Homework Answers
1) Journal entry
| Notes receivable | 27000 | |
| Sales revenue | 27000 | |
2) $540
3) Journal entry
| Cash | 27540 | |
| Interest revenue | 540 | |
| Notes receivable | 27000 |
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Brief Exercise 5-53 Notes Receivable Harrigan Enterprises utilizes Snoopy Systems to design and implement a cash...
Cornerstone Exercise 5-35 (Algorithmic) Notes Receivable Link Communications programs voicemail systems for businesses. For a recent...
Cornerstone Exercise 5-35 (Algorithmic) Notes Receivable Link Communications programs voicemail systems for businesses. For a recent project, they charged $135,000. The customer secured this amount by signing a note bearing 5% interest on February 1, 2019. Required: 1. Prepare the journal entry to record the sale on February 1, 2019 Record sale 2. Determine how much interest Link will receive if the note is repaid on December 1, 2019. Round your answer to the nearest whole dollar. 3. Prepare Link's...
Cornerstone Exercise 5-34 (Algorithmic) Notes Receivable Metzler Communications designs and programs a website for a local...
Cornerstone Exercise 5-34 (Algorithmic) Notes Receivable Metzler Communications designs and programs a website for a local business. Metzler charges $33,000 for the project, and the local business signs an 5% note January 1, 2019. Required: 1. Prepare the journal entry to record the sale on January 1, 2019 Record sale 2. Determine how much interest Metzler will receive if the note is repaid on July 1, 2019 3. Prepare Metzler's journal entry to record the cash received to pay off...
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a...
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a financial services company, Assume a 360-day year. (All notes are dated as of the day they are received.) Mar. 8. Received a $33,000, 5%, 60-day note on account. 31. Received an $80,000, 7%, 90-day note on account. May 7. Received $33,275 on note of March 8. 16. Received a $72,000,7%, 90-day note on account. June 11. Received a $36,000, 6%, 45-day note on account....
Problem 5-86A (Algorithmic) Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yamell...
Problem 5-86A (Algorithmic) Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yamell engaged in the following activities involving notes receivable a. On November 1, 2019, Yamell sold a $5,000 system to Ross Company. Ross gave Yamella 6-month, 11% note as payment b. On December 1, 2019, Yarnell sold an $8,500 system to Searfoss Inc. Starfoss gave Yarella 9- month, 10% note as payment c. On May 1, 2020, Ross paid the amount due on its note....
Exercise 5-73 (Algorithmic) Accounting for Notes Receivable On November 30, 2019, Tucker Products performed computer pr...
Exercise 5-73 (Algorithmic) Accounting for Notes Receivable On November 30, 2019, Tucker Products performed computer programming services for Thomas Inc. in exchange for a 5-month, $55,500, 12% note receivable. Thomas paid Tucker the full amount of interest and principal on April 30, 2020. Required: Prepare the necessary entries for Tucker to record the transactions described above. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar....
Chapter 10 Exercise A Help Save & Exit Submit Check my work Brussels Enterprises issues bonds...
Chapter 10 Exercise A Help Save & Exit Submit Check my work Brussels Enterprises issues bonds at par dated January 1, 2019, that have a $1,700,000 par value, mature in four years, and pay 9% interest semiannually on June 30 and December 31 0.71 points 1. Record the entry for the issuance of bonds for cash on January 1 2. Record the entry for the first semiannual interest payment and the second semiannual interest payment. 3. Record the entry for...
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?...
Cornerstone Exercise 4-20 Bank Reconciliation Tiny Corp. prepares monthly bank reconciliations of its checking account balance....
Cornerstone Exercise 4-20 Bank Reconciliation Tiny Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement indicated the following: Balance, beginning of the month $15,640 Service charge for October Interest earned during October 80 NSF check from Green Corp. (deposited by Tiny) for goods 615 purchased on account Note ($2,500) and interest ($75) collected for Tiny from a 2,575 customer An analysis of canceled checks and deposits and the records of Tiny revealed the following items: Checking...
Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing...
Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount of $44,400. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%. b. Determine the proceeds of the note, assuming the note is discounted at 9%. Journalize Payroll Tax The payroll register of Patel Heritage Co indicates $1,308 of social security withheld and $327.00 of Medicare tax...
Exercise 7-11 Notes receivable transactions LO C2 Following are selected transactions of Danica Company for 2016...
Exercise 7-11 Notes receivable transactions LO C2 Following are selected transactions of Danica Company for 2016 Ints Suped Dec. 1) Accepted a $20,000, 45-day 7 note dated December 13 In granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. eBook Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. (Do not round...
Cornerstone Exercise 5-35 (Algorithmic) Notes Receivable Link Communications programs voicemail systems for businesses. For a recent project, they charged $135,000. The customer secured this amount by signing a note bearing 5% interest on February 1, 2019. Required: 1. Prepare the journal entry to record the sale on February 1, 2019 Record sale 2. Determine how much interest Link will receive if the note is repaid on December 1, 2019. Round your answer to the nearest whole dollar. 3. Prepare Link's...
Cornerstone Exercise 5-34 (Algorithmic) Notes Receivable Metzler Communications designs and programs a website for a local business. Metzler charges $33,000 for the project, and the local business signs an 5% note January 1, 2019. Required: 1. Prepare the journal entry to record the sale on January 1, 2019 Record sale 2. Determine how much interest Metzler will receive if the note is repaid on July 1, 2019 3. Prepare Metzler's journal entry to record the cash received to pay off...
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a financial services company, Assume a 360-day year. (All notes are dated as of the day they are received.) Mar. 8. Received a $33,000, 5%, 60-day note on account. 31. Received an $80,000, 7%, 90-day note on account. May 7. Received $33,275 on note of March 8. 16. Received a $72,000,7%, 90-day note on account. June 11. Received a $36,000, 6%, 45-day note on account....
Problem 5-86A (Algorithmic) Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses. Yamell engaged in the following activities involving notes receivable a. On November 1, 2019, Yamell sold a $5,000 system to Ross Company. Ross gave Yamella 6-month, 11% note as payment b. On December 1, 2019, Yarnell sold an $8,500 system to Searfoss Inc. Starfoss gave Yarella 9- month, 10% note as payment c. On May 1, 2020, Ross paid the amount due on its note....
Exercise 5-73 (Algorithmic) Accounting for Notes Receivable On November 30, 2019, Tucker Products performed computer programming services for Thomas Inc. in exchange for a 5-month, $55,500, 12% note receivable. Thomas paid Tucker the full amount of interest and principal on April 30, 2020. Required: Prepare the necessary entries for Tucker to record the transactions described above. For a compound transaction, if an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar....
Chapter 10 Exercise A Help Save & Exit Submit Check my work Brussels Enterprises issues bonds at par dated January 1, 2019, that have a $1,700,000 par value, mature in four years, and pay 9% interest semiannually on June 30 and December 31 0.71 points 1. Record the entry for the issuance of bonds for cash on January 1 2. Record the entry for the first semiannual interest payment and the second semiannual interest payment. 3. Record the entry for...
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?...
Cornerstone Exercise 4-20 Bank Reconciliation Tiny Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement indicated the following: Balance, beginning of the month $15,640 Service charge for October Interest earned during October 80 NSF check from Green Corp. (deposited by Tiny) for goods 615 purchased on account Note ($2,500) and interest ($75) collected for Tiny from a 2,575 customer An analysis of canceled checks and deposits and the records of Tiny revealed the following items: Checking...
Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount of $44,400. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%. b. Determine the proceeds of the note, assuming the note is discounted at 9%. Journalize Payroll Tax The payroll register of Patel Heritage Co indicates $1,308 of social security withheld and $327.00 of Medicare tax...
Exercise 7-11 Notes receivable transactions LO C2 Following are selected transactions of Danica Company for 2016 Ints Suped Dec. 1) Accepted a $20,000, 45-day 7 note dated December 13 In granting Miranda Lee a time extension on her past-due account receivable. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. eBook Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. (Do not round...
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