Homework Answers
Journal entry on 1st April :
Cash A/c. 3200
Intrest receivable A /c. 2400
Interest Revenue A/c. 800
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7. A company receives interest on a $40,000, 8%, 5-year note receivable each April 1. At...
1. A company receives interest on a $40,000, 8%, 5-year note receivable each April 1. At...
1. A company receives interest on a $40,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable ........... ....... 2,400 Interest Revenue ................. 2,400 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received?
A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December...
A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable ............................................................... 5,400 Interest Revenue ...................................................... 5,400 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received? Cash ....................................................................................................1,800 Interest Revenue ...................................................... 1,800 Cash ....................................................................................................5,400 Interest Revenue .........................................................................................5,400 Cash ............................................................. 7,200 Interest Receivable..................................................5,400 Interest Revenue.....................................................1,800 Cash ....................................................................................................7,200...
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At...
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable 5,400 Interest Revenue .... 5,400 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received? a. Cash .1,800 Interest Revenue 1,800 b. Cash -5,400 Interest Receivable 5,400 Cash 7,200 Interest Receivable 5,400 Interest Revenue 1,800...
A company receives interest on a $80000, 6%, 5-year note receivable each April 1. At December...
A company receives interest on a $80000, 6%, 5-year note
receivable each April 1. At December 31, 2020, the following
adjusting entry was made to accrue interest receivable:
Interest Receivable
3600
Interest Revenue
3600
Assuming that the company does use reversing
entries, what entry should be made on April 1, 2021 when the annual
interest payment is received?
Cash
4800
Interest Receivable
3600
Interest Revenue
1200
Cash
3600
Interest Receivable
3600
Cash
1200
Interest Revenue
1200
Cash
4800
Interest Revenue...
A company receives interest on a $99000, 6%, 5-year note receivable each April 1. At December...
A company receives interest on a $99000, 6%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable 4455 Interest Revenue 4455 Assuming that the company does not use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received? Cash 4455 Interest Receivable 4455 Cash 5940 Interest Revenue 5940 Cash 1485 Interest Revenue 1485 Cash 5940 Interest Receivable 4455 Interest...
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At...
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable 5,400 Interest Revenue ..... 5,400 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received? a. Cash .1,800 Interest Revenue 1,800 b. Cash 5,400 Interest Receivable 5,400 c. Cash 7,200 Interest Receivable 5,400 Interest Revenue...
Delta borrowed $1,400 in the form of a 6-month, zero-interest-bearing note on October 1, 2020 and...
Delta borrowed $1,400 in the form of a 6-month, zero-interest-bearing note on October 1, 2020 and is required to pay $1,440 on March 1, 2021. (show calculations) 16) What amount does Delta record as the note payable on October 1, 2020? 17) How much interest expense does Delta recognize on its income statement for 2020? 18)Gamma receives interest on a $900, 8%, 5-year note receivable each April 1. At December 31, 2017, the appropriate adjusting entry was made to accrue...
1 2 On March 31, 2020 Forrester Company issued $400,000, 8%, 5 year bonds at face...
1
2
On March 31, 2020 Forrester Company issued $400,000, 8%, 5 year bonds at face value. Interest is payable on September 30 and March 31 of each year. Prepare the entry for March 31, 2020: Prepare the entry to pay interest on September 30, 2020: Prepare the entry to accrue interest on December 31, 2020: Adcock Company issued $600,000, 9% 20 years bonds at 103 on April 30, 2020. Interest is payable on October 31 and April 30 of...
McCormick Corporation issued a 4-year, $40,000, 5% note to Greenbush Company on January 1, 2020, and...
McCormick Corporation issued a 4-year, $40,000, 5% note to
Greenbush Company on January 1, 2020, and received a computer that
normally sells for $31,495. The note requires annual interest
payments each December 31. The market rate of interest for a note
of similar risk is 12%.
Prepare McCormick’s journal entries for (a) the January 1 issuance
and (b) the December 31 interest. (Round answers to 0
decimal places, e.g. 38,548. If no entry is required, select "No
Entry" for the...
Harper Company lends Hewell Company $160,000 on December 1, accepting a four- month, 6% interest note....
Harper Company lends Hewell Company $160,000 on December 1, accepting a four- month, 6% interest note. Harper Company prepares financial statements on December 31. What adjusting entry should be made before the financial statements can be prepared? debit cash 200, credit interest revenue 200 debit interest receivable 800, credit interest revenue 800 O debit interest receivable 200, credit interest revenue debit note receivable 40,000, credit cash 40,000
1. A company receives interest on a $40,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable ........... ....... 2,400 Interest Revenue ................. 2,400 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received?
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable 5,400 Interest Revenue .... 5,400 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received? a. Cash .1,800 Interest Revenue 1,800 b. Cash -5,400 Interest Receivable 5,400 Cash 7,200 Interest Receivable 5,400 Interest Revenue 1,800...
A company receives interest on a $80000, 6%, 5-year note
receivable each April 1. At December 31, 2020, the following
adjusting entry was made to accrue interest receivable:
Interest Receivable
3600
Interest Revenue
3600
Assuming that the company does use reversing
entries, what entry should be made on April 1, 2021 when the annual
interest payment is received?
Cash
4800
Interest Receivable
3600
Interest Revenue
1200
Cash
3600
Interest Receivable
3600
Cash
1200
Interest Revenue
1200
Cash
4800
Interest Revenue...
41. A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable: Interest Receivable 5,400 Interest Revenue ..... 5,400 Assuming that the company does use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received? a. Cash .1,800 Interest Revenue 1,800 b. Cash 5,400 Interest Receivable 5,400 c. Cash 7,200 Interest Receivable 5,400 Interest Revenue...
1
2
On March 31, 2020 Forrester Company issued $400,000, 8%, 5 year bonds at face value. Interest is payable on September 30 and March 31 of each year. Prepare the entry for March 31, 2020: Prepare the entry to pay interest on September 30, 2020: Prepare the entry to accrue interest on December 31, 2020: Adcock Company issued $600,000, 9% 20 years bonds at 103 on April 30, 2020. Interest is payable on October 31 and April 30 of...
McCormick Corporation issued a 4-year, $40,000, 5% note to
Greenbush Company on January 1, 2020, and received a computer that
normally sells for $31,495. The note requires annual interest
payments each December 31. The market rate of interest for a note
of similar risk is 12%.
Prepare McCormick’s journal entries for (a) the January 1 issuance
and (b) the December 31 interest. (Round answers to 0
decimal places, e.g. 38,548. If no entry is required, select "No
Entry" for the...
Harper Company lends Hewell Company $160,000 on December 1, accepting a four- month, 6% interest note. Harper Company prepares financial statements on December 31. What adjusting entry should be made before the financial statements can be prepared? debit cash 200, credit interest revenue 200 debit interest receivable 800, credit interest revenue 800 O debit interest receivable 200, credit interest revenue debit note receivable 40,000, credit cash 40,000
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