Homework Answers
| Date | Particulars | debit | credit |
| May-02 | Notes receivable | 9900 | |
| cash | 9900 | ||
| (Being note issued) | |||
| Nov-02 | Account receivable | 10494 | |
| Notes receivable | 9900 | ||
| Interest revenue* | 594 | ||
| (Being note dishonoured) |
*Interest revenue = 9900 × 12% × 6/12 = 594
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Exercise 9-15 a-c (Part Level Submission) On May 2, Kingbird Company lends $9,900 to Chang, Inc.,...
On May 2, Kingbird Company lends $9,900 to Chang. Inc. issuing a6-month, 12% note. At the...
On May 2, Kingbird Company lends $9,900 to Chang. Inc. issuing a6-month, 12% note. At the maturity date, Nevember 2, Chang indicates that it cannot pay. (a) Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Accoint Titles and Explanation Debit Credit May 2 Click if you would like to Show Work for this question: Open Show Work
Exercise 8-15 On May 2, McLain Company lends $9,000 to Chang, Inc., Issuing a 6-month, 7%...
Exercise 8-15 On May 2, McLain Company lends $9,000 to Chang, Inc., Issuing a 6-month, 7% note. At the maturity date, November 2, Chang indicates that it cannot pay Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent man Account Titles and Explanation Debit Credit Date May 2 Prepare the entry to record the dishonor of the note, assuming that McLain Company expects collection will occur....
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 8-13 (Part Level Submission) On May 2, McLain...
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 8-13 (Part Level Submission) On May 2, McLain Company lends $29,200 to Chang, Inc., issuing a 6-month, 6% note. At the maturity date, November 2, Chang indicates that it cannot pay. (a) Your answer is correct. Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 2 Notes Receivable |...
() Prepare the entry to record the dishonor of the not i ng that Kingbird Company...
() Prepare the entry to record the dishonor of the not i ng that Kingbird Company does not expect collection in the future. Kingbird Company uses the allowance indested when is entered Denetinde mama) rien. Cele Date Account Tules and Explanation Debit Click if you would like to show Work for this question on Show Work JURCES Exercise 9-15 arc (Part Level Submission) On May 2, Kingbird Company lends $9,900 to Chang, Inc., issuing a 6-month, 12% note. At the...
On May 2, Skysong, Inc. lends $52,800 to Chang
On May 2, Skysong, Inc. lends $52,800 to Chang, Inc., issuing a 6-month, 10% note. At the maturity date, November 2. Chang indicates that it cannot pay. (a) Prepare the entry to record the issuance of the note.(b) Prepare the entry to record the dishonor of the note, assuming that Skysong, Inc. expects collection will occur. (c) Prepare the entry to record the dishonor of the note, assuming that Skysong, Inc. does not expect collection in the future.
Exercise 9-12 a-b Kingbird Supply Co. has the following transactions related to notes receivable during the...
Exercise 9-12 a-b
Kingbird Supply Co. has the following transactions related to notes
receivable during the last 2 months of 2020. The company does not
make entries to accrue interest except at December 31.
Nov. 1
Loaned $25,200 cash to Manny Lopez on a 12-month, 10%
note.
Dec. 11
Sold goods to Ralph Kremer, Inc., receiving a $65,250, 90-day,
8% note.
16
Received a $65,280, 180 day, 10% note in exchange for Joe
Fernetti’s outstanding accounts receivable.
31
Accrued interest...
Brief Exercise 8-10 (Part Level Submission) During its first year of operations, Kingbird, Inc. had credit...
Brief Exercise 8-10 (Part Level Submission)
During its first year of operations, Kingbird, Inc. had credit
sales of $3,000,300, of which $401,500 remained uncollected at
year-end. The credit manager estimates that $18,830 of these
receivables will become uncollectible.
(b)
Prepare the current assets section of the balance sheet for
Kingbird, Inc., assuming that in addition to the receivables it has
cash of $89,840, merchandise inventory of $165,430, and supplies of
$11,750. (List current assets in order of
liquidity)
During its...
please show all work. Exercise 10-14 (Part Level Submission) Flounder Inc. has decided to purchase equipment...
please show all work.
Exercise 10-14 (Part Level Submission) Flounder Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2017, to expand its production capacity to meet customers' demand for its product. Flounder issues a(n) $928,000, 5-year, zero-interest-bearing note to Central Michigan for the new equipment when the prevailing market rate of interest for obligations of this nature is 11%. The company will pay off the note in five $185,600 installments due at the end of...
Exercise 10-1 (Part Level Submission) Kelly Jones and Tami Crawford borrowed $11,143 on a 7-month, 7%...
Exercise 10-1 (Part Level Submission) Kelly Jones and Tami Crawford borrowed $11,143 on a 7-month, 7% note from Gem State Bank to open their business, JC’s Coffee House. The money was borrowed on June 1, 2017, and the note matures January 1, 2018. Collapse question part (a) Correct answer. Your answer is correct. Prepare the entry to record the receipt of the funds from the loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)...
Kingbird, Inc. issued $480,000, 596, 20-year bonds on January 1, 2019, at 101. Interest is payable annually on January 1. Kingbird uses straight-line amortization for bond premium or discount. Prepar...
Kingbird, Inc. issued $480,000, 596, 20-year bonds on January 1, 2019, at 101. Interest is payable annually on January 1. Kingbird uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare the journal entry to record the accrual of interest and the premium amortization on December 31,2019....
On May 2, Kingbird Company lends $9,900 to Chang. Inc. issuing a6-month, 12% note. At the maturity date, Nevember 2, Chang indicates that it cannot pay. (a) Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Accoint Titles and Explanation Debit Credit May 2 Click if you would like to Show Work for this question: Open Show Work
Exercise 8-15 On May 2, McLain Company lends $9,000 to Chang, Inc., Issuing a 6-month, 7% note. At the maturity date, November 2, Chang indicates that it cannot pay Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent man Account Titles and Explanation Debit Credit Date May 2 Prepare the entry to record the dishonor of the note, assuming that McLain Company expects collection will occur....
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 8-13 (Part Level Submission) On May 2, McLain Company lends $29,200 to Chang, Inc., issuing a 6-month, 6% note. At the maturity date, November 2, Chang indicates that it cannot pay. (a) Your answer is correct. Prepare the entry to record the issuance of the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 2 Notes Receivable |...
() Prepare the entry to record the dishonor of the not i ng that Kingbird Company does not expect collection in the future. Kingbird Company uses the allowance indested when is entered Denetinde mama) rien. Cele Date Account Tules and Explanation Debit Click if you would like to show Work for this question on Show Work JURCES Exercise 9-15 arc (Part Level Submission) On May 2, Kingbird Company lends $9,900 to Chang, Inc., issuing a 6-month, 12% note. At the...
Exercise 9-12 a-b
Kingbird Supply Co. has the following transactions related to notes
receivable during the last 2 months of 2020. The company does not
make entries to accrue interest except at December 31.
Nov. 1
Loaned $25,200 cash to Manny Lopez on a 12-month, 10%
note.
Dec. 11
Sold goods to Ralph Kremer, Inc., receiving a $65,250, 90-day,
8% note.
16
Received a $65,280, 180 day, 10% note in exchange for Joe
Fernetti’s outstanding accounts receivable.
31
Accrued interest...
Brief Exercise 8-10 (Part Level Submission)
During its first year of operations, Kingbird, Inc. had credit
sales of $3,000,300, of which $401,500 remained uncollected at
year-end. The credit manager estimates that $18,830 of these
receivables will become uncollectible.
(b)
Prepare the current assets section of the balance sheet for
Kingbird, Inc., assuming that in addition to the receivables it has
cash of $89,840, merchandise inventory of $165,430, and supplies of
$11,750. (List current assets in order of
liquidity)
During its...
please show all work.
Exercise 10-14 (Part Level Submission) Flounder Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2017, to expand its production capacity to meet customers' demand for its product. Flounder issues a(n) $928,000, 5-year, zero-interest-bearing note to Central Michigan for the new equipment when the prevailing market rate of interest for obligations of this nature is 11%. The company will pay off the note in five $185,600 installments due at the end of...
Kingbird, Inc. issued $480,000, 596, 20-year bonds on January 1, 2019, at 101. Interest is payable annually on January 1. Kingbird uses straight-line amortization for bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Prepare the journal entry to record the accrual of interest and the premium amortization on December 31,2019....
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