Homework Answers
| Account Titles and Explanation | Debit | Credit |
| Cash | 4960 | |
| Notes receivable | 4800 | |
| Interest revenue | 160 |
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Cullumber Company accepts from Gates Stores a $4,800, 4-month, 10% note dated May 31 in...
Crane Company accepts from Gates Stores a $7,900,4-month, 9% note dated May 31 in settlement of...
Crane Company accepts from Gates Stores a $7,900,4-month, 9% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. (a1) Your answer is correct. Calculate the interest payable at maturity. Interest payable at maturity $ 237 e Textbook and Media List of Accounts Attempts: 1 of 2 used (a2) What entry does Crane Company make at the maturity date, assuming Gates pays the note and interest in full at that time?...
Do It! Review 8-3 Sheridan Company accepts from Gates Stores a $9,100, 4-month, 10% note dated...
Do It! Review 8-3 Sheridan Company accepts from Gates Stores a $9,100, 4-month, 10% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity. (Round answer to o decimal places, e.g. $155.) Interest payable at maturity SHOW LIST OF ACCOUNTS LINK TO TEXT What entry does Sheridan Company make at the maturity date, assuming Gates pays the note and interest in full at that time?...
Crane Company accepts from Gates Stores a $7,900, 4-month, 9% note dated May 31 in settlement...
Crane Company accepts from Gates Stores a $7,900, 4-month, 9% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. (a1) Calculate the interest payable at maturity. Interest payable at maturity $
Do It! Review 8-3 Skysong, Inc. accepts from Gates Stores a $6,400, 4-month, 11% note dated...
Do It! Review 8-3 Skysong, Inc. accepts from Gates Stores a $6,400, 4-month, 11% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity. (Round answer to o decimal places, e.g. $155.) Interest payable at maturity $ SHOW LIST OF ACCOUNTS LINK TO TEXT What entry does Skysong, Inc, make at the maturity date, assuming Gates pays the note and interest in full at that...
Exercise 10-03 On June 1, Cullumber Company Ltd. borrows $72,000 from Acme Bank on a 6-month,...
Exercise 10-03 On June 1, Cullumber Company Ltd. borrows $72,000 from Acme Bank on a 6-month, $72,000, 4% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is...
RCES Practice Do It! Review 02 a-b (Part Level Submission) Blossom Wholesalers accepts from Benton Stores...
RCES Practice Do It! Review 02 a-b (Part Level Submission) Blossom Wholesalers accepts from Benton Stores a $10,550, 4-month, 12% note dated May 31 in settlement of Benton's overdue account. (b) What is the interest payable at the maturity date. Interest payable at the maturity date LINK TO TEXT
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020,...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
On June 10, Marin Company purchased $6,200 of merchandise from Cullumber Company, on account, terms 4/10,...
On June 10, Marin Company purchased $6,200 of merchandise from Cullumber Company, on account, terms 4/10, 1/30. Marin pays the freight costs of $100 on June 11. Goods totale $300 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Culumber Company in full less the purchase discount. Both companies use a perpetual Inventory system Your answer is partially correct. Prepare separate entries for each transaction on the books of Marin Company. (If no entry...
de 15-16 Cullumber Company issued $620,000, 11, 10-year bonds on December 31, 2019, for $550,000. Interest...
de 15-16 Cullumber Company issued $620,000, 11, 10-year bonds on December 31, 2019, for $550,000. Interest is payable w amortize bond premium or discount ay on December 31 mer Company uses the straight-tne method Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. De m indent man.) Debit Credit Date Account Tides and Explanation Dec 31, 2019 Prepare the journal entry to record the payment of interest and...
Cullumber Company has the following balances in selected accounts on December 31, 2021. Cullumber has a...
Cullumber Company has the following balances in selected accounts on December 31, 2021. Cullumber has a calendar year end. Accounts Receivable $ 0 Accumulated Depreciation—Equipment 0 Equipment 6,300 Interest Payable 0 Notes Payable 9,300 Prepaid Insurance 2,244 Salaries Payable 0 Supplies 2,400 Unearned Revenue 30,000 All the accounts have normal balances. The information below has been gathered at December 31, 2021. 1. Cullumber Company borrowed $9,300 by signing a 4%, one-year note on September 1, 2021. 2. A count of...
Crane Company accepts from Gates Stores a $7,900,4-month, 9% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. (a1) Your answer is correct. Calculate the interest payable at maturity. Interest payable at maturity $ 237 e Textbook and Media List of Accounts Attempts: 1 of 2 used (a2) What entry does Crane Company make at the maturity date, assuming Gates pays the note and interest in full at that time?...
Do It! Review 8-3 Sheridan Company accepts from Gates Stores a $9,100, 4-month, 10% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity. (Round answer to o decimal places, e.g. $155.) Interest payable at maturity SHOW LIST OF ACCOUNTS LINK TO TEXT What entry does Sheridan Company make at the maturity date, assuming Gates pays the note and interest in full at that time?...
Crane Company accepts from Gates Stores a $7,900, 4-month, 9% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. (a1) Calculate the interest payable at maturity. Interest payable at maturity $
Do It! Review 8-3 Skysong, Inc. accepts from Gates Stores a $6,400, 4-month, 11% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. Calculate the interest payable at maturity. (Round answer to o decimal places, e.g. $155.) Interest payable at maturity $ SHOW LIST OF ACCOUNTS LINK TO TEXT What entry does Skysong, Inc, make at the maturity date, assuming Gates pays the note and interest in full at that...
Exercise 10-03 On June 1, Cullumber Company Ltd. borrows $72,000 from Acme Bank on a 6-month, $72,000, 4% note. The note matures on December 1. Prepare the entry on June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the adjusting entry on June 30. (Credit account titles are automatically indented when amount is...
RCES Practice Do It! Review 02 a-b (Part Level Submission) Blossom Wholesalers accepts from Benton Stores a $10,550, 4-month, 12% note dated May 31 in settlement of Benton's overdue account. (b) What is the interest payable at the maturity date. Interest payable at the maturity date LINK TO TEXT
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
On June 10, Marin Company purchased $6,200 of merchandise from Cullumber Company, on account, terms 4/10, 1/30. Marin pays the freight costs of $100 on June 11. Goods totale $300 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Culumber Company in full less the purchase discount. Both companies use a perpetual Inventory system Your answer is partially correct. Prepare separate entries for each transaction on the books of Marin Company. (If no entry...
de 15-16 Cullumber Company issued $620,000, 11, 10-year bonds on December 31, 2019, for $550,000. Interest is payable w amortize bond premium or discount ay on December 31 mer Company uses the straight-tne method Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. De m indent man.) Debit Credit Date Account Tides and Explanation Dec 31, 2019 Prepare the journal entry to record the payment of interest and...
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