Homework Answers
Solution:
| Journal Entries - Shoemaker Corporation | |||
| Date | Particulars | Debit | Credit |
| 1-Apr-21 | Note receivables Dr | $490,000.00 | |
| To Cash | $490,000.00 | ||
| (To record money lent) | |||
| 31-Dec-21 | Interest receivables Dr | $36,750.00 | |
| To Interest revenue | $36,750.00 | ||
| (To record interest revenue) | |||
| 1-Apr-22 | Cash Dr | $539,000.00 | |
| To Interest receivables | $36,750.00 | ||
| To Interest revenue | $12,250.00 | ||
| To Note receivables | $490,000.00 | ||
| (Collection of principal and interest at maturity) | |||
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On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty...
Saved work On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is...
Saved work On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $600,000 to its supplier using a 12-month, 11% note, Required: 1. The loan of $600,000 and acceptance of the note receivable on April 1, 2021. 2. The adjustment for accrued interest on December...
On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty...
On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $500,000 to its supplier using a 12-month, 12% note. Required: 1. The loan of $500,000 and acceptance of the note receivable on April 1, 2021 2 The adjustment for accrued interest on December 31, 2021...
How do you do these please explain my teacher isnt teaching us anything On April 1,...
How do you do these please explain my teacher isnt teaching us
anything
On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $600,000 to its supplier using a 12-month, 11% note. Required: 1. The loan of $600,000 and acceptance of the note receivable on...
help me figure out the amounts for the journal entiries 2 and 3 On April 1,...
help me figure out the amounts for the journal entiries 2 and
3
On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $500,000 to its supplier using a 12-month, 12% note. Required: 1. The loan of $500,000 and acceptance of the note receivable on...
Problem 5-8B Record long-term notes receivable and interest revenue (LO5-7) On April 15, 2021, Sampson Consulting...
Problem 5-8B Record long-term notes receivable and interest
revenue (LO5-7)
On April 15, 2021, Sampson Consulting provides services to a
customer for $92,000. To pay for the services, the customer signs a
three-year, 9% note. The face amount is due at the end of the third
year, while annual interest is due each April 15. (Hint:
Because the note is accepted during the middle of the month,
Sampson plans to recognize one-half month of interest revenue in
April 2021, and...
On April 1, 2021, a company loans one of its suppliers $53,000 and accepts a 28-month,...
On April 1, 2021, a company loans one of its suppliers $53,000 and accepts a 28-month, 13% note receivable. Calculate the amount of interest revenue the company will recognize in 2021 2022 and 2023. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) 2021 2022 2023 Amount of interest revenue I Next > 10 of 40 < Prev arch
On April 15, 2021, Sampson Consulting provides services to a customer for $94,000. To pay for...
On April 15, 2021, Sampson Consulting provides services to a customer for $94,000. To pay for the series, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Because the note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 2021, and one-half month of interest revenue in April 2024) Required: 1....
On April 1, 2021, a company loans one of its suppliers $57,000 and accepts a 29-month, 13% note receivable. Calcula...
On April 1, 2021, a company loans one of its suppliers $57,000 and accepts a 29-month, 13% note receivable. Calculate the amount of interest revenue the company will recognize in 2021 2022, and 2023. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) 2021 2022 2023 Amount of interest revenue < Prev 5 of 40 !!! Next >
On October 1, 2021, Oberley Corporation loans one of its employees $40,000 and accepts a 12...
On October 1, 2021, Oberley Corporation loans one of its employees $40,000 and accepts a 12 month, 9% note receivable. Calculate the amount of interest revenue Oberley will recognize in 2021 and 2022 Year Interest Revenue 2021 2022 We were unable to transcribe this imageAt the end of the year, Brinkley Incorporated's balance of Allowance for Uncollectible Accounts is $4,000 (credio before adjustment The company estimates future uncollectible accounts to be 3% of credit sales for the year. Credit sales...
On December 1, 2021, Liang Chemical provides services to a customer for $85.000. In payment for...
On December 1, 2021, Liang Chemical provides services to a customer for $85.000. In payment for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each December 1 Required: 1. Record the acceptance of the note on December 1, 2021. 2. Record the interest collected on December 1 for 2022 and 2023, and the adjustment for interest revenue on December 31 for 2021....
Saved work On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $600,000 to its supplier using a 12-month, 11% note, Required: 1. The loan of $600,000 and acceptance of the note receivable on April 1, 2021. 2. The adjustment for accrued interest on December...
On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $500,000 to its supplier using a 12-month, 12% note. Required: 1. The loan of $500,000 and acceptance of the note receivable on April 1, 2021 2 The adjustment for accrued interest on December 31, 2021...
How do you do these please explain my teacher isnt teaching us
anything
On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $600,000 to its supplier using a 12-month, 11% note. Required: 1. The loan of $600,000 and acceptance of the note receivable on...
help me figure out the amounts for the journal entiries 2 and
3
On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $500,000 to its supplier using a 12-month, 12% note. Required: 1. The loan of $500,000 and acceptance of the note receivable on...
Problem 5-8B Record long-term notes receivable and interest
revenue (LO5-7)
On April 15, 2021, Sampson Consulting provides services to a
customer for $92,000. To pay for the services, the customer signs a
three-year, 9% note. The face amount is due at the end of the third
year, while annual interest is due each April 15. (Hint:
Because the note is accepted during the middle of the month,
Sampson plans to recognize one-half month of interest revenue in
April 2021, and...
On April 1, 2021, a company loans one of its suppliers $53,000 and accepts a 28-month, 13% note receivable. Calculate the amount of interest revenue the company will recognize in 2021 2022 and 2023. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) 2021 2022 2023 Amount of interest revenue I Next > 10 of 40 < Prev arch
On April 15, 2021, Sampson Consulting provides services to a customer for $94,000. To pay for the series, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Because the note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 2021, and one-half month of interest revenue in April 2024) Required: 1....
On April 1, 2021, a company loans one of its suppliers $57,000 and accepts a 29-month, 13% note receivable. Calculate the amount of interest revenue the company will recognize in 2021 2022, and 2023. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) 2021 2022 2023 Amount of interest revenue < Prev 5 of 40 !!! Next >
On October 1, 2021, Oberley Corporation loans one of its employees $40,000 and accepts a 12 month, 9% note receivable. Calculate the amount of interest revenue Oberley will recognize in 2021 and 2022 Year Interest Revenue 2021 2022 We were unable to transcribe this imageAt the end of the year, Brinkley Incorporated's balance of Allowance for Uncollectible Accounts is $4,000 (credio before adjustment The company estimates future uncollectible accounts to be 3% of credit sales for the year. Credit sales...
On December 1, 2021, Liang Chemical provides services to a customer for $85.000. In payment for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each December 1 Required: 1. Record the acceptance of the note on December 1, 2021. 2. Record the interest collected on December 1 for 2022 and 2023, and the adjustment for interest revenue on December 31 for 2021....
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