Homework Answers
Journal entry
| date | account and explanation | Debit | credit |
| Sep 1 | Notes receivable-Bill McCabe | 15000 | |
| Cash | 15000 | ||
| Nov 6 | Notes receivable-Green Pro | 9000 | |
| Sales revenue | 9000 | ||
| Nov 30 | Interest receivable | 279 | |
| Interest revenue | 279 | ||
| 4 Feb | Cash | 9202.50 | |
| Notes receivable-Green Pro | 9000 | ||
| Interest receivable | 54 | ||
| Interest revenue | 148.50 | ||
| Sep 1 | Cash | 15900 | |
| Notes receivable-Bill McCabe | 15000 | ||
| Interest receivable | 225 | ||
| Interest revenue | 675 | ||
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ar, 6% note . Debif More Info 2018 Loaned $15,000 cash to Bill McCabe on a...
0 More Info 2018 Sep. 1 Loaned $18,000 cash to Bob Jewitt on a one-year, 8%...
0 More Info 2018 Sep. 1 Loaned $18,000 cash to Bob Jewitt on a one-year, 8% note Nov. 8 Sold goods to Fairway Pro, receiving a 90-day, 6% note for $16,000. Ignore Cost of Goods Sold. 30 Made a single entry to accrue interest revenue on both notes ? Collected the maturity value of the Fairway Pro note. 2019 Sep. 1 Collected the maturity value of the Jewitt note Print Done The following selected transactions occurred during 2018 and 2019...
E8-24 Journalizing note receivable transactions The following selected transactions occurred during 2018 and 2019 for Baltic...
E8-24 Journalizing note receivable transactions The following selected transactions occurred during 2018 and 2019 for Baltic Import- ers. The company ends its accounting year on September 30. 2018 Deh, Jul. 1 Loaned $ 16,000 cash to Bud Shyne on a one-year, 8% note. اعل EGO Sep. 6 Sold goods to Lawn Pro, receiving a 90-day, 6% note for $11,000. Ignore Cost of Goods Sold. 30 Made a single entry to accrue interest revenue on both notes. Il peo+4319 1 62...
More Info 2018 Mar. 1 Borrowed $525,000 from Naples Bank. The 15-year, 5% note requires payments...
More Info 2018 Mar. 1 Borrowed $525,000 from Naples Bank. The 15-year, 5% note requires payments due annually, on March 1 . Each payment consists of $35,000 principal plus one years interest. Mortgaged the warehouse for $150,000 cash with Sandi Bank. The mortgage requires monthly payments of $2,000. The interest rate on the note is 6% and accrues monthly. The first payment is due on January 1, 2019. Recorded interest accrued on the Sandi Bank note. Recorded interest accrued on...
On June 30, 2018, Oak Bank loaned 584,000 to Kim Dunkelberg on a one-year, 12% note...
On June 30, 2018, Oak Bank loaned 584,000 to Kim Dunkelberg on a one-year, 12% note Oak's fiscal year ends on December 31 Read the requirements Requirements Accrued interest revenue Journalize the collection of the note from Kim Dunkelberg at maturity Date Accounts and Explanation 2019 1. Journalize all entries for Oak Bank related to the note for 2018 and 2 2. Which party has a a. note receivable? b. note payable? c. interest revenue? d. interest expense? 3. Suppose...
Signoff Lamp Company had the following balances at December 31, 2018, before the year-end adjustments (Click...
Signoff Lamp Company had the following balances at December 31, 2018, before the year-end adjustments (Click the icon to view the balances and accounts receivable aging schedule.) O RECORD DEDISSERTTECTES, S E Requirements 1. Journalize Signoff's entry to record bad debts expense for 2018 using the aging-of-receivables method. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement. Jorgegnonsen TT DU DUS Expense or UIO Using meng-OHIVOS explanation on the last line of the journal...
the numbers in the 3rd box is wrong, unsure how to compute The following selected transactions...
the numbers in the 3rd box is wrong, unsure
how to compute
The following selected transactions occurred during 2016 and 2017 for Baltic Importers. The company ends its accounting year on September 30. (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jul. 1: Loaned $13,000 cash to Brandy Tell on a one-year,...
The following selected transactions occurred during 2016 and 2017 for Coral Importers. The company ends its...
The following selected transactions occurred during 2016 and 2017 for Coral Importers. The company ends its accounting year on April 30. (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Feb. 1: Loaned $11,000 cash to Carroll Fadal on a one-year, 10% note Date Credit Accounts and Explanation Note Receivable--Carroll Fadal Cash Debit...
On November 30, 2018, Citibank loaned $2,000,000 to Gavin Product, Inc., on a one-year, 6 percent...
On November 30, 2018, Citibank loaned $2,000,000 to Gavin Product, Inc., on a one-year, 6 percent note Read the requirements Requirement 1. Compute the interest on the note for the years ended December 31, 2018, and December 31 2019. Round interest calculations to the nearest dollar Start by determining the formula needed to compute interest. Principal Interest rate Time Amount of interest Now determine interèst for the years ended December 31, 2018 and 2019, on the Gavin Product note Interest...
not regl More Info gnore c 2018 Jul. Cred 1 Sold merchandise inventory to Great -...
not regl More Info gnore c 2018 Jul. Cred 1 Sold merchandise inventory to Great - Mart, receiving a $45,000, nine-month, 8% note. Ignore Cost of Goods Sold. 31 Recorded cash sales for the period of $18,000. Ignore Cost of Goods Oct Sold. Dec 31 Made an adjusting entry to accrue interest on the Great-Mart note. 31 Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging schedule shows that $13,500 of...
1 of 1 (1 complete) A More Info aldo's Dec 1 Waldo contributed $70,000 cash to...
1 of 1 (1 complete) A More Info aldo's Dec 1 Waldo contributed $70,000 cash to the business in exchange for capital 1 Purchased $12,000 of equipment paying cash. 1 Paid $1,750 for a five-month insurance policy starting on December sion dates balance to that account in the ter a "0" on the nom Account 9 Paid $20,000 cash to purchase land to be used in operations 10 Purchased office supplies on account, $2,800. 19 Borrowed $15,000 from the bank...
0 More Info 2018 Sep. 1 Loaned $18,000 cash to Bob Jewitt on a one-year, 8% note Nov. 8 Sold goods to Fairway Pro, receiving a 90-day, 6% note for $16,000. Ignore Cost of Goods Sold. 30 Made a single entry to accrue interest revenue on both notes ? Collected the maturity value of the Fairway Pro note. 2019 Sep. 1 Collected the maturity value of the Jewitt note Print Done The following selected transactions occurred during 2018 and 2019...
E8-24 Journalizing note receivable transactions The following selected transactions occurred during 2018 and 2019 for Baltic Import- ers. The company ends its accounting year on September 30. 2018 Deh, Jul. 1 Loaned $ 16,000 cash to Bud Shyne on a one-year, 8% note. اعل EGO Sep. 6 Sold goods to Lawn Pro, receiving a 90-day, 6% note for $11,000. Ignore Cost of Goods Sold. 30 Made a single entry to accrue interest revenue on both notes. Il peo+4319 1 62...
More Info 2018 Mar. 1 Borrowed $525,000 from Naples Bank. The 15-year, 5% note requires payments due annually, on March 1 . Each payment consists of $35,000 principal plus one years interest. Mortgaged the warehouse for $150,000 cash with Sandi Bank. The mortgage requires monthly payments of $2,000. The interest rate on the note is 6% and accrues monthly. The first payment is due on January 1, 2019. Recorded interest accrued on the Sandi Bank note. Recorded interest accrued on...
On June 30, 2018, Oak Bank loaned 584,000 to Kim Dunkelberg on a one-year, 12% note Oak's fiscal year ends on December 31 Read the requirements Requirements Accrued interest revenue Journalize the collection of the note from Kim Dunkelberg at maturity Date Accounts and Explanation 2019 1. Journalize all entries for Oak Bank related to the note for 2018 and 2 2. Which party has a a. note receivable? b. note payable? c. interest revenue? d. interest expense? 3. Suppose...
Signoff Lamp Company had the following balances at December 31, 2018, before the year-end adjustments (Click the icon to view the balances and accounts receivable aging schedule.) O RECORD DEDISSERTTECTES, S E Requirements 1. Journalize Signoff's entry to record bad debts expense for 2018 using the aging-of-receivables method. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement. Jorgegnonsen TT DU DUS Expense or UIO Using meng-OHIVOS explanation on the last line of the journal...
the numbers in the 3rd box is wrong, unsure
how to compute
The following selected transactions occurred during 2016 and 2017 for Baltic Importers. The company ends its accounting year on September 30. (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jul. 1: Loaned $13,000 cash to Brandy Tell on a one-year,...
The following selected transactions occurred during 2016 and 2017 for Coral Importers. The company ends its accounting year on April 30. (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Feb. 1: Loaned $11,000 cash to Carroll Fadal on a one-year, 10% note Date Credit Accounts and Explanation Note Receivable--Carroll Fadal Cash Debit...
On November 30, 2018, Citibank loaned $2,000,000 to Gavin Product, Inc., on a one-year, 6 percent note Read the requirements Requirement 1. Compute the interest on the note for the years ended December 31, 2018, and December 31 2019. Round interest calculations to the nearest dollar Start by determining the formula needed to compute interest. Principal Interest rate Time Amount of interest Now determine interèst for the years ended December 31, 2018 and 2019, on the Gavin Product note Interest...
not regl More Info gnore c 2018 Jul. Cred 1 Sold merchandise inventory to Great - Mart, receiving a $45,000, nine-month, 8% note. Ignore Cost of Goods Sold. 31 Recorded cash sales for the period of $18,000. Ignore Cost of Goods Oct Sold. Dec 31 Made an adjusting entry to accrue interest on the Great-Mart note. 31 Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging schedule shows that $13,500 of...
1 of 1 (1 complete) A More Info aldo's Dec 1 Waldo contributed $70,000 cash to the business in exchange for capital 1 Purchased $12,000 of equipment paying cash. 1 Paid $1,750 for a five-month insurance policy starting on December sion dates balance to that account in the ter a "0" on the nom Account 9 Paid $20,000 cash to purchase land to be used in operations 10 Purchased office supplies on account, $2,800. 19 Borrowed $15,000 from the bank...
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