with an interest-bearing note. The company makes annual adjustments on December 31. On October 1, 2020 Lynbrook converted an Accounts Receivable balance from Scan House in the amount of $20,000 to a 4 month 12% Note Receivable. Required: A. Prepare journal entries (in general journal form) to...
Recording Notes Receivable: Issuance, Payment, and Default Marydale Products permits its customers to defer payment by...
Recording Notes Receivable: Issuance, Payment, and Default Marydale Products permits its customers to defer payment by giving personal notes instead of cash. All the notes bear interest and require the custom payment six months after issuance. Consider the following transactions, which describe Marydale's experience with two such notes: a. On October 31, Marydale accepts a six-month, 12 percent note from customer A in lieu of a $3,600 cash payment for merchandise delivered on that day. b. On February 28, Marydale...
On October 1. Eder Fabrication borrowed $66 million and issued a nine-month, 8% promissory note. Interest...
On October 1. Eder Fabrication borrowed $66 million and issued a nine-month, 8% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (if no entry is required for a transaction/event, select "No lournal entry required in the first account fleld. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the issuance...
On October 1, Eder Fabrication borrowed $55 million and issued a nine-month promissory note. Interest was...
On October 1, Eder Fabrication borrowed $55 million and issued a
nine-month promissory note. Interest was discounted at issuance at
a 13% discount rate.
Prepare the journal entry for the issuance of the note and the
appropriate adjusting entry for the note at December 31, the end of
the reporting period. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in whole dollars.)
Answer is complete but...
Problem 13-1 Bank loan; accrued interest L013-2] Blanton Plastics, a household plastic product manufacturer, borrowed $8...
Problem 13-1 Bank loan; accrued interest L013-2] Blanton Plastics, a household plastic product manufacturer, borrowed $8 million cash on October 1, 2018, to provide working capital f year-end production. Blanton issued a four-month, 6% promissory note to L&T 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...
Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2016, to...
Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2016, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T 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) L&T Bank's receivable on October 1,...
On October 1, Eder Fabrication borrowed $61 million and issued a nine-month promissory note. Interest was...
On October 1, Eder Fabrication borrowed $61 million and issued a nine-month promissory note. Interest was discounted at issuance at a 7% discount rate. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list > 1...
On October 1, Eder Fabrication borrowed $84 million and issued a nine-month, 15% promissory note. Interest...
On October 1, Eder Fabrication borrowed $84 million and issued a nine-month, 15% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December reporting period. (If no entry is required for a transaction/event, select "No journal your answers in whole dollers.) I entry required" in the first account field. Enter View transaction list Journal entry worksheet Record the issuance of the note. Note:...
Exercise 7-18 (Algo) Notes receivable [LO7-7] On June 30, 2021, the Esquirempany sold some merchandise to...
Exercise 7-18 (Algo) Notes receivable [LO7-7] On June 30, 2021, the Esquirempany sold some merchandise to a customer for $62,000. In payment, Esquire agreed to accepta 6% note requiring the payment of interest and principal on March 31, 2022. The 6% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2021 interest accrual, and the...
Notes Receivable Matchbox Corporation lends money to Earnhardt Corporation on July 1, 2019, and accepts a...
Notes Receivable Matchbox Corporation lends money to Earnhardt Corporation on July 1, 2019, and accepts a nine-month, 10% promissory note/note receivable from Earnhardt for $48,000. Matchbox's year-end is December 31, 2019. All interest is due/payable at the time the note matures, April 1, 2020. 1. What is the appropriate journal entry Matchbox Corporation will record on July 1, 2019? Notes Receivable 48,000 Cash 48,000 2. What is the appropriate journal entry Matchbox Corporation needs to record on December 31, 2019?...
Part 3 of 3 Lynbrook Inc. sells a variety of merchandise to retail stores on account, but it insists that any customer who fails to pay an invoice when due must replace it with an interest-bearing note. The company makes annual adjustments on December 31. On October 1, 2020 Lynbrook converted an Accounts Receivable balance from Scan House in the amount of $20,000 to a 4 month 12% Note Receivable. Required: A. Prepare journal entries (in general journal form) to...
Recording Notes Receivable: Issuance, Payment, and Default Marydale Products permits its customers to defer payment by giving personal notes instead of cash. All the notes bear interest and require the custom payment six months after issuance. Consider the following transactions, which describe Marydale's experience with two such notes: a. On October 31, Marydale accepts a six-month, 12 percent note from customer A in lieu of a $3,600 cash payment for merchandise delivered on that day. b. On February 28, Marydale...
On October 1. Eder Fabrication borrowed $66 million and issued a nine-month, 8% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (if no entry is required for a transaction/event, select "No lournal entry required in the first account fleld. Enter your answers in whole dollars.) View transaction list Journal entry worksheet Record the issuance...
On October 1, Eder Fabrication borrowed $55 million and issued a
nine-month promissory note. Interest was discounted at issuance at
a 13% discount rate.
Prepare the journal entry for the issuance of the note and the
appropriate adjusting entry for the note at December 31, the end of
the reporting period. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field. Enter your answers in whole dollars.)
Answer is complete but...
Problem 13-1 Bank loan; accrued interest L013-2] Blanton Plastics, a household plastic product manufacturer, borrowed $8 million cash on October 1, 2018, to provide working capital f year-end production. Blanton issued a four-month, 6% promissory note to L&T 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...
Blanton Plastics, a household plastic product manufacturer, borrowed $14 million cash on October 1, 2016, to provide working capital for year-end production. Blanton issued a four-month, 12% promissory note to L&T 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) L&T Bank's receivable on October 1,...
On October 1, Eder Fabrication borrowed $61 million and issued a nine-month promissory note. Interest was discounted at issuance at a 7% discount rate. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of the reporting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list > 1...
On October 1, Eder Fabrication borrowed $84 million and issued a nine-month, 15% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December reporting period. (If no entry is required for a transaction/event, select "No journal your answers in whole dollers.) I entry required" in the first account field. Enter View transaction list Journal entry worksheet Record the issuance of the note. Note:...
Exercise 7-18 (Algo) Notes receivable [LO7-7] On June 30, 2021, the Esquirempany sold some merchandise to a customer for $62,000. In payment, Esquire agreed to accepta 6% note requiring the payment of interest and principal on March 31, 2022. The 6% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2021 interest accrual, and the...
Notes Receivable Matchbox Corporation lends money to Earnhardt Corporation on July 1, 2019, and accepts a nine-month, 10% promissory note/note receivable from Earnhardt for $48,000. Matchbox's year-end is December 31, 2019. All interest is due/payable at the time the note matures, April 1, 2020. 1. What is the appropriate journal entry Matchbox Corporation will record on July 1, 2019? Notes Receivable 48,000 Cash 48,000 2. What is the appropriate journal entry Matchbox Corporation needs to record on December 31, 2019?...
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